All the different industry verticals are seeing the mushrooming of more and more companies on a daily basis. The increasing number of new entrepreneurs in the industry is not only making it more competitive but it is also helping to bring in new and innovative business ideas and strategies which makes the industry more efficient and effective. While the introduction of new entrepreneurs in the industry is a welcome sign for the customers, more than often, these entrepreneurs are finding it hard to survive in the industry over a long period owing to the tight competition. Most business owners will lack the required knowledge or skill in at least some of the various facets of their business which might cost them dearly when it comes to running a smooth business. Unlike many big corporates, most medium and small organizations can’t appoint various business consultants and experts to keep track and advise them on the various aspects of their business.
For those who are looking for business tips or tricks to improve the running of their business, this article will be of help. Below mentioned are some of the most well-known and reputed entrepreneurs who have made it big with their business. If you are a business owner yourself, you could incorporate some of the techniques shared by these successful business personalities in your own firm to increase your chances of not only surviving in the industry but also achieving sustained growth over longer periods of time.
The increasing number of new entrepreneurs in the industry is not only making it more competitive but it is also helping to bring in new and innovative business ideas and strategies which makes the industry more efficient and effective
- ‘Making Customers Obsessed’ - Jeff Bezos, Founder and CEO, Amazon: I don’t think Jeff Bezos needs any introduction here and it was his revolutionary ideas and innovative business strategies that helped Amazon to grow from a bookselling website into one of the most profitable and globally recognized brands in the world. Jeff Bezos has always said it is important to “make your customer obsessed with your product”. This philosophy was a corner-stone in the rise of Amazon and for fellow entrepreneurs, Bezos advise is to find out how to absolutely delight your consumers. So, as a business owner your goal should not be just to meet your customer’s wants, but you should aim to make your customers delighted by exceeding their expectations. (You could take a leaf out of Amazon’s books itself by using a data extraction tool to scrape information about products, pricing and promotional offers from its website.) What might seem as a simple notion packs so much weight in today’s ultra-competitive business environment where there are a lot of options to choose from for the customers and if they are not satisfied with your product, they are just going to go for the next company that can do a better job.
- ‘Considering Every Angle’ - Bill Gates, Founder, Microsoft Corporation: The former CEO of Microsoft has been a role model for both new and old entrepreneurs for many decades now. His ability to think and act differently from conventional business ideas has been a massive part of his success. Sharing some of his views on how to run a successful business, Gates mentioned that on taking business decisions, “one should take their time”. He also added that it is crucial to “consider every angle” and possible outcomes before you take a business decision. This point has a lot of importance in today’s world where it is crucial to make the right decisions in the first time itself so that you don’t have to change it half-way through.
- ‘Being Innovative’ - Ratan Tata, Chairman, Tata Group: Ratan Tata has a visionary status among both Indian and international entrepreneurs. This industry stalwart has always prioritized on being innovative whether it is incorporating the latest and greatest technology or making the most suitable decisions at the right time. This passion for consistent improvement and innovation played a major role in the development of him as an entrepreneur. He believes that the “consumer behaviour is based on different metrics” and that the customer feels excited to do things differently. He also adds that this is directly linked with the innovations that the entrepreneur can offer to the customer. So being innovative is the way to go in the future where the consumers will be having different options to choose from.
- ‘Continuous Drive to Succeed’ - Amancio Ortega, Founder, Zara: There are a lot of things that entrepreneurs can pick up from Amancio Ortega. It is a normal thing to experience loss and set-backs in the corporate world and success is not a guarantee in this highly competitive market environment. From his life, Ortega has shown that it is ok to have setbacks but what is important is to get back at it again. As an entrepreneur, you should always have the drive to succeed regardless of your current situation and it is important to keep yourself motivated to achieve success in your business. This mindset is not only helpful for a business owner but anyone who wants to achieve success in life can take this philosophy into heart to keep yourself motivated and committed to realizing your life goals.
- ‘Knowing your Competition’ - Michael Bloomberg, Founder, Bloomberg L.P.: As mentioned before, competition is key in order to push for consistent improvement and with the number of competitors increasing, it is crucial for a business owner to raise your game to survive in the industry. As a successful entrepreneur, Michael Bloomberg has always given priority to understand and analyse his competition. For Michael, this was a crucial learning aspect and he has always advocated that “education is a lifelong journey”. Analysing your competition will not only allow you to pick up the good things that they are doing but it will also help you to understand where you stand and make decisions to improve your business.
For entrepreneurs who are looking to learn and improve consistently, this article will be a good read and this will help you in your growth both as a business owner and as a person. For these above-mentioned personalities, business was their true passion and the work they have put in and the ability to be open-minded about taking in what is good for them has helped them to achieve pioneering status in the global business realm.