Covers answers of two majorly asked questions in the field of entrepreneurship and the questions are-
What makes your business unique in 21st century and how can you get success?
Elaborate challenges or threats on entrepreneurship in 21st centuries and how they are converted to opportunities?
1. SUBMITTED BY – LARA SAHU
ROLL NO. – 19
BATCH –B.Sc. B.Ed.VI Semester CBZ
2. What makes your business unique in
21st century and how can you get
success?
3. World in this 21st century where the competition
regularly claims to be #1, it’s difficult to
differentiate and build your own identity.
Difficult, but not impossible. Look at big brands
like Pepsi, KFC and Zara.They have built their
brand identities to command a large share of the
market. Effective differentiation is one of the
main challenges small business faces, as they are
forced to compete against big companies.
In order to be unique, effective and successful,
we can follow onto some strategies given ahead-
4. Treat your customers like royalty, even if you
are not in the service industry.The belief that
customer service only matters in the service
industry is a myth. All customers have an
expectation of great service and will not put
up with waiting in long lines or receiving poor
responses from representatives.
5. Small companies seem to be doing much
better in this area, as they have discovered
the loyalty-generating power of remarkable
customer support.
6. Customers equate experience with brands. If
they have even one bad experience that remains
unresolved, they will write off the brand. And
negative feedback spreads like wildfire through
social media and word of mouth.You need to be
on top of your game to improve the customer
experience, sometimes by going far out of your
way. One major point is to accept your mistakes,
whether they are your fault or not. Customers
prefer businesses that own up to their mistakes
and take steps to correct them.
7. Honesty is not just the best policy; it should
be your main policy. Can’t deliver by a due
date? Call and let your buyers know. One of
your field reps messed up on a bid?
Immediately have a tough conversation with
your client. Lying to customers is like
shooting yourself in the foot. If your
customers catch you lying, they will lose faith
in you and may even spread negative
feedback about your business.
8. Continue to reinvent your company by
adopting emerging technologies and
introducing new processes, products and
solutions. For example, make use of social
media and mobile apps as a growing number
of buyers prefer to find and work with you
through their phones.
9. While some may argue that a company’s
main responsibility is to take care of its core
stakeholders such as customers, employees
and owners, experts believe that businesses
should give back to society as well.
CSR programs help businesses stay in
customers’ minds, improve goodwill, and
often bring in more revenue.
10. Most forward thinking companies are familiar
with the benefits of blogging. If you’re tired of
being overlooked online; if you’re seeking a fresh
way to share ideas and have your voice heard,
get involved with corporate blogging.You can
write the content yourself and/or involve
employees to regularly contribute. Many
companies hire outside writers to provide
content. Sometimes it’s good to have someone
else handle certain tasks.
11. Can you guarantee next-day delivery?Are
you confident enough in your product or
service to stand behind it 100%? If so,
guarantee it. Adding this type of assurance to
your marketing message shows customers
and prospects that you truly care about their
satisfaction. Here’s the only thing you need to
remember: you must back up your guarantee
if and when the time comes.
12. Elaborate challenges or threats on
entrepreneurship in 21st centuries and how
they are converted to opportunities?
13. As an entrepreneur, firsthand the challenges
of running a successful business. We often go
into entrepreneurship full force without truly
counting up the costs. It is not important that
you know everything; however, sometimes
what you don’t know can be the death of
your business dream. Some of the challenges
and also with solutions to overcoming these
challenges are given ahead-
14. Most entrepreneurs come in with a great
dream, but they underestimate the
dedication that it takes to make a dream a
reality. It takes more than a great idea to
build a successful business. It takes persistent
execution of an idea to succeed in business.
Don’t assume that a great idea will create
automatic cash flow in your business.You
must be willing to put in the time in order for
your business to succeed.
15. When you set out to start your business, proper
planning is vital. Be sure that you have a clear
vision and mission statement for your
organization. Cash will never flow into a business
that does not have a clear concentration.You
should devote ample time to developing your
product or service and defining your market
niche. It takes concentration to set yourself
apart from the competition. If you cannot find a
way to differentiate your product or service,
your business will not survive.
16. Leadership requires organization and
responsibility. If you don’t focus on maintaining
order in your business, you will burn out and
break down. Also, you must be careful not to
spread yourself too thin.While you might not be
able to hire full-time employees in the
beginning, consider investing in a virtual
assistant who can assist with the day to day
operations of your business.This will give you
the ability to focus on revenue and product
creation.
17. Doing one thing well and focusing your time and
energy on that one thing. In a recent study by
Bain and Company, research concludes that
diversification can be the detriment of a
business. First of all, diversification shifts the
attention of the business away from its primary
course. Secondly, diversification depletes time
and resources.As an entrepreneur, you must
focus on your core business if you want to
maintain an advantage.
18. Entrepreneurs are built differently. Many
times we expect family and friends to
understand our drive.Yet while others might
be critical in the beginning, you must stay
focused on building your business. Building
community will give you the support you
need to push through seasons of difficulty
and uncertainty in your business.
19. Entrepreneurs are consumed with solving
problems and meeting needs.
Entrepreneurship is not just about getting
paid but about providing value.You must lose
the employee mentality if you want to be a
successful entrepreneur.With the right
mindset, entrepreneurship is an investment
that over time yields a favorable outcome.
