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GOLDEN RULES OF ENTREPRENEURSHIP

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First, what is entrepreneurship?

Entrepreneurship is the activity of setting up a business or businesses, taking on financial risks in the hope of profit.

Here are some rules that could help:

 Add Value: It’s not enough for you to have a good idea. Others have to find value in your offering. Your product, service, or knowledge has to provide a benefit to your customers. When you provide a product or service that meets a need and is seen to have a high level of value for your potential customers, it builds customer loyalty. People value when something solves a problem, or makes life easier, for them.

Tip: Don’t spend countless hours trying to invent the next big thing. Start where you are. Start with something you’re passionate about and then find a way to add value.

 Be The Best: If you’re going to do it, do it well. Whatever level of business you’re at right now, there’s always a way to do things better. Maybe you need to tweak your product’s performance before your next expansion. You may consider offering customer loyalty perks like discount codes or fast and free shipping.

Tip: Being the best doesn’t always mean that you have the best product or service… but it does mean that you put the quality of your product and your level of customer service first – and your customers will appreciate that.

Have the right tools: One of the most important things that successful entrepreneurs always do is to choose the right tools for their business. They make sure that they have the right equipment, software, or resources on board to increase profitability and productivity.

 Do your research, look for tools for your business that will set you up for success. These can include the physical tools, the software tools, your virtual tools needed to successfully run your business.

Tip: Don’t put pressure on yourself to have everything all at once. Understand what tools and resources you need to have to get started and make plans to add or upgrade in regular increments.

 Rest is Important: Most entrepreneurs are guilty of working around the clock – but that doesn’t mean that it’s good for you. In fact, working nonstop can be counterproductive for you. You tend to lose enthusiasm for your ideas or lose the ability to make level-headed decisions, all because you’re overworked and worn out. It is very important to have a self-care ritual. Self-care means taking time out to rejuvenate yourself. Realign with your purpose in life – and return to your business feeling refreshed and renewed.

Tip: Drink more water, get enough rest and, exercise. Regularly take breaks both throughout the day and on vacations. This allows your mind and body time to relax. 

 People Matter: Entrepreneurs that create successful businesses always invest in people. It is important to put lots of energy into finding the best and the most enthusiastic employee – the ones that fit the office culture and add value. As you’re expanding your team look for people that care about your vision and are open and adaptable to change. You want your employees to grow with your business and be invested in the company’s success.

 

Tip: Hire people that have a track record of being problem solvers and easy learners. Employees that catch on quickly and are eager to figure things out on their own will save you significant money in training and development costs. You want self-starters that don’t need a ton of hand-holding or constant motivation from you so that you can focus on growing your business, not micromanaging others. 

Apply these rules and watch your business grow…

Don’t worry about being successful but work toward being significant and the success will naturally follow.” — Oprah Winfrey

Pitching: A Business Strategy Every Aspiring Entrepreneur must Master

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Pitching may be used under many different circumstances and occasions. We use pitching for our work when we must convince a colleague or business partner about a new idea or a certain way of doing things.

Often we are not even aware that we are pitching under these everyday circumstances but that changes substantially on special occasions. We use Pitches when we; present an idea, concept, or product to a potential client or business partner.

Pitching in business refers to presenting business ideas to another party. For example, you may pitch your startup business to potential investors or your products to potential customers. A business pitch needs to give your audience a clear understanding of your plan or goals to gain buy-in.

We all agree that in recent times, people have less and fewer attention spans. They have less time and patience to sit through long speeches where you list all your product features and offer a great deal to close.

 In other words, Pitching enables you to present your idea concisely and convincingly, so that your idea, message, or product – no matter what it gets people’s attention.

Types of Pitch

  •         One-Word Pitch
  •         Social Media Pitch
  •         Elevator Pitch
  •         Cold Call Pitch
  •         Email Pitch
  •         Follow-up Pitch

One-Word Pitch

Put simply, A One-Word Pitch is a single, powerful word that best describes your brand. Finding a word that best describes your brand might be a little difficult. But you can select one from your brand’s

  •         Aims
  •         Values
  •         And or Products

For example, Google’s One-word pitch is ‘Search’.

When you find a word, you can use synonyms to make it unique.

