It’s a competitive world, and to stay afloat in this business requires an entrepreneur to be at their best says Paul Haarman.
This means staying on top of the news in your industry, finding new leads for sales opportunities, and cutting expenses in your startup when it makes sense – but most importantly: running a successful company by setting goals. If you’re not good with personal goal-making, here is some professional help from people who study human behavior and motivation!
There are two main ways to motivate your team members, or yourself for that matter. The first way is through incentives; the second is through inspiration.
Incentives are essentially what you’d think – giving employees bonuses based on completing a specific task. For example, if an employee finishes selling three more of their products than last week, they get some extra cash at the end of the month as a reward. Paul Haarman says people respond well to this kind of motivation because it feels like steady progress toward something tangible and concrete – getting more money in their pocket every month!
If you’re not one for handing out bonuses, though, there’s another way to encourage people to excel in the workplace: inspire them! In a study done by Harvard Business School, researchers found that employees respond well to inspirational leadership because it taps into their desire for growth and mastery.
1) Keep Your Eye on The Market and Prepare for Competition
Paul Haarman says, one of the most common and costly mistakes entrepreneurs make is that they don’t take their competition seriously. Often, there’s a big difference between what you think your competitors will do and what they do. You need to be able to assess the situation as dispassionately as possible to plan out an effective strategy for dealing with them.
2) Create A ‘Minimum Viable Product
When starting your business, it’s essential to understand that not all of your ideas or products will work. Thus, before investing in unnecessary items, we suggest that you create a Minimum Viable Product (MVP). Paul Haarman says an MVP will allow you to put an idea through its paces before scaling up too quickly and wasting resources.
3) Fix Problems When They’re Small
While you should be cautious, don’t spend so much time planning that you never get around implementing your business plan. Startups often experience unexpected twists and turns because no one can predict everything that will happen in the future. However, if there is a severe problem with your product or service. It’s essential to resolve it as soon as possible (before it becomes bitter). This way, you’ll save money and increase customer satisfaction at the same time.
4) Test Your Business Plan Using An ‘Excel Simulation’ Model
If you are launching an MVP or want to test out how profitable your startup might become (in the long run), we suggest utilizing an Excel simulation model to help you. Software such as Forecast can help entrepreneurs estimate the impact of their business decisions on factors such as revenue and expenses. Plus, you can even customize your model (e.g., by including additional key performance indicators.)
5) Engage A Mentor
While it’s impressive that you have decided to become an entrepreneur. We recommend consulting a mentor if you’re not 100% sure about what is one is truly like. Whether they are a successful businessperson or just a friend they trust. A mentor will be invaluable to steering your startup in the right direction.
So, how do we use this knowledge on ourselves and our teams to ensure we’re maximizing productivity? By giving people incentives on an ongoing basis!
The best employees are the ones who are constantly seeking ways to do their job better. Even if you don’t tell them; it’s a good idea. If you give your team an incentive every time. They find a way to improve work, then you’ll see some great results!
The best entrepreneurs need to motivate themselves and others to succeed in the modern business world. Startups that can leverage different techniques like incentives or inspiration. Will have an easier time achieving success than those who cannot.