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Humble Beginnings – 5 Strategies for Aspiring Entrepreneurs

Humble Beginnings – 5 Strategies for Aspiring Entrepreneurs

If you believe it’s time to try and make it on your own, you should know that it’s not something you should delay. The primary ingredient necessary for success is hunger – if you have that covered, other qualities like persistence and discipline will develop themselves in time.

However, with so many startups arriving from every part of the world, you need to be very thorough about your research. Based on the facts you gather and discover, you can later develop smart strategies that you’ll find crucial for success.

Skipping steps will make things a lot more difficult for you and you’ll increase your chances for early bankruptcy. That being said, you need to be very efficient with your homework and learn about various ways to grow your business and enable it to flourish.

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Learn Everything about Your Competition

First thing’s first – you need to get to know your enemy. A lot of inexperienced entrepreneurs make the same mistakes of attacking a saturated market because they believe that constant demand will keep them in business.

Medium-sized companies attracted their (and your) target audience, so if you want to gain their loyalty, you need to fight for it – we won’t even mention the leading titans in the field.

On the other hand, going for a business field for which there’s a high demand but not enough providers is definitely a smart move – in order to gather your audience and make loyal customers out of them, you only need to be there for them.

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Be Frugal Whenever You Can

Many startups with a great team and a profitable idea fail because of one thing – the lack of properly developed money management skills. Not only during the first couple of months, but throughout the first year, it should be all about saving money and directing your funds cleverly.

If this isn’t your area of expertise, you should either take up a course and educate yourself so that you can handle money with confidence or hire someone to do this for you. Having someone to guide you is a smart investment that will pay off quite soon.

Establish Fluent Team Communication

Your first circle of employees should be aware of the amount of hard work that’s waiting for them in the future – building a company doesn’t happen overnight, and there should be a fair amount of team effort in terms of its foundation.

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The first thing you need to establish within your team is trust – the way you treat them will be the way they treat each other, so make sure to be a proper example and propagate moral and ethical values from the very beginning.

The second thing to work on is communication. Considering the fact that long work hours shouldn’t be a problem, you need to make availability constant, without exceptions. However, each piece of equipment needs to be absolutely necessary, so you should start by browsing for cheap SIM deals and do the same with every item you find essential.

Gather Precise Feedback

Developing a business is a game and it resembles chess a lot. Each move you make needs to be done according to an already developed strategy and you need to have not only plan B, but also C, D, E and F, just in case an unforeseen factor disturbs you.

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The business moves you make should be carefully calculated and all of them need to be based on the feedback you receive. Your only goal should be to make your target audience satisfied with your list of products or services, and in order to do so, you need to listen to their requirements.

Go with the Flow

As a young businessman, you’ll have a lot to learn and you need to face the fact that not everything will go according to your plans. You mustn’t be afraid of the changes, but what you must do is make a calculated selection here. Not all trends are here to stay and you should follow only those that can emphasize the idea behind your business and help you develop and grow.

Being a business leader is a challenging position and it will be required from you to not only develop your already existing skill set, but also to adopt new ones and enable the same professional growth to each member of your team, while you direct your efforts to projects vital for your business. Obviously, there’s much to learn and a lot to do, but once you reach a certain sense of stability, I assure you, you’ll find it to be more than worth your efforts.

More by this author

Tanvir Zafar

The founder of ISU Technologies, passionate in writing about entrepreneurship, work and technology.

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Last Updated on March 12, 2019

20 Inspiring Vision Statement Examples (2019 Updated)

20 Inspiring Vision Statement Examples (2019 Updated)

There is normally a lengthy list of things you need to consider when starting a business, and if you don’t manage them properly, your excitement can quickly turn into overwhelm. What can support you to stay inspired and on the right track when starting out? You guessed it: this is your vision statement.

What Is a Vision Statement?

A vision statement is like a photograph of your future business, which gives your business shape and direction.

A vision statement provides the direction and describes what the founder wants the organization to achieve in the future; it’s more about the “what” of a business. It is different from a mission statement, which describes the purpose of an organization and more about the “how” of a business.

If you were to take a photo of your future business now, what would it look like? What do you want your business to be recognized for one day?

You need to have a crystal clear vision when you start out, otherwise you can get easily lost in deciding the best way forward. When you are making strategic decisions for your business and even daily operation decisions, your vision statement will give you the inspiration and targeted direction you need.

