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Entrepreneur's Corner

Starting a Business? Here are 4 Tips to Keep in Mind

BY Lynnet Okumu · January 27, 2022 10:01 am

KEY POINTS

As any entrepreneur would tell you, starting a business has its challenges. It is risky, stressful, and even lonely. So, what do you do?

KEY TAKEAWAYS

Starting a business begins with a leap of faith. Once you get into it, the way you mold it remains the determinant of its future.

Entrepreneurship has its perks. Owning your own business can put you in control of your life, your career, and your financial future. But as any small business owner knows, entrepreneurship has its challenges too. It can be risky, stressful, and even lonely.

Nevertheless, a business will undoubtedly be the first thing that comes to your mind now that the current economic climate has drastically changed.

Starting a business begins with a leap of faith. Once you get into it, the way you mold it remains the determinant of its future. There are also several things to keep in mind before you begin

  1. Quality products and services

As much as price is a determinant considered by many when buying something, quality still beats it.

Most customers will prefer quality products even if they are expensive rather than cheap products of lower quality. Produce products and services that will make your customers appreciate their value and worth.

Remember that cheap is always expensive in the long run.

  1. Customer service

This is a very crucial factor for the success of your business. The first impression that you give your new customers as well as how you retain the old regular ones will determine whether they’ll come back to your shop again or not.

The way you communicate in form of answering their inquiries, feedback, or attending to their needs appropriately is the key to attracting their loyalty to your brand products and services.

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Do not let the ups and downs in your life control your mood when dealing with your customers. Harsh tones and an “I don’t care” attitude might make you lose all the customers. That means you just started but you are already dead.

  1. Avoid being profit-oriented

Before venturing into a business, ask yourself what your main goal is and whether it can always be achieved. If it’s all profit then you might be doomed.

We both know that in business you might sometimes incur losses. It will not always be a smooth path where you are likely to record profits every week or month.

Enter the business with the mind that it’s a 50/50 game of profit and loss to avoid disappointments that will send you packing as soon as you begin.

  1. The customer is always right

Being an entrepreneur means you are ready and willing to accommodate all types of people.

Am sure you’ve met the kind of people that will never be outshined in your social interactions. The ones who are always right and expect you to take responsibility even in situations you know you shouldn’t.

Make sure you have a “big” heart that will accommodate such people because they might form a large percentage of your customers. However, even a small percentage matters for the success of your business.

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