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Starting a small business is not an easy task. It requires dedication, passion and, above all, an entrepreneurial spirit. The entrepreneurial spirit often motivates small business owners to build something from scratch. However, once a business gets off the ground, it is simple to get lost in the day-to-day operations and forget about the spark that began your small business in the first place.
It could seem that managing a small business doesn’t require the same entrepreneurial drive as starting your individual, but that will be a false assumption. Sparking an entrepreneurial mindset is the key to driving your business forward, overcoming challenges and achieving success long after you begin.
Here are three ways to keep your small business’s entrepreneurial spirit alive.
1. Take the probability for something latest
A standard feature of successful entrepreneurs is the willingness to take on latest challenges and overcome obstacles. Sometimes maintaining the entrepreneurial spirit in your small business could be so simple as flexing your muscles and taking on a latest challenge in your business. Consider how you’ll be able to improve your existing business. One option could also be to introduce a latest product or service to the market.
For some corporations, the challenge of introducing a latest product or service has not only reignited the entrepreneurial spark, but also spurred company growth. Another challenge some small business owners may face is opening a latest location. This could be an especially attractive option for franchise owners, as franchising is a great industry for opening multiple units.
It’s also vital to keep in mind that taking on a latest challenge doesn’t necessarily have to be as big an undertaking as a latest go-to-market strategy. There are many smaller businesses that may reignite the entrepreneurial spirit. For example, you would offer a latest discount, start a loyalty program, or invest in a community initiative. By taking on a latest challenge, you’ll renew the passion that led you to own your business and proceed to propel your business forward.
2. Put purpose before profit
While successful entrepreneurs could also be motivated by a desire for financial success, they are often also driven by passion. One way to reignite that keenness in small business ownership is to channel it into a latest purpose. By prioritizing your business activities around a specific goal, you’ll develop an entrepreneurial spirit and often position yourself for business success. Indeed, according to A Accenture study63% of world consumers surveyed prefer to buy products and services from corporations that share their values and beliefs and avoid corporations that do not.
But what does it mean to prioritize a goal in a business sense? A purpose-driven company puts its people and mission ahead of profit goals. This doesn’t suggest you have to throw accounting to the wind, but as an alternative guide your goal setting with the mission in mind slightly than being left in the dark. By piloting your business, with your goal as a compass, it should be easier to find passion in your on a regular basis activities. This often also applies to employees. According to Deloitte researchonly one in five employees would stay at a for-profit organization for greater than five years.
To keep the entrepreneurial spark alive in your organization, find a cause that is vital to you. At The UPS Store, we’re passionate about entrepreneurship, which is why we discover ways to support emerging entrepreneurs. You can see this in our latest addition to ours Diversity Ownership Programwhere first-generation business owners can now qualify for a significantly reduced franchise start-up fee.
3. Connect with people you admire
For small business owners, networking is an vital element of success and a key way to keep the entrepreneurial engine running. Developing a solid network of individuals with a similar background can provide you with support and assist you to build latest business strategies for your operation. Above all, networking with other entrepreneurs can reignite your passion for your organization. After all, passion could be contagious.
From LinkedIn to local Chamber of Commerce events and industry-specific networking events, do your research to find opportunities to connect with other entrepreneurs. Try to build your network with businessmen and entrepreneurs you admire as it should assist you to improve yourself. There are also many unconventional possibilities for building networks. Finding a network of individuals you admire in business will create a support system to assist you to overcome challenges; it should also surround you with other individuals who share your passion for entrepreneurship.