Strategies to help entrepreneurs succeed

Passion - for a product or service or for more control over their life - inspires entrepreneurs to start ventures. Passion is very motivating. It can also blind you to the realities of running a successful business.

They have to know you exist. Your product might have inspired you to start a business; customers keep you in business. You know the value of your product or service, customers may not. Don’t be shy. Have a clear and simple message and start tooting your own vuvuzela.

Diversify. You’ve tooted, you succeed, and competitors surface. Then your market share declines and profit margins shrink. No business survives forever on one idea. Just look at all Apple has developed over 35 years to become #1. Keep your eyes and ears open and do your market research to continue growing. Build a brand rather than a product.

Cast a wide net. Who doesn’t fantasize about landing just one major customer? Ah, if only! But, do you have the resources and infrastructure to meet the demand of a large customer? If so, what percentage of your business will that be? If one company accounts for more than 25% of your business, it controls you. Simple as that. And, if too much of your business is in one industry, you are at risk of any downturns in that sector. Diversify not just your product line but also your customer base.

Delegate. Entrepreneurs and small business owners too often try to do it all to cut costs or to maintain control over their “baby”. However, you are only as successful as the people surrounding you. Hire people in order to grow, and be sure to hire the people you need rather than people you like…although it helps to like the people you need. Without a good support team, your main occupation becomes fireman, constantly putting out the fires that erupt with your stakeholders. Worse, you risk burn-out.

Watch your wallet. It takes money, not extravagance, to start a business. Excess overhead does not lead to success; specific, measurable goals and a solid game plan do. Be very wary of spending money before you make it, and get solid legal and financial advice. Never, ever, put off legal or accounting problems or eventually they will swallow you up.

It’s been said that success is 1% inspiration and 99% perspiration. So, while you may have been inspired by your passion to become an entrepreneur, it is the perspiration from working a solid business plan that will help you achieve your success. Be inspired to succeed!

Hilka Kinkenberg, MPA CPP CEC, is the founder of the Global Coaching and Consulting Group (www.globalcoachingandconsulting.com). For over 20 years she has helped her clients develop their global leadership and team-building capabilities by providing them with the knowledge and skills they need to understand, manage and leverage cultural differences to avoid costly faux pas.

Hilka has coached executives, worked with corporate teams at all levels, and spoken at conferences and conventions. She is a certified coach, Emotional Intelligence practitioner, and a recognized expert in the field of international protocol and business etiquette. She holds a Masters in International Policy Administration from SIPA at Columbia University. She is the author of At Ease...Professionally.
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