Entrepreneurship and financial freedom has become a goal for many of us these days, so before starting your journey towards achieving that goal, you should read the advice of successful entrepreneurs.
We cannot say that the responsibility of entrepreneurship is easy, on the contrary, it requires dedication and sincerity in the work, as well as trust in the idea of a business project. Knowing the right strategies and tips to get started helps you succeed.
In this context, the well-known American website “Entrepreneur” specializing in entrepreneurship was published a reportA special study conducted by JPMorgan Chase, the American financial institution, of more than 2,600 business leaders in various industries in the United States, to identify the most important steps that helped these entrepreneurs to trust themselves and helped them lead successfully their institutions.
“It is essential for business leaders to maintain confidence in their decisions, as it provides a compass for their organization and employees to follow suit in times when there is no clear path or solution,” said John Simmons, Head of Banking at JPMorgan Chase Corporation.
He added, “During a time of economic downturn, successful business managers have demonstrated their resilience by continuing to make critical business decisions that have allowed them to survive and even thrive.”
Simmons shares 4 ways small and midsize business owners and leaders can build confidence and meet challenges this year:
1. Adopt a digital mindset
Every day consumers are digitizing more and more, so entrepreneurs can sustain a life like this just relying on a digital mindset as it is a must.
2. Anticipate and plan for change
While embracing change can be daunting, business models that don’t evolve over time expose themselves to greater risk. This includes the inability to attract new customers, loss of revenue and efficiencies, and business inefficiency.
“It’s never been more important to figure out your short- and long-term business goals, know what’s working and what’s not, and move quickly,” says Simmons.
3. Invest in employees
Whether it’s a small or medium-sized company, the tight labor market affects the current workforce: 68% of medium-sized companies confirmed that their employees are now working harder. Simmons points out that for this reason and for other considerations, including declining revenues and delayed product launches, it is important for business leaders to focus their attention during the current year on the well-being of their employees and ways to retain them .
4. Cost control
Companies are paying more to attract and retain employees, and obtaining goods is becoming more expensive.
“This year, companies need to closely monitor their costs to keep expenses in line with revenues,” says Simmons.
Fortunately, the majority of business leaders (81%) — according to the report — expect revenue to increase this year, which helps offset rising costs.
