Having an entrepreneurial mindset may lead to being your own boss, create something new, and have the potential for uncapped earnings.
However, as attractive as that may seem, being entrepreneurial comes with many challenges, with 60 per cent of start-ups failing within the first three years.
As a business owner or aspiring entrepreneur, there are certain practices you can adopt to maximise the chances of your success, and to help your law firm thrive.
Not everyone is cut out to be an entrepreneur but to run a good business you have to be able to adapt.
1. Deliver a personalised service
Personalised service is when you tailor a service to a client’s specific needs and expectations.
It’s irritating when you have to deal with an uninvested, robotic customer service representative, so why would you offer this to your clients?
Without personalisation it gives clients a negative perception of your company and shows that you have no interest in the significant purchase they’re about to make.
Delivering a personalised service involves adding a familiar, human touch to every interaction. It can be as simple as emphasising about how far they had to travel to meet with you or talking about the recent news.
Great service plays a vital role in retaining and onboarding new clients, so why not use a personalised service model.
2. Use of Social Media
While most business owners and entrepreneurs already use social media marketing, 50 per cent of small businesses still don’t take up this advantage.
Social Media is changing and adapting each day to the growing needs of the market, and so should you.
It’s a powerful marketing tool that allows you to communicate with your clients about your business but it also allows you to get to know your clients.
This inexpensive way of communicating helps increase traffic to your website, raise your brand awareness, and create a positive brand identity.
Regardless of where you are on your entrepreneurial journey, social media can a huge contributing factor to your success.
3. Learn to say no
As an entrepreneur, you are involved in all aspects of the business including marketing, operations, and finance.
If you don’t carefully choose your projects and manage your time wisely, you will get distracted and lose focus on the things that are important for your business’s success.
The more entrepreneurs say yes, the less time they have to dedicate to revenue-generating tasks and focus on what the business actually needs.
Entrepreneurs already spend on average, approximately 60 hours a week working. So the goal is to find ways to do more in less than time, rather than continually adding tasks to your to-do list.
4. Embrace failure
We focus so much on success stories of businesses, that we forget about the mistakes and failures that helped them get there.
It’s the challenges that someone faces and how they overcome them that lead to these stories.
Failures can be catastrophic or minor to a business, but each one can provide a valuable lesson.
They teach you what you can and cannot do and help shape an entrepreneurial mindset, allowing you to accurately plan for the future, and work toward your goals.
5. Never stop networking
When a business still hasn’t got legs, connections will be the only thing holding it afloat for the starting period. As an entrepreneur, the benefits of networking are critical to your personal growth and business development.
A strong professional network enables you to reach goals that you’d never achieve on your own.
6. Be Flexible and listen to the market
In all industries, the market is constantly changing and the only way to keep up with it is to be flexible and adapt accordingly.
If you can’t react when the market changes then you will quite quickly fall behind your competitors.
Cherylanne Skolnicki, an entrepreneurial coach told Forbes that you should always bend to the market and “Resist falling in love with your initial idea so you can discover what the market actually wants and is willing to pay for – and then give it to them”
With a 40 per cent success rate of start-up businesses, you need to be prepared for all that will be thrown at you.