The Tribune

Successful entrepreneurship is both an art, and a science, that many seeking to own enterprises fail to grasp. It must never be entered into inadvisably. Hundreds fail each year in our local context because, perhaps, they have not counted the costs to be paid for business success. Here are some of the basic tools required for success in sole proprietorship:

1.To be successful in business, you need to be organised. Organisation will help you complete tasks and stay on top of things to be done. A good way to accomplish this is to create a “to-do” list each day. Use technology to keep you current in completing the tasks that are essential to the survival of your business.

2.All successful businesses keep detailed records. By keeping detailed records, you will know where the business stands financially and what potential challenges you could be facing. Just knowing this gives you time to create strategies to overcome those challenges. The records and files are not limited to financial or human resource documents, but must encompass every move and decision you make in the execution of your business.

3.Competition generates the best results, so the successful entrepreneur must know the competition. To be successful, you cannot be afraid to study and learn from your competitors. After all, they may be doing something right that you can implement in your business to make more money. Along with the benchmarking, determining your competitive advantage is crucial to your future growth.

4.The key to being successful is taking calculated risks to help your business grow. A good question to ask is: “What’s the downside?” If you can answer this question, then you know what the worst-case scenario is. This knowledge will allow you to take the types of calculated risks that can generate tremendous rewards.

5.Creativity and innovation are crucial to the success of your new business. Always be looking for ways to improve your business and make it stand out from the competition. Recognise that you do not know everything, and be open to new ideas and new approaches to your business.

6.Stay the course and remain focused; Rome was truly not built in a day. Just because you open a business does not mean you are going to immediately start making money. It takes time to let people know who you are, so stay focused on achieving your short-term goals.

7.The lead-up to starting a business is hard work, but after you open your doors your work has just begun. Making personal and professional sacrifices becomes the order of the day. In many cases, you have to put in more time than you would if you were working for someone else, which may mean spending less time with family and friends to be successful.

8.There are many successful businesses which forget that providing great customer service is important. If you provide better service for your customers, they will be more inclined to come to you the next time they need something, instead of going to your competition.

9.Consistency is a key component to making money in business. You have to consistently keep doing what is necessary to be successful day in and day out. This will create long-term positive habits that will help you make money in the long run.

• NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at iferguson@bahamas.com.