The world of an
entrepreneur is not for the faint-hearted, as there are high and low moments in the journey. Inasmuch as there is a high possibility of gaining financial freedom and acquiring wealth, there is also an equal possibility of failing. As a budding, rising or successful entrepreneur, there are certain questions that you should constantly ask yourself as a way of accessing your performance and growth level.
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These questions are:
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How Flexible Is My Business?
Before establishing any business or while managing any
business, you must measure how well the business can adapt to changing ages/ times. Look for and establish a business that would stand the test of time. Figure out the lifetime worth of your business, customers, or service.
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Is My Business Innovative?
Innovation and creativity are the bedrock for business success. Nobody wants to patronize or put money in something perceived as ordinary. People need something new, and if it already exists, it should be creatively packed. No matter what stage you are in business, whether at the beginning or at the level of success, always try to evaluate your business based on how innovative and creative its products or services are. If you relax in the area of innovation and creativity, your competitors would swoop in for the kill.
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Are My Goals Well Defined?
Every entrepreneur must seek to answer how clear and specific their goals towards the organization are. Your goals should be Specific, Measurable, Achievable, Reliable, and Timely (SMART). Having created these goals, you have to draft clear, concise, and executable strategies.
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What’s The Performance Rate Of My Employees?
If your employees begin to lose interest in work and underperform, chances are that your business will take the hit. This is why having a talent management strategy is crucial for any business. Through this strategy, you will be able to hire effective talents, motivate them, provide career growth opportunities for them, provide a healthy work environment and have them aligned towards organizational cultures and goals.
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Do I Have Eyes On My Competitors?
Every business has a competitor, and losing sight of where your competitors are and what they are up to is the worst mistake any entrepreneur can make. You should not only be concerned about what you are doing but should as well be up to date on what your competitors might be up to. Every entrepreneur has to be up to date on news pertaining to their industry. Knowing what your competitors are up to helps you stay ahead and do better.
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How Do I Create More Value For My Customers?
Your ability to create value for your customers is what would keep you in business. Inasmuch as your product or service might remain the same, you have to constantly find new ways to sell it to your customers to retain them, regardless of competition.
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What Marketing Strategy Am I Missing Out On?
To remain at the top of your game, you should never stop thinking of how to make more sales. No matter the heights attained, you need to keep breaking the records of yesterday.
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How Do I Lower Production Costs?
To ensure cost efficiency for production and to provide goods or services at a cheaper rate to your customers, you should always find ways to lower the overall cost of production while still creating value.
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Am I Becoming A Better Leader?
This is the point of self-evaluation and reflection. Having looked at your methods, strategies, employee performance, and competitors, you also have to look at your leadership performance. To earnestly answer this, you can carry out an evaluation or survey employee/stakeholders’ opinions on the subject matter and make necessary corrections if need be.
Featured Image Source: Entrepreneur
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This article was first published on 6th November 2021 and updated on November 9th, 2021 at 12:40 pm
chidiogo-akaelu
Chidiogo Shalom Akaelu holds a degree in English and Literary Studies, from the University of Nigeria. She is a freelance writer, editor and founder of Loana Press, a budding online publishing outlet.
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