4 business-growth options for the entrepreneurial mindset in 2020By Angelica Malin
A new year means new beginnings, new adventures, new hopes. This is especially relevant if you are in an entrepreneurial spirit this year. Perhaps you have an idea for a new business; alternatively, you might already have years of corporate experience behind you and want to push ahead.
Either way, adopting an entrepreneurial mindset means, at least mentally, starting afresh for 2020. In an article for Fast Company, Michael Burcham argues that it’s only by constantly reinventing yourself and your business that you can preserve its edge in a competitive market.
Starting on a sound financial footing
“Start as you mean to go on,” so the saying goes – and what better way of steadying your firm for a financially resilient future than streamlining your outgoings? Before you get to work on that, though, make sure you don’t simply use the same account for both your personal and corporate finances.
Business 2 Community warns that a shared account, though potentially useful early on, can unhelpfully tangle up your finances over time. Then, you can consider the decision highlighted by Small Business Trends: whether to bootstrap your business or fund it through venture capital.
Seeing how your life experience can inform your goals
What is your purpose in life? Could you turn that into a clear vision for your company? These might seem like big questions, but Burcham says that particularly successful entrepreneurs set aside time to assess how their lives have panned out so far.
He adds: “They take the time to construct mental images that guide them on their journey. While most people are winging it, they put their life mission and business vision and goals on paper.” By better understanding yourself, you can better understand others – a valuable business skill.
Being strategic about where you devote your energy
Time is a limited resource; at least with money, you can just make it back if you misuse it. You don’t have the same option with time – hence why, once you have a clear idea of your business goals, you should set to work with pursuing them. Still, don’t worry if you occasionally stumble along the way.
Ultimately, you want to attract new prospects and tempt them into paying, ideally repeatedly, for what you offer. Finding the winning formula here can require a lot of trial and error.
Therefore, don’t be too dispirited if certain ideas falter. If, for example, your firm’s current location isn’t working out for you, cost-effectively switching to a serviced office from BE Offices could help.
Giving back to the community
Extending help to people who need it can feel very rewarding. They are various potential ways of doing it, too. Donating financially is an obvious option, but what about spending one day a month volunteering at an animal shelter. You could also sponsor a local event or sports team.
While you shouldn’t deem such efforts advertising, they could nonetheless help your business to attract new customers. Here’s to a year of sustained success for you and your business.