10 Entrepreneurial Strategies for Success



Taking on the challenge of starting a company in Thailand can be exciting and rewarding, but this endeavor also has many hidden risks. The decision to venture into this profitable industry is only the first challenge. Entrepreneurs need to seek professional help from an experienced startup specialist to ensure that their business is flourishing. They will also need to work hard, establish a network, and learn new things often. However, many people start a business thinking that they’ll turn on their computers or open their doors and start making money, only to find that making money in the business industry is more complicated than they thought.

More than half of startup businesses fail after four to five years. And of those that survive, only a few of them become successful. One of the aspects that distinguishes these entrepreneurs from the competition is their approach to strategy. To succeed in business today, entrepreneurs need to be flexible and have good planning and organizational skills. That means they need to embrace rather than reject corporate strategies, and they will often trade off or tone down reckless entrepreneurial behavior for a more civilized approach. Entrepreneurs should take their time and plan out all the necessary steps they need to achieve success. Whatever type of business they want to start, they can use some pieces of advice or tips that can help them be successful in their venture.

  1. Make Strategic Planning a Top Priority

One of the common mistakes made by startup entrepreneurs is the lack of planning when conducting the company. Oftentimes, they make strategic decisions in the heat of the moment without proper planning – this can be a recipe for disaster, especially when a business is growing fast. This is where the expertise of a business startup advisor comes in. With their help, entrepreneurs can have a formal strategic plan, having a document where they can review and detail their company’s current position, state their goals, identify potential obstacles and establish an action plan to follow. 

2. Study Your Competition

Whether entrepreneurs would like to venture into the wholesale or retail industry in Thailand, there are probably many other business people who are targeting the same customers they want to attract. That means if entrepreneurs want their business to thrive, they need to know who their competitors are and try to understand their product or service. Moreover, if entrepreneurs can identify any of their competitors’ weaknesses, they can use them to their advantage.

3. Work to Broaden Your Client Base

One of the most common risks many startup businesses face is being dependent on one or two major clients. Entrepreneurs should be aware that their business can fail after losing their biggest client. Thus, it is crucial to constantly make new contacts while maintaining existing ones to help grow and form partnerships. Moreover, participating in exclusive events such as startups meetings, entrepreneur fairs, and other business meetings is one way to open new opportunities and broaden their client base.

4. Listen to Customer Feedback

In business, change is inevitable. Thus, Every entrepreneur should know the acronym ABA, which stands for “always be adapting.” An entrepreneur must be prepared to accept change and adapt business operations accordingly. They must be flexible. And there’s hardly a better way entrepreneurs can evolve their business than to listen to their customers’ feedback. That way, not only will they be able to change what they’re not doing right, but they might also pick up some brilliant ideas on which direction their company’s supposed to go. Moreover, if a shift in their product or service is warranted, entrepreneurs should not be left behind. Keep in mind that a lack of adaptability can result in a loss in customers, profits, and even business failure.

5. Utilize Social Media

In this generation, social media has become one of the most popular means of staying up-to-date with any type of news. No matter what industry entrepreneurs would like to venture into, there are people they need to follow to make sure they get all the latest industry-related news that could affect their business. Most of these people can be found on Twitter, LinkedIn, and Facebook. If entrepreneurs are managing a B2B business, using platforms like LinkedIn is an absolute must.

6. Monitor Profit Margins

Also called the return on sales ratio, it shows the after-tax profit (net income) generated by each sale by measuring the percentage of sales revenue retained by your company after operating expenses, creditor interest expenses and income taxes have been paid. Typically, a company with a higher profit margin than its competitor is usually more efficient, flexible, and able to take on new opportunities. Thus, it is important for entrepreneurs to closely watch their profit margin for each of the products and should not hesitate to remove them that do not generate income from their business. Entrepreneurs don’t need to carry products with no or low-profit margins when there’s no return for them.

7. Develop a Cash-Flow Planner

Many entrepreneurs outsource financial management to their accountants. However, this strategy can cause them to lose track of their cash flow. Entrepreneurs who take the time to focus on their business’s financial health can help them identify problems and turn things around. They can take an hour of their time and record their month-opening bank account balance and all anticipated cash inflows and outflows. With this, entrepreneurs can track their cash as it comes in and goes out each day. Now that they have a tool that allows them to keep close tabs on how their business is doing, they can respond to them quickly when required. Moreover, they should also master the numbers and use their knowledge to reach their financial goals.

8. Set Your Goals

Being an entrepreneur means that they have to keep coming up with new goals their business is supposed to meet. It’s not just about long-term goals but short-term goals as well. If entrepreneurs are unsure where to start, figuring out how many new customers they want to attract in their first couple of months is something they can never go wrong with.

9. Have a Content Strategy

The majority of marketing now takes place online and if entrepreneurs want to attract a lot of web users to their business, they will need to provide them with quality content their target audience will come back for. The good news is, producing content for their content strategy is not that difficult. All they need to do is use their expertise to come up with blog posts or video ideas. Entrepreneurs should always consider their website as part of their sales team and should be held accountable to meet targets.

10. Target the Right Market

When starting a business in Thailand, aspiring entrepreneurs would tend to dream about conquering it all. Still, this is practically impossible when they are just launching a small business. However, it doesn’t mean that they should not dream big, it means that entrepreneurs should tackle small markets first and move on to bigger markets as their company grows. If foreign entrepreneurs plan to run a company in another country, like setting up a business in Thailand, they should first seek professional help from startup consultancy experts. They know the ins and outs of the local market, which entrepreneurs can take advantage of.

Conclusion

People are drawn to entrepreneurship because they want to nurture their interests. However, passion is not enough to ensure a successful business start. If they want to succeed in the business industry, they need to have what it takes to achieve their goals, and following these tips above can help them jump-start their career.

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Andy Aditya

As Business Startup Specialist, Andy is often hired as a Virtual Director/Consultant to assist Business Owners in Thailand. For total business information and consulting for doing business in Thailand - Pls check - startupinthailand.com

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