Modern entrepreneurship and business, today, in 2019 requires a much different approach than what most businesses have done in the past.
Over 8,000 retail stores alone will be shutting their doors by end of 2019.
That is a massive number of retailers going out of business. In case you didn’t bother to click on the hyperlink below and checkout the Business Insider article, let me paint a good visual for you.
Major stores like PayLess ShoeSource (2,500 stores), Gymboree (805 stores), Gap (230 stores), Walgreens (200 stores) will either be completely going out of business by end of 2019 or closing a vast majority of its stores. The retail apocalypse continues to unfold and by the looks of things it does not appear that there is any signs of it slowing down.
You might be asking yourself how the retail industry has anything to do with your business and being and entrepreneur. Well, it has EVERYTHING to do with you!
The reason why so many of these major brands are going out of business is because THEY’VE BEEN DOING THE SAME SHIT FOR THE LAST 50 YEARS!
Yes, I said it and if you don’t want to be next, you’ll need to drastically change your approach.
3 things you must know about modern entrepreneurship & business
- You want to succeed as an entrepreneur?
- You want your business to grow?
- You want more revenue and customers?
Of course! Every entrepreneur who owns a business wants all of this and more.
Read closely in the next few paragraphs.
1. People must trust you!
If people can’t trust you, they’re not going to want to do business with you. Regardless of whether you are selling a product or service or any industry.
People > Trust.
Trust is a very important factor of modern entrepreneurship and business. It’s a cornerstone for building long-term relationships with prospective customers and even existing customers. This is where a lot of businesses are going to fail because they’re looking for shortcuts, making a quick buck, or simply not caring about trust.
When it comes to building trust with your customers thoughts there’s a few simple things that you should keep in mind. These things will increase your chances of forging strong and trustworthy relationships with your customers.
- Generosity – kindness always wins, either way you cut it, slice it, or dice it. This is something a lot of modern entrepreneurs and business owners are not putting forth enough attention to. It’s because they’re so focused on just making money and staying alive when in fact the simplest things matter more than anything else. Be kind, be generous, be giving!
- Be forgiving – so, someone hurt you or your business? Are you going to let grudges hold you back from growing? This is exactly what most entrepreneurs and business folks are doing these days. Forgive! You are the bigger person. Move on. You’ve got other things to focus on.
- Deliver the unexpected – one other great way to build trust with people is to deliver the unexpected. Surprise your customers with something they might enjoy. Make it spontaneous. That’ll certainly boast the trust factor.
- Focus on mutually beneficial relationships – building trust with prospective customers entails in surrounding yourself with other like-minded people. others who have similar goes as you, ones who are optimistic, and positive driven.
- Honesty – there’s nothing like it. Many entrepreneurs and business owners are afraid to be honest though because it can cost them money and a loss of a business relationship. Although, modern customers, whether in B2B or even B2C space are seeking honesty from brands.
- Flexibility – in order to build trust with potential customers, you’ll have to be flexible. For instance, I answer every phone call, text message, tweet, comment in real-time. If not then I strive for my best. You see, your customers want flexibility in someone they can trust. That means you are capable of working with their situation, whatever it may be and therefore they’ll trust you.
- Patience – “Patience IS a Virtue” as they say. If you want people to trust you, be patient. Trust takes time. Trust is earned, not given.
- Respect people’s time – your time costs money. Other people’s time costs money. The sooner you realize that, the quicker people will begin to trust you and want to do business with you. It’s that simple!
2. You must be likable.
People must LIKE you before they choose to do business with you. It’s basic human to human interaction. You wouldn’t want to be surrounded by people who dislike you. It’s the same in entrepreneurship and business.
How does one create more likability with others though? Here are a few tips you should consider.
- Be open minded – optimism is a key differentiating factor in shitty entrepreneurs vs great entrepreneurs. When attempting to build trust with others, being open minded goes a long way with other people.
- Share thoughts with others – when you do so, you’re relating to other people. People relate to others and will ultimately trust you because you had thoughts to share.
- Give more than you ask for – as part of building likability with others always consider giving more to others than what you ask for. It’s also a part of gratitude and showing people that you’re not greedy. This is important as it shows true signs of your character.
3. Give, offer, share value.
Value, value, value! I can’t stress this enough when I saw that one of the most important things you can offer to others is value.
- Value that solves people’s problems.
- Value that creates custom solutions.
- Value that helps your customers grow their businesses.
Look, value is not always in the form of money. In fact, it’s the quite opposite and if you provide others with an enticing value proposition they will ultimately want to do business with you. Mainly because you are helping them solve a problem and filling in a need.
Value in modern entrepreneurship and business really comes in two forms.
Focus on giving people added value propositions in the forms of entertainment or education and they will gravitate to you. No need to chase them as long as you are offering value that will help them resolve their problems.
Building trust, being likable, and offering value are the three main things every modern entrepreneur and business owner should be a master of in order to succeed. These are not in a specific order of importance but you should dominate each like your life depends on it in order to reach new heights in your entrepreneurial journey and business.