5 Tips for Building a Successful Business as an Entrepreneur

February 13, 2023
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What you value most in life informs the way you live it, whether that’s friends, family or success. It’s important to find work that allows you to accomplish your goals and aligns with how you want to live your life.

For most entrepreneurs, it’s building and scaling a successful business.

Understanding your personal motivations for building a business and knowing your vision for the future will help you stay on the right track. 

There are a lot of challenges that can hinder you from achieving your business goals and negatively impact your quality of life, which is why it’s also crucial to find strategies that can help you as an entrepreneur.

What motivates you as an entrepreneur?

Understanding your personal motivations will give you a clear idea of how you can make a positive impact on your community with your business. By aligning your strengths with your personal motivations, you can push yourself to succeed. 

The most common motivations that inspire the most successful entrepreneurs in the world include:

  • Making a difference in the world - This may seem like a lofty goal, but your business can have a ripple effect on your community and even the world at large. Bill Gates’ vision to place a computer in every home and desk became a reality because he was driven to make a difference in the world. 
  • Finding purpose in building a business - There needs to be a deeper reason for why you’re building a business, don’t just develop it for the sake of profit or growth. At Remotify, our purpose is to enable freer lives by providing our clients with top talent and helping the Filipino workforce find fulfilling careers.
  • Personal growth and accomplishment - It’s important to keep an open mind and hunger for knowledge. As you continue growing, you can apply your learnings and experience to improve your business.
  • Helping others achieve their goals - When you become more established, it’s important to uplift and empower others with the resources you have. You can partner with local start-ups and small businesses and support each other in your business journeys. You can give back to the community and be a force of good stewardship.
  • Freedom - Building a successful business gives you financial freedom while allowing you to improve your quality of life and that of your employees. Having your own business means freedom over your time, where you choose to work and how you want to live.

Reflecting on your motivations will give you an understanding of how you want to grow as an entrepreneur and how to further develop your business. You can create a concrete plan of action for your business based on your goals and vision of the future.

5 tips to succeed as an entrepreneur

We’ve shortlisted five strategies that can help you succeed in your business while allowing you to create a better quality of life. 

1. Develop a clear business strategy

Before you start innovating products or elevating your marketing strategies, you need to make sure that your business fundamentals are solid. This will ensure that your business can withstand challenges and obstacles as you continue on your journey.

To build strong foundations for your business, you need to develop the following:

  • Vision and mission - Your vision statement is about identifying, and then achieving, how your business can reach its full potential. Your mission statement focuses on the purpose of your business, and how it positively impacts your community at large.
  • Values - You need to develop a set of beliefs, norms and principles to follow and embody within your organisation. This ensures that you create a strong company culture and attract employees with the same values.
  • Operating principles - Putting your values into practice allows you to define your standards and design your operations. Your operating principles will properly guide you and your team in your business processes and decision-making.
  • People strategy - Your staff is the most important asset of your business, so it’s crucial to develop talent acquisition and retention strategies to ensure that you hire high-performing staff.
  • Go-To-Market strategy - A Go-To-Market (GTM) strategy ensures you have an action plan for launching products or entering new markets. This helps you hit the ground running so that operations continue running smoothly.
  • Business systems - Systems can help you scale your business and promote consistency across all departments. It also helps you identify problems as they arise and find solutions as needed.

Forcing business growth too quickly will make it challenging for you to adapt and address the corresponding challenges that come with each stage of business development. By concentrating on the fundamental pillars of your business, you can maintain a scalable and sustainable pace of growth

2. Build the right team

Having the right team members is crucial in developing your business. As an entrepreneur, you need to focus on elevating the core competencies in your business. Hiring trusted and credible employees can allow you to designate important responsibilities to them as you focus on other high-priority tasks.

With the current global talent shortage at large, it can be challenging to find quality employees. By implementing a remote work model, you can overcome this hurdle by using a “borderless” hiring process, allowing you to get qualified employees from around the world. Having a remote workforce can actually promote inclusivity and diversity within your business. It also encourages you and your employees to adopt a global mindset, especially when you have staff members based all over the world.

3. Continue learning

Finding new opportunities to learn and grow is crucial for your development as an entrepreneur. Joining communities with like-minded entrepreneurs and participating in workshops and seminars can help you upskill and sharpen your business acumen.

Having a trustworthy and experienced mentor is also important for an entrepreneur as they continue on their business journey. A mentor can give you advice on what to improve in your business and how to level up your leadership skills. Your mentor serves as your confidant in discussing current challenges or issues, especially since an entrepreneur’s journey can sometimes be solitary.  

4. Inspire discretionary effort

Encouraging creativity and innovation in the workplace ensures that your business continues to grow, preventing stagnation and monotony. It’s important to improve discretionary effort, which refers to an employee’s willingness to go above and beyond the call of duty. 

You can increase discretionary efforts by showing your employees how valued and important they are in your business. You need to give your employees the opportunity to develop new solutions and improve business processes.

5. Implement a cost-effective work model

Starting a business can be challenging, so it’s important to implement strategies that can improve cost efficiencies. A good starting point is choosing the right work model for your business. 

Remote work is becoming known as the preferred workplace today because of the benefits it brings to both business owners and employees. A traditional office lease can be expensive and wasteful, especially if your business is just starting out. Implementing remote work can reduce operational costs and carbon footprint while increasing employee productivity and performance.

Remote work also gives you the opportunity to build a business in countries full of opportunities. For example, the business process outsourcing (BPO) industry in the Philippines is growing exponentially every year, with 1.5 million Filipinos employed as remote workers in 2021. On employers’ end, hiring top Filipino workers is a great solution for addressing talent shortages. For employees, entering the BPO sector is a great time to provide services to international organizations such as facilitating travel and insurance coverage, marketing creatives, customer support for technology, and telehealth services.

Understanding your vision for the future and your motivation for building your business can help you become a more effective entrepreneur. This also gives you clarity on which strategies you need to implement to drive your success.

Grow your business fearlessly. 

Remotify is an Employer of Record solution that enables freedom, security and flexibility for businesses and employees because we want to make remote outsourcing simply excellent, cost-effective and sustainable for all. Created by people who value people, Remotify is a certified Great Place to Work® organization.

What do you value most as an entrepreneur? Contact us and we will help you achieve your goals.

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