CEO Ram Tumuluri – “Tips For Becoming A Successful Entrepreneur”
‘Proper planning and the right amount of patience are essential traits for all up-coming entrepreneurs’! Advises CEO Ram Tumuluri, successful business management consultant. In this article our Business strategy team provides expert tips on how to grow your business and become a successful entrepreneur.
1. Take Risks To Be A Successful Businessperson
No matter how many times you’ve failed, risk taking is part of becoming a successful entrepreneur.
Don’t count the number of times you’ve fallen but be impressed with how many times you stood back up! Constantly innovate, even when old methods are working, get out there and make new contacts and through trial and error, you and your business will grow.
2. Explore Articles And Books To Be A Successful Entrepreneur
Reading is a great habit to adopt for increasing your knowledge. A study shows that 80% of the world’s successful business people read for at least half an hour a day. With many people sharing their business experiences, you will find articles and books are great first teachers for budding entrepreneurs to increase their knowledge.
3. Improve With A SWOT Analysis
If you don’t know already, a SWOT analysis is a way to map out Strength, Weakness, Opportunities and Threats. Dissect your weak points and shed some light on areas which need improvement. A simple, yet effective analysis to improve yourself and discover what you must change to grow as an entrepreneur.
4. Stay Alert To Business Opportunities
Plenty of opportunities are on offer nowadays for start-ups with companies offering mobile solutions at moderate prices. Take time to explore adverts on social media and mainstream media, chances are they could be beneficial to your start-up. Also, stay abreast of stock market events and opportunities presented via international business summits. Be a successful entrepreneur by evolving, learning and taking risks.
5. Be A Team Leader
All aspiring young entrepreneurs must be good leaders. Be a good motivator and encourage employees with traits such as honesty, dedication, ambition and being a team player. Be a good communicator and have positive thoughts.
6. Discover And Hang Onto Business Partners
Maintaining good business relationships is crucial for the success of your enterprise. Well looked after suppliers and business partners will stand by you in times of trouble and even help out financially. Nurture these relationships by proving your worth as an honest, responsible and capable business associate.
7. Play Down Your Initial Success
Your initial success as a young entrepreneur is not to be celebrated. Instead, it must be seen as a stepping stone towards reaching higher goals. Analyse what methods are working for you and get back to the drawing board continuing to innovate, take risks, make new contacts and grow in experience. Your initial success is a sign to indicate you’re ready to move onto the next phase. Re-invest in profitable ventures, expand and hire people to increase your business potential and cater to a larger segment of your target audience by improving on your services and reach.
Being an entrepreneur means you face many ups and downs, but persistence and hard work will reward you in the end!