20 Nov 2022| ONPASSIVE
How To Increase Your Entrepreneurial Growth?
Here are the opinions expressed by the Entrepreneur about how to increase your entrepreneurial growth on their own.
The most common question I encounter as a professor at Oklahoma State University’s School of Entrepreneurship is “How do I succeed as an entrepreneur.” Many might be thinking that it is difficult to answer or else there is no answer for this. But it is a mistake.
My answer to the question is that there will be entrepreneurial rationality that helps increase the chances of success. Many entrepreneurs may not know it exactly. But, entrepreneurs trust their luck. So, you have to work on entrepreneur rationality and making it your growth.
The experienced entrepreneurs have known that customer is king from the hard way they had. As an entrepreneur, you should always be evaluated by the customer. So, understand your customer, and it brings success to you.
Jeff Bezos provides information on Amazon’s success by being passionate about its customers. As an entrepreneur, you have to provide them with something they value. Customers can also take part in your development. They support you and cheers you. Customers may not buy from you and can change their minds at any time. That results in no demand for what you are offering for them.
My suggestion is not to do more surveys or any market research, which is expensive if you face this situation. You will get the same results. Instead, you can take a step forward and know the customer’s aim for where the customer will be. It would help if you were empathic according to their situation to understand what they value and why.
If you need to develop empathy for your customers, you have to know and feel with them. Get close to them and understands what drives them? What are their lives like? And what are their aims and goals? Where do they need to be? How you help them to get there? If you solve all these questions, you will get to know what they value.
2. Value Facilitation:
We are talking about entrepreneurship, if not business, generally as value creation. It will be misleading as you are not creating value. The value you offer will not be expressed in dollars and cents; it will express in the eyes of your customers. It will be like the unclear and incomplete well-being that you offer for them.
As an entrepreneur, your job is to facilitate the value, not to create it. You focus on how customers get value, but you should know about getting, having, and using your offerings that create real value. Does it include how you sell? When will you sell? In what manner you follow up on your scale? How you establish a relationship with your customer through actions, offerings, and interactions.
If you know that your job is not to create a value, you cannot measure it; you can only experience it. Then you can understand more clearly how to facilitate value. You get to close to your success by placing customer’s experience first.
3. The Entrepreneurial Rationality:
And of course, having empathy is not enough for the customers, and understanding you and how it facilitates the value for them. But you will be close to the finishing line. Firstly, you have to recognize the business needs you are running, inform the customers about your business needs, and the value facilitation. And running competitively comes next. You cannot do the latter if you don’t have the former. It would help if you obsessed with your customers to earn the profits over time.
Entrepreneurial rationality is not about adopting business strategies, about realizing what value is, and decision making on what is valuable is out of your hands. As an entrepreneur and company owner, your job is to facilitate your customers’ value in your market on their terms.
Many entrepreneurs can understand and will be fast learners. But, many will forget it too. Most exciting businesses have strayed from the empathy that allows them to facilitate the value. As most of them are not aware of that, it happened as luck. But luck will not help always. And then my students understand how to increase entrepreneurial growth.
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