How To Break Through Those Walls And Beat The Odds Awesomely?

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How To Break Through Those Walls And Beat The Odds Awesomely?

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If you know the enemy and know yourself, then you need not fear 100 battles – Sun Tzu

So, we wrote before on why Entrepreneurs tend to strive against odds that are stacked against them, and still come out on top (Art0003 – Beating the Odds). While beating the odds may seem impossible, it is actually feasible if steps are undertaken to mitigate potential risks.

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Here are some steps on how you can beat the odds:

Step 1: Research Your Business, Market And Industry Thoroughly

Homework was not only for school entrepreneurs’ have it too. Simply having a novel or unique idea will not suffice in making the business a success. Market knowledge is the lifeblood of any business. Before embarking on a business it is essential that market research is carried out thoroughly and all bases are completely covered. Talk to people with prior experience in the field you are looking towards entering and gain insights from their businesses. Carry out market surveys to see if the market is ready and the conditions are right for your business. By studying the macro view of your industry and the market, you will also be able to identify any shift in trends that could affect your business.

Step 2: Understand your customer, competitors and suppliers well

There is no doubt that the customer always comes first. Talk to potential customers to determine their needs and preferences. Use platforms such as social media to test your idea and verify if people are interested in your business. Next, entrepreneurs also need to be mindful of their competitors. Keep track of what your competitors are doing and think of ways to adapt your business such that it appears different from other businesses available in the market. Also study and talk to your competitors so that you have a better understanding of their position and this will even lay the foundation for a possible partnership in the future where you and your competitors have a similar vision but different niches. Last but not least, the suppliers are important stakeholders that can make or break a business. Sustain an amicable relationship with suppliers. Ensure that you are able to relate and justify your idea to the suppliers. Understand the needs and preferences of the suppliers as their opinions are as important as your ideas.

Step 3: Make your business plan (internal) as detailed as possible; cover as much detail as you can

Nothing beats a robust business plan that has all bases covered. Make sure that you know all the aspects of a business plan. The business plan is essentially a blueprint and therefore it needs to be as thorough and detailed as possible. Carry out the SWOT analysis to help you in crafting your business plan. Constantly add on to your business plan to improve and strengthen it.

Step 4: Be a devils advocate or get someone to be for your business. Cover as many loopholes and disadvantages as you can. And play forward all your strengths to their most.

Constructive criticism will help strengthen the business by pointing out blind spots which can then be rectified. Get your friends and family to be your devil’s advocate and identify the shortcomings in your business. Brace yourself for criticisms and view them in a positive light as areas for improvement. Constantly reflect and ask yourself if you have overlooked any potential pitfall. List out all the possibilities of failure and look for strategies to mitigate any shortcomings. You can never be 100% covered, but the more you are able to protect yourself, the better the chance you have at succeeding.

Use these steps to tear down those walls, and to beat the odds against you. Be ready and prepared to face those challenges head on. 

6 Comments

  1. Autumn says:

    Too often I see entrepreneurs worrying for how they should operate their businesses, when they should actually be paying closer attention to the industry-wide news and their competitors. You have to look at the big picture and make your moves fitting to the trend and the times. I say the most important tip to new entrepreneurs is step 1 on this list, research your business, market, and industry thoroughly. Get this done and you’re halfway to success.

  2. Cole says:

    Never underestimate the effect of having a good standing relationship with your supplier, sometimes that can mean the difference between making and losing thousands. You’re a client to your supplier, but only in this case the customer isn’t really a king. The suppliers know they have you at a chokehold once you start doing business with them for a long time. Believe me when I say this, you have a lot more to lose if you cut your ties with your current supplier. No matter how big of a business you have, at the end of the day you’re only one account of hundreds for your supplier. Keep a good and respecful relationship with your supplier and their sales people and you’ll be rewarded in the long run.

  3. Ben says:

    I guess I’d be classified a new entrepreneur since I’m preparing to open my own business in the near future. Anyways as I learn and more I’m starting to understand just how much work is required of you to run your own business. While being an entrepreneur might sound like an exciting proposition, it’s actually one of the most work intensive job in the world.

  4. Vicky says:

    “If you know the enemy and know yourself, then you need not fear 100 battles – Sun Tzu” What a man Sun Tzu must have been. If he were alive today I’d say he’d be a great businessman. That saying alone encompasses all that one must know in order to have a successful career as an entrepreneur. But then, it doesn’t hurt to have things explained one by one as they have been on this article either. Thanks for the great lesson once again Entrecity.

  5. Dwight says:

    Indeed, everything mentioned here are important steps to take if you hope to become a successful entrepreneur. Researching your business, understanding your customer, making business plans, and evaluating your business are some of the most important things you’ll learn as a businessman. As an experienced businessman I know all the things mentioned here, but then I’m still glad that I read this article since I was slowly ignoring the basics. When you become too savvy at something, sometimes you need to get back to the basics to keep yourself grounded.

  6. Dean says:

    If you had your business for at least year, then it is very important that you take the step 4 laid out on this article. You will be amazed at the different opinions others will have on your business and on your management style and the more honest they’re the better. Learn to bounce off idea with others and don’t trap your mind within yourself. It is strategically sound to share your ideas and skills with others and it may actually be the only way to efficiently improve yourself and your business.

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