What does an entrepreneur need to know and be able to do?
10.03.2023 09:39
The market, conditions and formats of trade are constantly changing. Those who do not have time to adapt slow down and lose enthusiasm for the fight.
One of the reasons why entrepreneurs close their business is immersion in a permanent daily routine, the decision to leave everything as it is, to stop their own development, and as a result, to stop developing their business.
To ensure the stability and competitiveness of a store, an entrepreneur must have strong professional skills, as well as improve their soft skills on a daily basis - the ability to learn and think critically, adaptability to change, stress resistance, and the ability to plan and manage their own time.
In this article, we'll talk about 10 key aspects that will help an owner develop in business.
№1. Be prepared for changes
Despite the deterioration of the business climate in the first half of the military year of 2022, in the second decade, Ukrainian business began to actively increase its capacity. In particular, there was an increase in registrations of individual entrepreneurs and new companies in September 2022.
This indicates that most entrepreneurs not only survived the full-scale invasion, but also found ways to continue their activities. Many have re-profiled from one niche to another, some have entered foreign markets with their products. Others have adapted their business strategy to the new realities.
For example, during the war, the Ukrainian brand Marsala switched from producing exquisite women's loafers to tactical footwear for the military. At the beginning of the energy terror, the demand for generators and mobile power supplies increased, and companies appeared that focused exclusively on selling these products. The demand for items for the frontline, such as tactical clothing, equipment, hygiene products in difficult military conditions, etc. remains relevant.
Those entrepreneurs who felt the market demand were the winners.
In addition to changing the business climate, it is important to monitor and implement changes in accordance with legislative initiatives. For example, all entrepreneurs had to install cash registers by January 1, 2022. Those who have installed them are working and have forgotten about it, moving on. Those who delayed are still hoping that this will pass, that they will not be noticed, that they can avoid reporting and thus not pay taxes, but for more than a year now, the thought "well, we need to install that cash register" has been on their minds almost every day. Such entrepreneurs have not moved on because they have not adapted and have not closed this issue.
You need a basic understanding of the regulatory framework - labor and tax laws - that your business must follow.
Read the laws at least in those parts that relate to your work. The best defense against fines is legal literacy. Hire or make friends with competent tax and legal professionals. Get involved in their work and check it. Do not trust anyone unconditionally. Pay taxes, contributions and all mandatory payments. Keep all documents carefully. Record all agreements.
Change them. Implement. Automate.
№2. Enter new markets
The winner is the one who can quickly implement new ideas.
Thus, with the beginning of the quarantine, millions of companies felt the need to digitalize their business processes and promote their goods and services online. With the outbreak of war in Ukraine, businesses have felt the need for flexibility to survive.
One of the opportunities is the expansion of the new Western market. Many Ukrainian service companies have opened their franchises in Europe - kindergartens, online schools, beauty salons, coffee shops, etc. For example, according to Bloomberg, more than 50% of Ukrainian companies registered in Poland in early 2022. Online sales, sales of food products, cosmetics, clothing, perfumes, and Ukrainian-made goods remain popular abroad.
In April 2022, the first Ukrainian cafe, Lviv Croissants, opened in the Polish city of Zgorzelec, followed by a similar establishment in Wroclaw, and plans are underway to open in Warsaw. Ukrainian brands entered the European market: "Nova Poshta, Gastro Oma, Happy Time, Kebab Chef, G.BAR, etc. Since May 2022, the Torgsoft program has been available to entrepreneurs in Romania and users who need an accounting program in English.
According to Franchise Group's forecasts, about 15-20% of Ukrainian companies will continue to expand into foreign markets in 2023.
№3. Improve your skills and knowledge
Continue to learn, improve your skills, explore new technologies and implement progressive solutions that can improve your business and even set a trend in your field.
For example, one of the innovative business methods is design thinking. It helps to understand the user's motive by searching for alternative solutions to a problem. This search is based on intuition, the ability to recognize customer behavior patterns, generate ideas, test their feasibility, and implement them.
In order to achieve high performance in a changing environment, an entrepreneur, whether an owner or a COO, must develop the following worldview and personal qualities: liminal (boundary, flexible) thinking based on changing beliefs, creative thinking, emotional intelligence, and time management.
In Ukraine, there are many business schools for entrepreneurs and executives where you can learn basic business management skills and improve your existing ones, including an MBA (Master's degree in management). Among them: Kyiv-Mohyla Business School (kmbs), Edinburgh Business School, which provides international education for top managers, Kyiv School of Economics (KSE), KROK Business School, Lviv School of Business Administration, International Institute of Business (IIB), etc.
№4. Expand your connections and networks
Join professional unions, participate in specialized events and conferences, communicate with your colleagues and experts in your field. Strategic goals can only be achieved when you leverage the work and interest of others.
