A lot of people don’t think entrepreneurship and creativity go hand-in-hand. Entrepreneurs are frequently seen as stereotypical business-types whose on the lookout for a multi-million dollar exit.
However, creativity is an essential tool for any entrepreneur. Creativity isn’t just about coming up with ideas. It’s about being able to navigate uncertainty, adapt to new circumstances and find solutions as problems arise.
Check out these steps on how creative entrepreneurs build a thriving and profitable business.
Evaluate your goals
The first step is defining your version of success. Pinpointing your goal will enable you to filter all your ideas and the advice of those around you to select only those options that move you towards your particular goals.
According to business advisers, every business idea should solve somebody’s problem. This may come as a surprise; however, entrepreneurs can frequently succeed by offering novel solutions to old problems.
Pinpoint your standing in the industry
Next, you have to take into account the realities of your situation. Understanding your position objectively amongst competitors is very important.
Find out the strengths and weaknesses of your competitors and look for areas where you can outcompete them. What can you do those others cannot? How do you stand out from the crowd? What makes you different?
You can only pinpoint your standing in the industry by looking at your business to others. If you want to survive and succeed in business, understanding your competitive advantage is vital.
Choose your target customers
It’s neither practical nor strategic to try to sell to everyone. Focus only on customers who want the services or products at which they excel in relation to rivals. You need to focus only on the right markets and deliberately avoid those that you do not need.
One of the critical elements of market research is defining your market. If you’re selling fruit baskets, then your target market is fruit vendors or consumers. The next stage is finding ways to locate and connect with your customers.
Create your business model
The business model is the means and method you use to run the business. Are you selling via e-commerce or from a physical shop? Do you take payment by subscription or in advance?
Entrepreneurs are assisted by innovative business models to thrive in existing industries that are already massively accommodated. Having a product that is already widely available is not a disadvantage, try and think of a new and exciting angle to market it.
Develop an annual plan
According to the business survival calculator created by consultancy Ormsby Street, over 90% of new businesses survive their first year, but after five years, almost 60% of them collapsed.
Entrepreneurs should sketch out realistic milestones for profits, sales, and expansion throughout five years. Such calculations need to be based on how many potential customers will be in the market for the service or product, the likelihood of securing finance to expand the business and the capacity of the company to fulfill orders.
Channel your creativity
Step Five is to be creative! This means using both “i-Creativity” and “a-Creativity.” It’s not enough to be creative only in your studio, making your services and products; you also need to apply creativity in your business methods: in marketing, raising finance, intellectual property, collaborations, etc.
In every aspect of a business, advertising is essential. It plays an imperative role for both consumers and manufacturers. Advertising is vital for the company on the whole as it increases business turnarounds by gaining more customers.
Unless you are an angel capital or a startup with a venture, you probably have a limited marketing budget. Some ways you can market your business on a limited budget are going guerrilla, making use of social media, using ShieldCo Custom Metal Signage or aluminum signs, using contests and giveaways, partnering with bigger companies and milking the media.
The entrepreneurs who succeed and thrive in the industry are the ones who can use their creativity over and over. Creative entrepreneurs are the ones who can pivot to scale the company or outlast a competitor.
However, not all businesses become overnight successes. Many successful businessmen and women didn’t get to where they are today without having some massive failures along the way.
Make use of your determination and creativity and use them to chase your dreams in life. Don’t be afraid to fail and face the risks you need to take to succeed.