This page has been set up as a blog with new material being added each Monday. You will see tips and suggestions on entrepreneurship, the four pillars of business and how to bullet proof your business. If you like what you read, feel free to bookmark this page so that you can return to it on a regular basis. And for now, you can scroll down to learn about:
Some time ago, I wrote an article on the four key qualities of an entrepreneur. The qualities are: (1) taking an opportunity focus; (2) integrity and high standards; (3) persistence; and (4) business nouse.
It seems to me that it does not matter about economic cycles, business industries or the element of serendipity, it is these four qualities that make it through the test of time.
The best news of all is that all four qualities are learnable. While the first three may seem to be attributes of the person, those attributes can be developed. The final quality represents a skill that can easily be picked up through our training on the Four Pillars of Business. [See our Entrepreneurial and Eventbrite pages for more information about this training]. The reflection time you spend on your business and the results your business currently generates will also contribute to your developing sense of entrepreneurship.
In this way, it does not matter how entrepreneurial you are when you commence your business. By developing these four qualities within you, you will become increasingly more entrepreneurial over time. You can then apply your developing sense of entrepreneurship to your business initiatives and enjoy watching it grow.
They often say you need to spend time on the business as well as in the business. Why not routinize the time spent on the business. In so doing, you can develop your entrepreneurial skills and abilities, and ultimately, the effectiveness in which your business operates. Here are some helpful entrepreneurial habits you can use when you are thinking strategically about your business:
Here are some helpful, entrepreneurial habits you could employ weekly:
Here are some helpful, entrepreneurial habits you could employ each business day:
You may have other ideas about how to spend your time on your business. At the end of the day, the kinds of helpful entrepreneurial habits you choose to employ is limited only by the extent of your imagination. To the extent that you adopt helpful entrepreneurial habits that align with your business strategic goals, you will find it easier to reach those same goals. And remember, the ultimate fruits of your labour begin with the groundwork you take today. So, what helpful entrepreneurial habits might you adopt from this day forth?
I developed the concept of the four pillars of business for use in my training. But what are the four pillars? Why are they important?
The four pillars consist of Strategy and entrepreneurship; Finance; Marketing; and Resourcing.
In the 20-odd years I have been providing small business training, I have found that business owners are drawn to the marketing side of business. It is natural to attend to the marketing side of business after getting your product or service off-the-ground. However, by focusing primarily on the marketing side of business, other areas of business management will not be as well-developed. And, if so, those areas of business may ultimately hold your business back or hold it down.
Just as all four legs of a table need to be equally stable and secure in order to safely place objects on the table surface, so too do all four pillars need to be stable and secure in order to build a sustainably strong business. If one leg is weaker than the remaining three, that leg will weaken the stability of the overall table. Similarly, if one pillar is weaker than the remaining three, that pillar will weaken the overall stability of the business. It will also place limits on the extent to which your business can sustainably grow over time.
They often say you need to spend time on the business as well as in the business. Using my four pillars approach, that means spending equal time on strategy and entrepreneurship, finance, resourcing as well as marketing. And each time you would like to grow your business, it is time to learn more about all four pillars of business. A good place to start is with the Bullet Proof Your Business workshops.
There is nothing worse than seeing your staff idle, perhaps reading a novel on company time. You employed them to apply their skills and abilities to your company bottom line. And, while business was busy, they were doing just that. However, when things got quiet, out came the novels.
Staffing peaks and troughs can occur in any business. As a business owner, you will always find something constructive to do for the business, even in the quiet times. But, what can you do with staff under those conditions? Here are three strategies to help make better use of staff skills and abilities:
Strategy 1: Consider whether any other members of staff are currently overloaded. If so, ask underutilised staff to help them out.
Strategy 2: Consider whether any of your own duties could be delegated to underutilised staff (temporarily or permanently).
Strategy 3: Consider whether there any special projects you could give underutilised staff. Special projects may be strategic, product development oriented, marketing or administrative in nature. You may have other special projects in mind for your staff. In considering which projects to delegate to staff, you may like to consider their respective career aspirations. By aligning special projects with their career aspirations, you will find your staff demonstrate a deeper commitment to the projects they take on.
At the end of the day, there are ways of fully utilising the talents of your staff. And, you can do so in a way that contributes to the business bottom line while enabling staff to develop their own professional skills and abilites.
A business mentor can guide you to reach the next steps in your business development. With services like zoom.us and skype, you can be mentored by experts across the globe while remaining in the comfort of your own home. So why not seek out a suitable mentor; one who shares your ideals and values, to take you to the next steps in your business development.
Our newsletter, Owl Quarters, provides articles, quick tips, food for thought to help you reach your full potential: Entrepreneurially. If you would like your own complimentary subscription to this newsletter, feel free to email your request to Dr. Rachel Abramson . You can also follow Dr. Abramson on Facebook or Twitter.
Suite 307, 566 St Kilda Road, Melbourne
P O Box 300, Caulfield South Vic 3162
0418 149 506
ABN: 74 923 166 311