Small businesses appear on the scene every day, but many vanish just as quickly. Despite the high failure rate of start-ups, many entrepreneurs continue to launch business ventures, feverishly focusing on product / service developments and features, tinkering with price points and strategizing to stave off competitors, whilst ignoring or paying inadequate attention to the bottom line – the customers. Understanding customers’ needs and preferences, and labouring in service of those needs, contributes significantly to the degree of entrepreneurial success.
Entrepreneurship is a two-way street: driven by your ability to fulfil a market need (pain) and the market’s interest in your solution. If you launch a product, service or app without speaking to potential users (or early adopters) who filtered through additional market research, could be converted to customers, it will cripple your business venture. Equally important, once you have a competitive offering, the rest is also dependent on your customers. A successful business venture hones in on identifying customers’ unmet needs and designing the solution (product / service) that can address that need/problem, at a price that customers’ are willing to pay (business model).
Without customers, there is arguably no revenue, so that those entrepreneurs who achieve business success, are usually those who through persistence, perseverance, passion and patience understand that connection and modify and refine their execution.
Being an entrepreneur is a formidable task, as you are in fact framing tomorrow’s pie. Our essential entrepreneurs – farmers – offer lessons which all entrepreneurs and industries can apply, as they take full responsibility for all aspects of product / service delivery:
-
- Take responsibility; don’t assign blame
Farming is a competitive commodity business, as farmers must grow their businesses while tackling declining profit margins. Yet despite variable weather patterns and mixed challenges, farmers step up and take responsibility for their business’ growth, even as they compete with industry juggernauts. - Does your mission matter? Farmers perform a service that is vital and fundamental to society. As the population grows, a nation that can feed itself by being productive on every acre of land becomes even more necessary. Does your business offer solutions that are essential to customers?
- Do you weigh your words? It is not far-fetched that some entrepreneurs believe that contracts are all that matter. However, your credibility and reputation in business are regulated more by your actions, than by words on paper. Farmers depend and thrive on the trust they foster with various vendors. Keeping your word is a central part of growing your business and networks.
- Brains matter, but so does hard work. Many smart entrepreneurs think they can score one great invention and then go on an extended vacation and reap the rewards. Farming is a decisive balance between brainpower and hard work. Against all odds, you need to exercise willpower, brainpower and hard work to create, innovate and differentiate.
- Take responsibility; don’t assign blame
In entrepreneurship, you either execute the right idea or you land it at the right time. Embracing a farmer’s work ethic will do more than put food on your table. As you start and scale your business, never lose sight of those who pay for you to stay in business – your customers. In serving your customers’ needs better than existing alternatives, your business will edge ahead of the competition.
Business Clinic’s 2-month Virtual Incubator Programme provides training, guidance, templates and one-on-one coaching to entrepreneurs committed to growing their business, including conducting market research and developing strategies to successfully compete in the market. Apply online at https://bit.ly/Virtual_Business_Incubator and get the skills and knowledge you need to grow your business!