The Importance of a Vision Statement

Without a vision statement, your business will lack motivation to keep going.

If you don’t aim for anything, you might not hit anything. The more specific and clear you are, the better your chances are at seeing your vision turn into reality.

The importance of a vision statement cannot be overlooked; not only does it provide long term direction and guidance, but it also gives you the inspiration and the necessary energy to keep going when you feel lost.

Always keep your vision statement alive by revisiting it regularly and communicating your vision with other members of the team, to inspire and motivate them as well.

How to Craft an Inspiring Vision Statement

1. Dream big and use clear language

An inspiring vision statement should inform a clear direction and priorities for the organization, while challenging all the team members to grow together. Based on our expert sources’ advice, we’ve got some great tips for you:

  • Imagine how you want the business to be like in five to ten years.
  • Infuse the business’ values in the statement.
  • Make sure that the statement is implying a clear focus for the business.
  • Write your vision statement in the present tense.
  • Use clear and concise language.
  • Ensure the statement is easily understood.

There are many different types of vision statements and there is no wrong or right way to do it. The most important thing is to resonate with it. It will always inspire you and give you a clear targeted direction.

2. Get inspirations from the successful companies.

Having researched on a number of successful companies’ vision statements, I’ve shortlisted 20 good examples for the new startups:

Short vision statements made up of a few words only:

1. Disney

To make people happy.

2. Oxfam

A just world without poverty.

3. Ikea

To create a better every day life for the many people.

Quantitative statements are based on numbers, quantities:

4. Microsoft

Empower every person and every organization on the planet to achieve more.

    5. Nike

    Bring inspiration and innovation to every athlete* in the world. (*If you have a body, you are an athlete.)

      Qualitative statements are based on qualities that you want to have:

      6. Ford

      People working together as a lean, global enterprise to make people’s lives better through automotive and mobility leadership.

      7. Avon

      To be the company that best understands and satisfies the product, service and self-fulfillment needs of women—globally.

      Competitor based statements – this type is becoming less common, but famous examples are:

      8. Honda – in 1970

      We will destroy Yamaha.

      9. Nike – in 1960s

      Crush Adidas.

        10. Philip Morris – in 1950s

        Knock off RJR as the number one tobacco  company in the world.

        Role Model Vision Statements – using another company as an example:

        11. Stanford University – in the past

        To become the Harvard of the West.

        12. Reach for Success – in the past

        To become the next Tony Robbins in self development.

        Internal Transformations vision statements:

        13. Apple

        To produce high-quality, low cost, easy to use products that incorporate high technology for the individual.

        14. Giro Sport Design

        To make sure that riding is the best part of a great life.

        15. Tesla

        To accelerate the world’s transition to sustainable energy.

        16. Sony

        To be a company that inspires and fulfills your curiosity.

        17. Facebook

        To give people the power to share and make the world more open and connected.

          Longer and more detailed vision statement:

          18. Walmart

          To give customers a wide assortment of their favorite products, Every Day Low Prices, guaranteed satisfaction, friendly service, convenient hours (24 hours, 7 days a week) and a great online shopping experience.

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          19. Coca Cola

          To achieve sustainable growth, we have established a vision with clear goals:

          Profit: Maximizing return to share owners while being mindful of our overall responsibilities.

          People: Being a great place to work where people are inspired to be the best they can be.

          Portfolio: Bringing to the world a portfolio of beverage brands that anticipate and satisfy peoples; desires and needs.

          Partners: Nurturing a winning network of partners and building mutual loyalty.

          Planet: Being a responsible global citizen that makes a difference.

            20. Heinz

            Our VISION, quite simply, is to be: “The World’s Premier Food Company, Offering Nutritious, Superior Tasting Foods To People Everywhere.” Being the premier food company does not mean being the biggest but it does mean being the best in terms of consumer value, customer service, employee talent, and consistent and predictable growth.

            The Bottom Line

            Remember, always keep your vision statement up-to-date to direct your company’s actions.

            Remember, once you reach your vision, it needs to be changed. General Motors overtook Ford as #1 automotive company in the world because once Ford’s goal was reached, they never updated it.

            Keep your vision statement alive and visibly in front of you, revisit it and let it help direct your actions and activities. This is the fun part: this is where you get to dream really big and allow your imagination to fly as high as you want.

            Don’t hold back, let your creative juices flow and give yourself permission to explore what is possible for your business.

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            To your success!

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