Become a First-Class Entrepreneur

First-Class Entrepreneurs Win Trophies
Trophies by Brad K.is licensed under CC by 2.0.

 

6 Ways To Become a First-Class Entrepreneur

Becoming a First-Class Entrepreneur should be one of the top priorities of every small business owner. People only want the best, but how do we know when we are getting it? Something is considered first-class when it is of the highest quality, in such a way that it distinguishes itself from other similar items. We innately understand and recognize this concept when it relates to airline tickets, a hotel, or a restaurant, but how about when it comes to ourselves as entrepreneurs? If you are setting out to achieve your dreams, there is no point in aiming to be less than the best. A First-Class Entrepreneur is not someone who has the most complicated idea, spends the most money, or is luckier and smarter than everyone else. Here are 6 ways to set yourself apart from other entrepreneurs:

1. Know Exactly What Sets You Apart from the Competition

This does not mean you need a completely original idea to succeed. Great entrepreneurs don’t necessarily create something from nothing; instead they respond to an unmet demand in the marketplace. There could be dozens of products and services similar to yours, but the winner goes to the best marketer. Set your business apart from the competition by getting out the word quickly and often.

2. Be Open to Suggestions

If you haven’t gone to market yet, now is the time to get feedback and inspiration from others. Don’t grip your ideas so tightly that you squeeze all the life out of them. And don’t think that your idea is so crazy unique that people will steal it away from you. Discuss your business plan with trusted people and listen to their feedback with an open mind. Don’t be afraid to act on their suggestions – they can help turn your good idea into a great one.

3. Learn the Art of Networking

A good First-Class Entrepreneur finds functions where they can introduce their business, tell others how to obtain what they are selling, and explain why people need it. Ideas don’t sell themselves, no matter how much we would like to believe otherwise. Just look at the clothes you are wearing, the cereal you eat, the car you drive, and the vacations you take. Someone sold you all those things by making you realize that you needed and wanted them.

4. Know Your Customers and Where They Buy

Build an ideal customer profile. If you’re developing a formula for a new shampoo, know exactly where you are going to market your product. Know the specific names of outlets you want to sell into. Don’t say, “Anywhere that sells shampoo.” Or, “Any boutique salon.” Know which salons – have names, know why they are a good fit for your product, and the type of customers they cater to. You can’t make money with only a vague understanding of who is going to buy your product.

5. Have A Long Range Plan

Nothing dies faster in this day and age then a stale idea. People are constantly looking for something new. Have a 5 year, 10 year, and even a 20 year business plan. Try to envision how the market will change and how you will respond. Revisit your plan at least once a quarter. It’s important to stay nimble and always one step ahead of market demands. Study the market you are selling into and strategize ways to capitalize on it.

6. Devote the Necessary Time

Do not leave the fate of your business to the capricious whims of Lady Luck. A First-Class Entrepreneur takes the time to develop their idea into a thriving business. There are no shortcuts to getting what you want. You should adopt a new mindset to do whatever it takes to achieve the desired results. Become more efficient — Kevin Daum offers some great suggestions on what successful people do in his article. There is no better time to than now to get started.

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