Many entrepreneurs start out hoping to be successful in their businesses. But when asked what success means to them, only a few are able to respond confidently. Success in entrepreneurship doesn’t have a one-size fits all definition because its concept differs from entrepreneur to entrepreneur.
For instance, to one entrepreneur, success can mean the ability to afford a luxurious lifestyle; another can define success as the number of customers that purchase her products/service and yet another entrepreneur might define it as the number of followers he has on his social media platforms…. the list is endless.
Regardless of your definition of success, with it comes a feeling of accomplishment and confidence.
With this freedom of choice and decisiveness on what success should be to individual entrepreneurs, you find that a lot of entrepreneurs are unable to define what success means to them as they are more interested in taking the definitions of others as their own definition of success. These external definitions might be adapted from social media, public expectations, other entrepreneurs in same industry or even their mentors.
Taking up another persons definition of success can be equated to running a race in the wrong lane. In doing that, you can get to to the finish line (the other persons success mark) and not experience any of the feelings associated with success. You could even go past the finish line in a bid to achieve success, and because you’re on the wrong lane, you end up expending time and resources.
Understanding what success means to you as an entrepreneur helps you come up with appropriate strategies and structure for your business with the sole purpose of being successful at the end of it all.
No matter how far you’ve gone on the wrong lane, its not too late to define what success means to you. The earlier you make modifications, the closer you are to making your success mark.
What was the first thing that came to your mind on spotting this post title? Okay, hold that answer as we explain what we mean.
Among other things, you are in business to make money (profit), and if that’s not happening you’re funding a hobby. At some point in your entrepreneurial journey, if you notice that you’re recording more losses than profits, it’s time to recreate your business.
Recreating your business basically means making changes in your business to bring about profit. Recreation might mean changing leadership, staff, products or services, operational models, delivery style, advertising, layout (online and offline), etc.
To recreate, you need to gain clarity of you business operations and you can easily get that with properly kept records. These records help you easily identify the flaws in your business and aspects that might require modification. Next, put down a plan as part of the recreation process, including how you plan to measure the success of the plan. Go ahead to implement the plan and watch out for significant changes. If at the end of the predicted time your plan succeeds, congratulations; if it doesn’t succeed, go through the process again.
Business recreation is a required risk entrepreneurs should prepare for. While going through the process, be sure to be conversant with trends, especially the ones your target customers identify with.
Change is a constant. Do not expect different results while doing the same things.
As an entrepreneur, you are a creator, don’t allow your creation limit you.
Welcome to August!
For us at Netaya Consulting, it’s the start of new beginnings, and we hope it’s same for you. You can still make considerable impact in the remaining months of this year.
Our weekly entrepreneur support series, Gist O’ Clock, will be LIVE every Friday and due to popular demand, will be featuring on our social media platforms – Instagram by 2.00pm and Facebook by 3.00pm.
The Netaya Consulting Team.