1. Roman-style construction
Despite its age, the Colosseum is still relatively intact. Today’s concrete is not stronger than the material used in its construction. The beauty of Italy has captivated millions, who have flocked there just to see it.
Materials used by the Romans were of the highest quality, marble was imported from other countries, and things were built to last. However, many entrepreneurs build their businesses for the short-term when it comes to building a business.
Their view of a business is as a way to make a couple thousand dollars extra. Rather than building something that will last, they should build something that lasts a long time. It is based in Japan where one of the world’s oldest businesses exists. A Buddhist temple construction company founded in 578 AD, Kongo Gumi is 1441 years old! It had an annual budget of $70 million before merging. Do what you do so often that you can do it better than anyone else if you want to build a legacy.
2. Niche selection
It is often when people select their niche that they realise they have made a mistake. If you go too broad with a general business, you might not know who your audience is. You might find that your niche is too narrow if you’re too specific with a barre class socks store.
Furthermore, seasonality also plays a role. You could build a Christmas business if you’re obsessed with the holidays, but you might have a hard time finding customers in February. Remarketing to customers for years to come is another business tip to consider.
3. Resolve a pressing issue
Creating a business that solves a problem is an important business tip for new entrepreneurs. The problem they solved is either not urgent enough or cannot be answered by most failed business owners. Curing a disease isn’t the only problem you can solve. We can provide people with entertaining experiences to help them overcome boredom.
The most important thing for your business is to know what you’re trying to achieve. To help people understand how you can best help them, you need to know what burning problem you’re solving.
You’ll want your ad to portray the frustration caused by a snorer if you sell anti-snoring products. Show them that your product is the handy solution that will allow them to sleep through the night again.
4. Customer-centricity
In business, unmet needs are a major source of conflict. If a customer does not get the product or service they expect, their needs won’t be met, and they will feel frustrated. When it comes to managing customer relations, empathising with the customer is the most important tip.
The insults they hurl at you become less personal when you recognize that their frustration comes from not having their needs met. Instead, try to mirror their intent behind what they say so that you can better understand what they mean.
In the end, you work on coming up with a solution that meets your customer’s needs and makes them feel heard. Even if they were unhappy with their first experience with your brand, you will be able to build a long-term relationship with them by doing this instead of simply giving a refund.
You can learn more about nonviolent communication by reading Marshall B. Rosenberg, PhD’s Nonviolent Communication: A Language of Life.
5. Profit over revenue is the key
Revenue is the obsession of most entrepreneurs.It makes you wonder, “Did you really think about it? Most likely not. Think about profit instead of revenue. Profits allow you to invest more in your business, your employees, and yourself.
The last person to get paid is an entrepreneur. The first thing you need to do is pay your startup costs. In order to treat yourself properly, you should make sure you’re making more than enough money.
