Putting the “own” in business ownership

The excitement and anticipation of owning a business is a thrilling adventure for many entrepreneurs in Minnesota. However, it is rarely a process that can be eased into slowly. Rather, it requires someone who is willing to take risks, has a clear vision of future goals and is committed to refining their competencies to stay a step ahead of the competition. 

Over time, budding businesses will discover what strengths are needed to keep operations running smoothly. Through trial and error, they will identify methods that capitalize on resources and allow them to successfully attain new goals and opportunities. According to The Hartford, one of the most important things that business owners can do is to identify and set goals that are realistic and clear. In defining these goals to their team members, they need to provide a timeline for measuring how successful efforts are along the way. Other things they should be doing include the following:

  • Identifying what sets them apart from the rest. 
  • Relying on the support network of other successful business owners and mentors. 
  • Avoid getting distracted by little details that will not matter in the long-term. 
  • Take advantage of delegation and find trustworthy individuals to contribute to team efforts. 

Another suggestion from Forbes Magazine is for business owners to focus on how they can provide the highest quality customer service to their new customers. Creating a lasting first impression is imperative for return business. They should also strive for differentiation rather than copy competitors’ methods of pricing and selling their products.   

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