Three Penny Cafe

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Running A Practical Yet Successful Business

Starting a business is a uniquely risky endeavor. When you are so invested in a single idea that you feel compelled to create a full business-model around it, you’ll find yourself making decisions as a leader you never envisioned yourself making.

A leadership role can seem both empowering and overwhelming, but it’s important to create an inviting atmosphere where people want to work for you, without sacrificing your position of control. Once you do get your business off the ground, it’s critical to convey your mission and vision for the company that leaves little room for misunderstanding. If employees or clients are incompatible with the shared vision of your business, they are most likely ill suited for the environment you create. Here are five tips for building a successful work culture and growing your company along the way.

Communicate

Whether your business is made up of one employee or one hundred, communication is key. Clients don’t like to be kept in the dark and transparency goes a long way towards keeping people happy. In fact, the more articulate and honest you are with those in your professional circle, the more likely they will be to reciprocate. Finally, ask questions. Figure out what employees want and do your best to offer those perks. If worker compensation is at its limit, for example, try providing alternative benefits that don’t affect your bottom line.

Be Humble

As a manager, it can be difficult to ask for help, but don’t assume you always know best. Have no shame if you don’t know how to do something. Consult experts. Talk to friends. Google it. Compare conflicting theories/models and inform yourself before making important decisions. Though confidence and strong personal beliefs are essential to garnering the respect of your colleagues, humility and curiosity are invaluable traits of many successful leaders.

Do Your Research

Some companies are known for their flexible business models and productive, loyal workers. Ask yourself: What successful company would you most like to emulate? What are they doing right? How can you incorporate aspects of their business practices into your own? Read up on these institutions and decide what you can realistically implement for your business and what should be saved for later.

Form Reliable Partnerships

Work with reliable contractors and service providers who you can trust. Outsourcing materials or relying on others to handle a portion of your work can be nerve-wracking so choose credible businesses with quality credentials and a history of customer satisfaction. You shouldn’t always align your business with the loudest or most accomplished firm, but rather, choose to work with people you like and admire.

Budget Wisely

Don’t spend beyond your means. Create a plan from day one that helps your business stay adaptable and (as much as possible) profitable. A financially strapped company is not conducive to an efficient workspace.

Fundamentals of Entrepreneurship

So you’ve got a great business idea but are not sure how to kick it off! Below are some significant pointers to take on board! At our youth marketing agency we constantly come across our young Gen Y are excited about projects they want to turn into active business success. We discussed this in great detail and decided to put together a strategy of how to build that marketing plan! Questions to ask yourself are:

Are you filling a gap in the market or are you jumping on the back of someone else’s idea? Think about your target audience and how to impress them and keep them engaged! You need them to want your service or product so your initial marketing plan needs to be solid and feasible for your budget! Just remember one thing as it’s quite important! You will always veer in other directions as you proceed, as you will be constantly testing the market and your direction of how to grab your consumers.

  1. Think about a unique selling point and why your audience will prefer you to any other in a similar or identical operation!
  2. Use your idea as a solution, because this way you will convince the audience that they need you!
  3. A marketing agency or advertising agency will consistently follow the analytics around consumer spending within your desired project and give great debate on how to switch them over to you instead of your competitors!
  4. Your idea needs to be clear and definite so you should produce illustrations and realistic charts on how to promote your new venture. You can benefit from the knowledge of professionals that will help you to grow your idea and pursue your success in your choice of business.
  5. A marketing or advertising agency may scare you, but they have the expertise to get you over the first hurdles but are there to allow you to be creative and justify your product or service in the right channels.
  6. When it comes down to creating a new vibrant business idea you need good, solid resources and people around you that are on your wave length.
  7. Estimate a realistic ROI as remember ‘Rome wasn’t built in a day!’
  8. Growth forecast is an important aspect to keep the service or product alive and wanted! So consideration needs to be focused on the future! How will you grow?
  9. Ask yourself one BIG question! Do I have the skills to pull this off? And can I see myself doing this in the next five years at least?

Entrepreneurs and The Myths Surrounding it

Ever since I was little, I always dreamed of being an entrepreneur. I would watch people who do not have to wake up in the early morning to go to work and work for money; money worked for them. They are the masters of their own time and they dictate when to go to work and when to relax at home with their families. This desire for dictating our time stems from our innate wish to be free and as human beings we do not like idea of something enslaving us.

This enslavement can come in the form of waking up in the early morning to work for an ungrateful employer or paying that huge business loan that you took to buy your first car. We all have a desire to break free from the vicious unending rat race and starting your own business is the best promise towards realizing financial freedom.

A year ago, I decided to jump in the bandwagon and establish my own business in order to realize financial freedom. It is this journey that I embarked on that taught me firsthand the myths that every aspiring entrepreneur should be aware of.

First, that your business will be as successful as Facebook or Microsoft. Nothing could be further from the truth because the founders of those businesses are unique in their own right and so are you. Your business could end up as successful as Microsoft but then again it might not reach the heights of that success. In hindsight, let your focus not be the millions you expect to mint from your business but the exceptional service you wish to deliver to your prospective target audience. Concentrate on offerings the best product or service to your customers and they will sense your honesty and the money will start rolling in.

Second, business men have flexible hours. This is all hogwash especially for start up businesses. When you start your business, you will put in more hours than normal and this is not a rumour but a fact. Your social life might suffer in the initial years but this is a necessary sacrifice, if you want to realize financial freedom. Your start up business is like a new born baby who needs all the attention it can get from its parents until he/she is old enough to ease the burden of dependability from the parents.

Lastly, you are not at liberty to leave your business and let your employees slave for you. This is the biggest mistake any entrepreneur can commit. Employees can sense whether you have the ownership of your business or not. As a business owner, it’s your job to lead from within and this drive, passion and vision that you have for your business will convince your employees too gladly plug in to your business in order to achieve the desired goal for which your business was founded to accomplish.

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