Study the competition: As an entrepreneur, you need to know exactly who your competitors are. You must also understand the rival product or service they are offering. This knowledge will help you improve your product or service to stand out in the market, even using the weaknesses of the competition as a favorable factor for your company. Jorge Zuñiga Blanco, a successful entrepreneur and business expert from Costa Rica, explains the traits budding entrepreneurs need to possess.
Be cautious and save money. Frankly, live as cheap as possible. Entrepreneurs must be as conservative with their money as possible to be able to cope with any difficult moment that may arise. The reservation of several months of operating expenses in the bank will help you survive most unforeseen circumstances.
Research new products and services. “It is vital to investigate as much as possible about emerging products or services on the horizon, especially those that could improve operations within your company,” explains Zuñiga. “Do your homework. Are you providing all the applicable technology available today? Is there an application that could help you manage time more efficiently or a service that allows you to delegate ordinary tasks to free up more time for priority projects?”
Invest the necessary time in this search in order to guarantee the performance of your business more efficiently. You don’t want to cover many markets at first. Avoid expanding to large markets in the early stages. Marketing in a niche and specific market can be highly profitable if you have these three ideas in mind:
Meet the unique needs of the market by offering something new and convincing. Speak the language of the market and understand the motivation and impulses of customers. The language that the company manages must be in sync with the niche of the market to which it is being directed; this ranges from the minor aspects of a marketing campaign to the motto of the company.
Listen to the response of customers and have the ability to adapt. The well-known adage “always closing” is very common among sellers, to which the acronym ABC (Always Be Closing) refers. Meanwhile, for entrepreneurs, the motto has a slight change: It is constantly adapting, or ABA (Always Be Adapting).
Entrepreneurs can develop their businesses only when they are ready to hear feedback from their customers. On a large scale, it may not mean much if only one customer does not like the product, but if this review is replicated by many of them and they are requesting another feature, you have to be ready to listen and adapt. Whether it is applied by adapting the marketing plan, simplifying a product, or responding to new trends, pay attention to customer feedback.
Respond to changes. In the business world, change is inevitable, and those capable of responding are flexible and versatile. “An entrepreneur must be prepared to accept the changes and, consequently, adapt to the business operations. Show flexibility. If the product or service requires any modification, do not evade or postpone it,” adds Zuñiga.
It is essential to be clear from the beginning that the point where you are is not necessarily where you will end up. Lack of adaptability can result in the loss of customers and profits and even lead to business failure. As an entrepreneur, one must understand that the world is evolving rapidly. Even a company founded a year ago may need to take a significant turn in today’s world.
Yes, the world usually praises excellent figures such as Bill Gates and Oprah Winfrey. However, there is room for everyone in the game. Entrepreneurship in emerging markets could very well be an essential factor in the return of an enriching global economy. So think: why couldn’t you be part of that change?