Active networking, especially in times of uncertainty and economic turmoil, is the best way to bring together like-minded people who are in a similar position. As Ukrainian business is gradually recovering, live meetings in business clubs, business breakfasts, courses and trainings for entrepreneurs are becoming more active.
Make long-term, profitable deals so that your partner feels trusted and wants to continue cooperation. Sometimes this requires sacrificing immediate interests. Negotiate without haste, need, or emotion. Remember that both parties have the right to say "no" to negotiations.
№5. Develop your team
Your employees are a key element of your business. Don't be afraid to delegate your authority to them, give them the opportunity to gain experience. This way, you can focus more on important strategic decisions without being distracted by current tasks and routine.
Develop proactive employees first, listening to their opinions. Create a program to motivate employees, a reward system that includes, for example, bonuses for exceeding the plan or for individual achievements.
First, you need to give everyone tasks, set up a system, and make sure that everyone works independently and without fail. And only then can you go about your business.
№6. Make decisions quickly
In Daniel Kahneman's book Thinking Fast and Slow, the author divides the thinking system into two types: "slow", which is activated while shopping in a store, and "fast" - unconscious decisions in an automatic mode.
Often, important decisions in a company take months or even years to mature. However, the war proved that our resources are limited, and in a critical situation we can be much more effective than usual. To make the right decisions, don't be afraid to trust your intuition.
Making quick decisions will make you more flexible, so you can adjust to demand and market realities, make mistakes, draw conclusions, and move on again.
№7. Engage in marketing
You don't have to provide the best customer service in the world in your store - it's enough to slightly exceed customer expectations. Often, people buy not because you have good service, but because you are close, you are faster, you are cheaper. Any advertisement will work if your offer is relevant to the selected audience. If you show simple ads to the right people, they will buy.
The entrepreneur must understand the concepts of store promotion.
If you don't have a dedicated person to promote your company, delegate this task to professionals.
№8. Build a strategy
To achieve your goal, you need to understand very clearly and in detail what your strategic goal is, where you want to be, and what you want to achieve. And in contrast to the classic step-by-step plan 1 → 2 → 3, build a strategy from the end:
Write down the ultimate goal very clearly (for example, I want 4 women's clothing stores in Kyiv, offline format, Holosiivskyi, Obolonskyi, Pecherskyi, Podilskyi districts, brands, models, for whom, how many employees). The better the detail, the clearer it is what the next step should be.
Imagine that you have realized the goals described above. Now think: what was the previous step to the goal? Write down what you had to do to take a step back (for example, hire salespeople and a general manager). What about this step? Order commercial equipment, shelves, racks. And the step before?
Plan everything in reverse order: from your ultimate goal to where you are now. This description will allow you to foresee all the steps and bottlenecks.
Strategic goals should not be limited or blocked by deadlines. No matter what you do, no matter what difficulties or doubts you have, always look at your ultimate strategic goal.
№ 9. Be helpful
People come to those who sincerely share their knowledge and experience. If you have talent, ambition, and a thirst for publicity, start a YouTube channel. If you are a non-public person, you can have an Instagram page where you can explain how a particular product can solve a problem, share your own experience and the experience of your customers.
When selling, try to explain everything from the buyer's point of view: what's in it for him if you have such a great product?
№ 10. Read or listen to business books
Yes, no one has time. It hasn't been and it won't be. But you still need to find time for development. If you are often on the road or driving, listen to audiobooks. Before going to bed, it is better to spend an hour with Henry Ford than with the news and Instagram.
Finally, here's a list of books for entrepreneurs who want to develop their personal and professional skills. The list includes the latest published books recommended by the Ukrainian publishing house Nash Format:
- Bill Gates "Business at the Speed of Thought",
- Henry Ford's My Life, My Achievements,
- Nile Kishteyni's A Brief History of Economics,
- Richard Branson, Naked Business,
- Robert Kiyosaki's Rich Dad, Poor Dad,
- Daniel Kahneman, Thinking Fast and Slow,
- Phil Knight "Shoes of Life. The Story of Nike from the Founder",
- George Clayson "The richest man in Babylon",
- Nassim Nicholas Taleb "Skin in the game. The hidden asymmetry of life",
- Carl Sewell, Paul Brown, "Customers for Life",
- Greg McKeown "Essentialism. The Art of Prioritizing", Greg McKeown "Essentialism,
- Simon Sinek "Real leaders eat last. How to create a dream team",
- Chan Kim "Blue Ocean Strategy",
- Joe Foster "The Way of the Master. The story of a family-owned British company that became a global brand",
- Stephen Covey "7 Habits of Highly Successful People",
- Timothy Galway "Coaching for Results".
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