This one-word pitch should be used by everyone in your organization—wherever possible. Once people associate the word with your brand, your potential customers will recognize you instantly.

Social media Pitch

This is crafting your social media post around the basics of your brand. It is important because you have to make customers want more.

Elevator Pitch

An elevator pitch is a short, snappy, easy-to-grasp explanation of your company and its products…

In no more than 30 seconds your pitch should describe the basics of your business  (it should be short enough to cover in an elevator ride, hence its name)

Elevator pitches must be engaging and friendly,

To be great at using this pitch, you need to practice, so it’s clear, concise, and well-paced.

Cold call Pitch

A cold call is when you reach out to a person you’ve never spoken with before, intending to sell them your product or service.

Even though the person may not be aware of your brand, a cold call is made to some who is likely to have an interest in or benefit from your brand’s product.

A cold call sales pitch is unique because it provides an opportunity for a personal connection.

Email Pitch

An email pitch is a sales pitch that is delivered to potential clients and or customers via email. Most times, it is used to create brand awareness; they are brief and serve as a starter for conversations.

Follow-up Pitch

Pitching without follow-up is no pitching at all.  This aspect can either make or break your deal. The quicker you do a follow-up the more likely you are to close the deal.  Do not give up after the first attempt, or you would be missing out on opportunities to make that sale.

So when creating that follow-up pitch try to keep it brief.

A perfectly made pitch cannot be underestimated; you need to make sure that you clearly understand the differences between the different startup pitches and work towards perfecting each one of them.

 The next time you are about to sell that business idea or contact a prospective customer, use the pitches outlined above.

Tell your brand’s story and the success of your products and services and back up with facts and statistics. Work hard to engage your audience. Practice with friends and colleagues until you master the right pitch for you.

What do you think? Can you write an effective business pitch in 10 minutes?

Let us know your thoughts.

Emotional Intelligence: How You Can Improve

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We all know that Academic Aptitude is a measure of Intellectual Intelligence. But Emotional Intelligence is used to measure one’s social skills.   

Hence, Emotional Intelligence or quotient (EQ) is the ability to understand, use and manage one’s emotions. It could also be referred to as being people smart… It is a part of the human mind that can be developed and improved upon by learning and practicing new skills. Some people naturally have good EQ skills, but others may need to work on them.

 Developing Emotional Intelligence can:

  1. help to build and maintain strong friendships
  2. make informed decisions
  3. deal with difficult situations
  4. help turn intentions into actions

Understanding and getting along with people is a useful skill that applies in almost any area of life.

Improving Your EQ

According to Daniel Goleman to improve one’s Emotional Quotient, there are five personal skills one must develop which are;

  1. Self-awareness
  2. Self-regulation
  3. Social Skill
  4. Empathy
  5. Motivation

Skill one: Self-awareness  

Put simply, self-awareness is understanding your emotions and how they affect your actions and interpersonal relationships with others.

To master this skill, you must be able to monitor your emotions, recognize your emotional reactions to certain situations. Understand the relationship between how you feel and behave, know your strengths, limitations, have a good sense of humor, and be confident in yourself.

Skill two: Self-Regulation

This is being able to express your emotions appropriately. To be proficient at regulating one’s emotions you need to be flexible and adaptable. Self-Regulation also involves being able to manage conflict and diffuse tense and difficult situations.

Skill Three: Social skills

Developing social skills is important for connecting with others, to handle and affect other people’s emotions effectively.

Strong social skills allow for meaningful relationships with others. These social skills include active listening, verbal communication, non-verbal communication, and persuasiveness.

Skill Four: Empathy

Emotional Empathy is literally feeling what the other person is feeling. To build on this skill, you respect the feelings of others even when you don’t agree with them, do not belittle or make judgmental comments instead use questions to know how they feel.

Skill Five: Motivation

Motivation is having the drive to achieve a goal; it includes taking initiative, being committed, and being persistent. To stay motivated, set clear achievable goals, do not compare yourself to others, be determined not to give up, and be positive.

Only those who understand and regulate their emotions are able to work effectively with others. So, understand your own emotions, manage them appropriately, use them to achieve your goals; by doing this you will understand the emotions of others and influence them positively.

Emotional intelligence helps you work in a team. Read how to build a winning team.

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