HOW TO BECOME SUCCESSFUL ENTERPRENURSHIP PART 7 - 2022

 HOW TO BECOME SUCCESSFUL ENTERPRENURSHIP PART 7

 

Have The Right Attitude Towards Your Investment

 

 

1        Follow The Separate Entity Concept

In accounting, the separate entity concept refers to the clear-­‐cut segregation of the owner’s personal assets from his/her business investment. In layman’s term, it means that you should not treat the earnings and assets of your company as a personal belonging that you can spend and use at your whim. This is a basic principle that company’s follow as dictated by accounting laws.

 

2        Return Some of the Earnings As Additional Investment

Net income is the part of the company’s earnings that can be withdrawn. However, you may choose not to withdraw some of the net income and add it to the business capital account instead. Yes, this may mean smaller amounts of withdrawal for you. But this will help your company grow.

 

3        Forget Your Wants First While Your Business Is Growing

Some entrepreneurs make the mistake of living a life of luxury just because their business did well during its first few weeks or months of operation. But this is a pitfall that must be avoided. You never know how your business will fare in the following months or years. While your business is still new, it is best to lessen your personal expenditures and focus on increasing the business capital first.

4        Keep In Mind That Your Investment Can Still Go Farther

Some entrepreneurs also make the mistake of being passively contented. This means that they lose all plans of making their business grow just because they are already earning. This might give you stable income but if you want to earn more in the future, you must always set your mind to the growth of your business.

 

5        Avoid Excessive Debts

Investment may come from a loan grant. But avoid incurring too many loan grants. Take note that loans come with high interest rates. You may not be able to shoulder several loans with high interest rates.

 

 

Winning Over The Competition

 

 

6        Conduct A Research About Your Competitor

This is one of the most basic strategies used by all business establishments when it comes to winning the competition – they conduct a study about their competitors. This may include actual visits to the place of the competitor and may include observation of prices and promotional plans among others.

 

7        Observe The Marketing Strategies of Your Competitors

Marketing strategies include promotions, discount offers, freebie offers, advertisement methods, and such. To stay competitive, you must always do better than your competitor when it comes to marketing strategy.

 

8        Always Offer Something More

If you always offer something that your competitor does not, customers will naturally prefer you. This can refer to anything. In a spa setting for example, you may include scented candles as part of the service when your competitor does not.

9        Win By Quality And Service If You Cannot Win By Price

Sometimes, you will find competitors that offer such a low price that you cannot even compete. And you have no idea how they even did that. So how do you top the competition? If you cannot win by price, you can win by quality and service. Just make your service better and make the quality of your products top-­‐notch.

 

10   Offer Discount Sales At The Same Time

When your competitor holds a discount sale, a lot of people, including some of your loyal customers, may come to them. This gives them the chance to show people what they can do. You do not want to give them this opportunity. Offer the same discount promo when they do.