I have a friend who is an International Chef. His food is delicious and I dare say it is the best I have ever tasted. He uses the best ingredients in his dishes and even the presentation of them is impressive.
About a year ago he opened a restaurant in a nice area of the city but things don’t seem to be going too well. In fact, I visited it recently and although the place is very nice and the investment made in furniture is evident, the place looked empty.
His clients are few. What could be going on I wondered at first glance? The place is well located, the decoration is very nice, the food is excellent and if that were not enough they have good customer service.
Maybe the hours? or maybe the prices? I asked myself. In fact, their prices are slightly above the average in the sector, but their food is worth it because it is very good. But not! It is a mistake on my part to put all the responsibility on the prices. That is too easy and comfortable.
As an entrepreneurial consultant that I am , I began to analyze all the factors trying to figure out why a business that has all the qualities to be successful, suddenly finds itself mired in the mud of loneliness and ” indifference ” on the part of the clients.
No matter how many efforts are made, customers seem to turn their eyes away without even giving us the opportunity to understand what motivates them to such harsh behavior. But you have to accept it. The market is like that. He is cruel and ruthless. If you are not an option, they simply walk away, without explanation.
And this is probably the story of one and a thousand entrepreneurs throughout all of Latin America and Spain.
I have seen it in mechanical workshops, clothing stores, schools, accounting offices, technology businesses, veterinarians, etc.
We see it every day and it is very painful. Professional and successful people who found businesses with great potential but that hardly get off the ground or have a disastrous end in a few months.
And then after carefully analyzing the entire environment, the person and their behavior as an entrepreneur, I come to the conclusion that I have always known. Entrepreneurship requires much more than just being an expert in a professional area.
And that is why here I am going to reveal to you the most important secret that you must learn when building a business and that can make the difference between success and failure .
I must warn you before, that what I am going to tell you next is not the holy grail of business or anything like that. It simply has to do with an essential principle for business and for life.
What I am going to reveal to you can make the difference between undertaking and undertaking successfully. It can save you years of trial and error and get your business the results you dream of. So take note and let’s get to it.
The biggest secret that every entrepreneur must apply in his business
Point 1: Being a professional in your trade does not make you an expert to undertake
The first thing every entrepreneur should understand is that being the best at your craft isn’t everything. Being the best chef, the best car mechanic, the best teacher is a great advantage and a key factor, but it does not automatically enable you to be the best entrepreneur.
In fact, entrepreneurship as such is an area that requires preparation, knowledge and especially a lot of common sense for decision making. Entrepreneurship entails the management of different areas of knowledge that can make a difference.
Now you can understand why it is not enough to have 10 years of experience as an athlete to set up a gym. It is not enough to have spent 12 years in the classroom as a teacher to set up a school. And having won a regional dish preparation contest does not guarantee success in your restaurant.
Point 2: You will need help from various experts to shape your entrepreneurial project
Once you understand that you are not everything, then you can open your eyes and discover that you need to rely on other experts to develop a good business plan.
- From a good marketer who helps you know if the business you want to set up, in the place where you want to do it, will have the right market of clients so that your products are in demand.
- From a good public accountant who advises you on the legalization of your business and on all the tax issues you need to know. You’d be amazed at how many good businesses die for downplaying this topic. A good accountant can save you a lot of headaches. And by the way. An entrepreneur knows that paying taxes is part of the game. Learn about the subject, get advice, let yourself be guided and start your company on the right foot.
- Get a good social media marketing consultant to advise you on how to get the best results if you plan to use social media to build your business image and attract new potential customers. In fact, social networks are very easy to manage as users, but to do marketing, specialized people who know and guide you are required.
- From a good lawyer to protect you from bad plays. If you are going to have partners, if you are going to make contracts with other companies or for personnel recruitment issues, having the advice of a legal professional will help you make better decisions.
- Get a good business consultant to help you develop your executive plan and properly integrate all the elements so that the wheel starts turning and keeps turning. And it is that raising capital to start your company is an extremely complicated task not to take care of every penny in an intelligent way.
- Not least, every small or large business needs sales professionals . And it is that a business that does not sell is not a business. Sales are the resource that keeps the wheel turning because it makes the cash flow and thus generate profits. But being the best chef or the best artist does not make you the best salesperson. I have always said it. If you don’t know how to sell, take an intensive course and prepare yourself in sales. If you don’t want to do it, then hire a good sales team, but don’t neglect this important role within the company.
- Finally, you should know that for specific issues you should always seek the advice of specialized professionals who know about certain issues and who can help you make decisions . For example, if you have to buy medical equipment, buy furniture, adjust your prices, develop promotions, set up an online store, implement a new service, hire new staff or create a brand, you should always turn to a professional to guide you.
Of course, consulting is not cheap. But venturing to make decisions blindly is by far the most costly thing in entrepreneurship.
Do not undertake alone. Don’t pretend to know everything or do everything. A fundamental principle of success in business is to surround yourself with smart people and do what they tell you.
Consider an investment item in monthly consultancies and constant training so that your business grows and stays afloat. They will know how to guide you to make smarter decisions that generate results.
So now you know. If your business is not going well, you still have time to seek advice and find someone to help you see the blind spots of your project that you surely cannot see.
Venturing to make decisions blindly is by far the most costly thing in entrepreneurship.
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