In childhood, we were introduced to the concept of the 3 “R’s” (reading, writing, and ‘rithmatic), which became a foundation on which our educational careers were built. The 3 “R’s” of Entrepreneurship serve as similarly simple precepts, and provide a solid framework for your business success.
- Revenue. Great ideas are not enough. You must focus your efforts on generating revenue, whether directly or indirectly. It’s easy to get side-tracked with projects and endeavors that have the “trappings” of success, but are neither valuable nor income-producing for your business.
- Do your homework. Understand the trends for your industry, and create realistic cost and revenue projections based on historical data and your own experience and expertise.
- Create attainable revenue goals that can adapt with the ebb and flow of your business.
- Relevance. Is your product and/or service actually relevant to the those whom you’ve identified as your target market?
- Understand your unique value proposition. Ask yourself: What value does your product/service really offer? To your target audience, are you a necessity (gotta-have) or a desire (wanna-have)? How can you become both?
- Make your mark. You want people to think of you and your business when they think about, or talk about, the product/service you provide. Does what you offer relate to your audience’s everyday needs, struggles, desires, and goals? If not, it’s time to go back to the drawing board.
- Rapport. Building and strengthening relationships is integral to the success of your business! Your goal should be to build great rapport with all you come in contact with, across all channels.
- Practice your networking technique, even if speaking to others comes naturally to you. You may be an extrovert by nature, but it can’t hurt to hone your networking skills. Are you a “Nervous Networker”? The more you practice building rapport, the easier it will become!
- Don’t underestimate the importance of any given interaction with others. From customers to vendors to other small business owners, make consistently positive impressions and network yourself! You never know where your next referral may be coming from, and who your next champion may be.
Do you have another “R” to add to the list? Please share in the Comments!