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A successful business in 7 steps

Entrepreneurs | 04 March 2020 | Written by Levie Van Laeken

Approximately 1 out of 3 Belgian entrepreneurs goes under in the first 5 years. Why is that?
Lack of a long-term vision, insufficient financial knowledge and taking into account or not responding effectively to market trends are often the underlying causes.

A successful business in 7 steps

Fortunately, this doesn't prevent more and more entrepreneurs from launching the business of their dreams. And that's a good thing! What is their goal? To be successful and to run a thriving business. All of which is absolutely within reach if you simply apply the following 7 steps:

1. Your business idea

A successful business stands or falls with a strong idea. A crucial part of this is determining where you want to go with your business and how you intend to optimally respond to market trends. So, be unique and innovative. Always approach your idea with a critical eye and be sure to evolve along with the ever-changing environment and technological innovations. Only in this way can you stay innovative and will you be able to respond with increasing agility to changes in the market and in your competition.

2. Your personal motivation

As an entrepreneur, your business is everything. You want to make it the best it can be and to excel in what you do. And that's a good thing, too, because it pays. An entrepreneur’s motivation often leads to better results. The more motivated you are, the more you enjoy doing business. All that positive energy is reflected in your company. Without the necessary motivation, it would be difficult to serve your customers with a smile each day, to keep up with your administration and finally, to turn your business into a success story.

3. Relationship with the customer and others

To be successful as an entrepreneur, good relationships are very important. With your partners and your suppliers, but especially with your customers. By knowing your customers well and understanding their concerns, you can better respond to the needs. The result? Your customers and suppliers will have a positive attitude towards you and your business and they will therefore want to keep coming back. It's an easy way to hold onto your customers, isn't it?

In addition, that strong relationship with your customers will lead them to inspire others. In this way, they can help you attract new customers.

4. The market

To be able to respond effectively to specific needs or wishes, it takes a good understanding of where you are. Know your market, know your customers and try to meet all needs optimally. No doubt, you will have analysed the market when you launched your business. Repeat this exercise regularly and it will allow you to promptly detect whether or not there have been any changes.

5. Organisation

Work in a structured and well organised way. Organisation is an important part of entrepreneurship. Organisation does not just mean managing your schedule, but it certainly also means the division of labour within your company. Who does what and when? These are important questions to ask yourself from time to time. This way, there is no room for doubt and everything goes more smoothly than when it is left up in the air. Do you work alone? Engage the help of others once in a while. Experts, partners, other entrepreneurs… After all, you can't always do everything yourself.

6. The knowledge you possess as an entrepreneur

Knowledge is power. And that is certainly true when it comes to entrepreneurship. It is important for your company to keep abreast of the latest innovations. What is going on in your environment, the market, what trends are becoming increasingly significant? These are all questions you should consider on a daily basis, if you do not want to miss out on potential opportunities.

In addition, it is also important to get regular training. Know your weak points and try to work on them. Or get training in an area that can help you in your development. It's impossible to excel in everything. So, every now and then, attend a training session or polish your skills through e-learning. You can read about it in our blog about the importance of learning and evolving!

7. Your product and/or service 

It goes without saying that your product and/or service is an important element in the success of your business. So, try to stand out from the crowd. After all, you don't want to simply offer the same thing as all your competitors, do you? You want to be better than the rest, right? So, believe in yourself and what you do. Go for that extra little bit more and regularly think about how you can let yourself and your business evolve. In this way, you will strengthen your competitive edge and automatically achieve a better market position.

Seven clear points that you need to keep in mind as an entrepreneur. But of course, you cannot be expected to do it all yourself. That is also a point raised by Belgian entrepreneurs in our study of independent contractors in Belgium. Because it's a lot to ask. Along with your core activity, you also have to deal with all sorts of practical matters. It's only logical, then, that as an independent contractor, you get some help in handling all these tasks and obligations. Because, you must admit, what you care about most is doing the thing you love, which is entrepreneurship, right?

Do you have any questions? Then feel free to contact our experts. They are happy to help.

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