WHAT DOES IT TAKE TO SUCCESSFULLY LAUNCH AND GROW A SMALLBusiness?
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Roman Semiokhin, serial investor and entrepreneur.
What Does
IT TAKE TO SUCCESSFULLY LAUNCH AND GROW A SMALL BUSINESS?
To succeed in business today, entrepreneurs need to be flexible, with excellent planning and organisational skills. Many founders start their business believing that their product is so great it will effectively sell itself, and that they will simply have to open their doors and turn on their computers in order to start making money. However, in real life, it often doesn’t work this way. According to US Bureau of Labor Statistics figures, 20% of new
US businesses folded in their first two years of operations in 2021.
Building a successful business requires an analytical approach, with detailed record-keeping and determined organisation. One critical aspect is market competition. Business owners have to do their homework, identifying who their rivals are and how they can set themselves apart from the competition.
In terms of gaining customer loyalty – and with it, repeat business – providing an excellent customer experience is essential. Forwardthinking business owners place the customers’ needs and expectations front and centre, going above and beyond to provide excellent service.
Consistency is key in terms of increasing productivity and profitability, doing what needs to be done day in, day out to create long-term positive habits that help the business to become sustainable.
ROMAN SEMIOKHIN
To learn more about entrepreneurship, visit the blog of Roman Semiokhin.
