15 Insights to implement

WRITTEN BY YAHEL DEMETER

Over the years I met with hundreds of entrepreneurs, and compiled a list of more than 100 insights that entrepreneurs and business owners should implement in order to grow their chances to reach exceptional success in what they do.

Here are 15 of these business tips for business owners and entrepreneurs:

1

CONCENTRATE ON THE PROBLEM, NOT ONLY ON YOUR SOLUTION

The great thing about entrepreneurs is that they always think of new solutions to real life problems. However, it is important to remember that sometimes many factors can change the problem, while the solution stays the same. Always make a SWOT analysis to examine the problem-solution fit, and be flexible about changing it.

 

2

RECOGNIZE THE ROLE OF A MARKETING PLAN AND BUSINESS MODELS

A business plan is important to give you a better look at the big picture, to work better with contractors, present information to financial organisations or investors and most importantly - to give you a better view of the road ahead, minimizing unforeseen challenges and keeping you on course in spite of daily distractions. 

 

3

CREATE A SOLID BRANDING STRATEGY WITH REAL VALUES AND PROMISE

At the bottom line, a good brand equals real money, incorporated into the brand premium that is given to the owner upon purchase. To create that, you need to find the real values of your brand, create a brand promise that is based on these values, and then use a unique sales proposition, maintained and adjusted continuously.

 

4

USE KPIs AND OTHER IMPORTANT PERFORMANCE METRICS

KPI (stands for "Key Performance Indicator") is the way you examine whether or not you meet your goals. It corresponds directly with the SMART model (Specific, Measurable, Achievable, Relevant, Time Bound) that helps you set the right targets for you, so you achieve your business plan goals. 

 

5

BE SURE TO TEST YOUR IDEA ON YOUR REAL TARGET MARKET 

When you bring a new idea from 0-1 you need to make sure there is great product-market fit. You spend less on advertising to the general public here, but rather test the acceptance of your idea by your real target market. When you take your idea from 1-end, you use what you've learned to scale it with marketing and advertising. 

 

6

UNDERSTAND THE REAL AND ACTUAL NEEDS OF YOUR CUSTOMERS

The starting point of any marketing strategy is the difference between what people want and what they need. Use the right models to fully understand your customers and base what you sell on that understanding. Learn your customers journey, what their "pain" is and how and when to show them your solution for it. 

 

7

CLEARLY IDENTIFY AND WISELY REACT TO BOTH KINDS OF COMPETITION

People often consider and react only to direct competition, but there is also the indirect competition that requires attention. Direct competition of a personal fitness trainer would be other trainers, but the indirect kind would be the sofa and TV. To grow their business, the trainer will have to shift customers from there as well.

 

8

FIND AND FOLLOW YOUR STORY TO DIFFERENTIATE AND POSITION YOURSELF

Storytelling is everything, but as Beth Comstock once said - "You have to tell a story before you can sell a story". She meant that finding the right story is the first stage, telling it correctly is the second, and only if you have done the first two parts right, you can actually see its effect on your marketing strategy's results. 

 

9

KNOW THAT SOMETIMES GOOD ENOUGH IS BETTER THAN EXCELLENT

We all strive for perfection, but here is the go-to-market factor that should be remembered. Sometimes, turning something from very good to perfect takes valuable time that you don't have when you want to get a competitive advantage that comes from testing your ideas on real customers and gathering great reputation. 

 

10

KNOW EXACTLY WHEN AND WHERE TO BE DETAIL ORIENTED

When you get too detail oriented you lose time, and in order to enjoy both worlds you need to decide what is crucial and what isn't. Usually, technical factors that deal with the product or service, customer experience elements and permanent reputation indicators that last, are much more important than other factors. 

 

11

DON'T BE AFRAID TO FAIL, BUT DON’T BE AFRAID TO SUCCEED EITHER

We are all afraid of success as much as we are afraid of failure, even if we are not aware of it. Both are an integral parts of entrepreneurship. The common concerns are what the future will be, the responsibility, the compromises and what others will say. These fears can be identified and managed with the right tools.

 

12

KNOW WHO TO LISTEN TO AND HOW TO EXAMINE WHAT PEOPLE SAY

Sometimes, your friends, family, and others around you will not be as supportive as you'd expect, but not always for objective reasons. They love you and don't want you to take risks. When you hear a comment about your ideas, good or bad, think what's the motivation behind it and if that person is your target market.

 

13

BUILD A GREAT TEAM TO SUPPORT YOUR BUSINESS ASPIRATIONS

Surround yourself with people that inspire you and challenge you intellectually, and try not to go to the comfort zones of working with friends and family only because you already know them. Each person you work with must bring an added value to the table, and move your business ideas forward, together with you. 

 

14

KEEP LEARNING AND ACQUIRING PRACTICAL KNOWLEDGE

These days, information is everywhere and you need to identify its quality. Save your time and identify great sources of information, human or technological, that give you real value you can apply immediately. Also, try to find someone to share it with, so you'll be able to talk about it and leverage it even more. 

 

15

UNDERSTAND THE DIFFERENCE BETWEEN CAN AND SHOULD

Today's technology enables us to do almost everything, but sometimes what we can do isn't what we should do. Everyone knows they should write a vision, but only a few people actually do. The vision helps to identify what we should do, and keeps us from spending time and efforts on things which are not always best for us. 

 

 Any questions or suggestions? Contact me here! 

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