Current Economic Trends
Raphael Avraham Sternberg says that entrepreneurs want profits over costs. Word-of-mouth marketing and networking can help them expand profits. Keeping prices down increases profitability. It requires efficient operations and scale economics. He argues it’s crucial to handle sales and customers alone. Direct client interaction is the best way to learn customers’ preferences and how to improve. A single consumer contact point isn’t always possible, so business leaders should train personnel to accept feedback often. Satisfied clients are more likely to recommend companies to friends and family if they feel empowered. The following are some of the current economic trends among the entrepreneurs:
He argues that home-based business operators have a competitive advantage by answering their phones. Hearing a human voice in this age of high-tech opposition attracts new customers and helps existing customers feel appreciated. Eighty percent of firms rely on repeat clients.
While customers appreciate the convenience of a high-quality phone, they also want high-quality websites. Even if they are not operating in a highly-tech sector, entrepreneurs must still use technology on the internet to communicate their message. Startup garage-based businesses can have a better website than a well-established $100 million business. Make sure that an actual human being is on the other side of the telephone number.
Few business owners can find optimal formulas right away. Time changes ideas. Finding the correct sweetness needs trial and error, whether designing a product or altering menu items.
He gives the example of former Starbucks CEO Howard Schultz, who felt playing Italian opera on store speakers would create an Italian cafe atmosphere. Customers didn’t like the arias with their espressos. Schultz ditched the opera and added comfy chairs.
Cash flow is essential to success. It’s needed to buy or rent products, maintain equipment, and advertise. Completely tracking income and expenses is key to remaining on track. Since most new companies fail to profit within a year, entrepreneurs can reduce the risk of running out of money by setting away capital. Keep commercial and personal spending separate, and never use corporate revenue for living needs.
Raphael Avraham Sternberg believes that it is vital to earn a living income, but not much more, especially when investors are involved. Such sacrifices could strain ties with family members who must adapt to less everyday life and worry about losing family assets. Entrepreneurs must communicate early and get family support.
Starting a business from scratch is difficult. Patience, commitment, and failure are needed. A successful entrepreneur must be resilient. They must keep going despite rejection or failure.
Starting a business is a learning process with a steep learning curve. He says that it is hard when money is at stake. In tough times, they do not forsake their business.
A successful entrepreneur must remain focused and avoid distractions and anxieties. Distractions, doubting their intuition and thoughts, and not being focused on the goal invite failure. Successful entrepreneurs know why they established the firm and keep moving forward.