A motivated team equals work that is of high quality. Discover 5 tips to motivate your suppliers or employees on a daily basis.
Poorly motivated employees or suppliers tend to quickly exhaust themselves, thus becoming unproductive.
You should aim at achieving a good quality in terms of work and increasing your employees’ loyalty towards your company. To do that, you may have to switch strategies regarding your employees. That is, shifting from the simple assignment of objectives to the transmission of a company culture.
Here are 5 tips to boost your team’s motivation and get better results:
Create a feedback culture
Your employees may not know how to improve or they may not be able to improve. In these cases, how will they and their work be able to evolve?
Regular feedback gives you the opportunity to boost their growth. This does not mean scheduling more meetings. Rather than that, try to take a look at your team’s productivity from time to time.
Delegate more difficult projects to your team
In order to not end up with automated employees, try to protect your staff from a boring daily routine. When employees perform the same tasks every day, they quickly become complacent. Get them to try other things by giving them the opportunity to take risks.
One way to do this is to give them a project that really represents a challenge to your team. Define new targets and objectives during quarterly reviews. They will have the following quarter to work towards these goals.
Maintain a list of challenges
Ask your teams to create a list of projects to complete, problems to solve or skills to acquire. The goal is to find a challenge to keep them busy, but also to teach them how to challenge themselves.
Your employees will be eager to take on a new project or solve new problems. Testing their skills outside of their day-to-day work will make their job more interesting. Instead of waiting for the time to pass, they will focus on solving business problems or improving outdated processes.
Offer various training programs to your employees
Training allows employees to increase their effectiveness on the job. It also ensures that their knowledge and skills are up to date.
A company offering hands-on, up-to-date training will not only retain its workforce, but also reap the benefits of their improvement.
Change the objective-setting process
Objectives are important to motivate your group. To challenge your employees, you need to rethink the goal-setting process.
They should not focus on reaching them, but on finding the best possible solution to achieve them. This technique challenges the employee to be creative, rather than to find quick and simple solutions.
Set animated, necessary and achievable (but not too easy!) goals that your employees will enjoy reaching. Unlike the easy targets, which leave them stuck in a routine, these should stimulate brainpower and encourage high performance.
Challenge your team members to take risks, step out of their daily roles and advance in their careers. Also, do not forget about challenging yourself. Improve your training, focus on feedback and rework your goals. In the end, everyone will be more successful and more committed, including you.
https://turbine.mu/wp-content/uploads/2019/10/Motivate-your-team.jpg327400Turbine Team/wp-content/uploads/2018/10/logo-turbine-50.pngTurbine Team2019-10-08 08:45:282019-10-08 08:45:285 ways to motivate your team
Having a strong brand identity is often vital to a business as it affects a company’s image and sales. The process to achieving one takes a lot of effort and time. Here are some elements that can help you to assess the quality of your brand.
Your employees’ perception of your brand
Your employees should fully understand your brand identity so as to pass it on properly to your customers. If their perception is different, the impact on sales can be negative. To ensure that your team has a clear understanding of your brand, you can ask them a few questions:
What are your core values?
Values can be explained in different ways. You just want to make sure your employees get as close to your vision as possible.
What is your target?
All your employees need to know your company’s primary target. If they are unaware of it, they can implement ineffective strategies.
How has the brand evolved in recent years?
While the two preceding questions may seem obvious, many people often overlook this one. However, your team needs to know about your company’s past. They should also be aware of the recent changes and the brand’s future in the years to come.
Your employees’ perception of your brand identity may differ from what you want to present to your customers. In that case, analyse the marketing tools that you use:
Your newsletters and other email campaigns
Content published on your blog
Publications on your social network sites
Your press releases, etc.
If necessary, do not hesitate to remind your employees about your brand identity so as to make things clear. They should be able to convey a clear image of your brand to your customers.
Customers’ perception of your brand
Have your customers understood the meaning behind your brand? Is your identity clear to your clients? To find out, you may wish to ask another set of questions:
Then you are on the right track. Their perception of your brand is clearly positive.
Some of the things that you think are important to your brand identity may not come up though. In that case, you should rework the ideas that are not clear to your customers. Meet up with your team and review your strategy.
How do they rate their interactions with your employees?
This question can help you know if your employees are actually passing on your brand’s values. Ideally, your clients should emphasize qualities such as trust or being helpful.
Would they recommend your brand to those around them? Why?
If the answers to the previous questions seem positive to you, your customers should actually recommend your brand. The “why” part of the question will highlight your strengths and weaknesses.
Tools to assess your brand’s perception
Use the right tools to ask these questions to your employees and customers.
Tools for your employees
In order to obtain complete and, above all, honest answers, try to go for tools that respect anonymity. This way, employees will not be afraid to say what they think. You can collect this information via anonymous questionnaires that you can send by email.
Tools for your customers
To collect your clients’ answers, you can also use online questionnaires. You can email them after a purchase, or set up a social media publication. If you own a physical store, try to go with paper questionnaires.
You can now assess the quality of your brand identity. The answers that you get will let you know where to improve.
https://turbine.mu/wp-content/uploads/2019/09/Brand-Identity.jpg327400Turbine Team/wp-content/uploads/2018/10/logo-turbine-50.pngTurbine Team2019-09-30 08:31:082019-09-30 08:31:08Branding: how to assess the quality of your brand identity?
In attempt to keep its incubated entrepreneurs inspired and motivated, Turbine organizes Entrepreneur’s Talks. This is an opportunity for founders of new start-ups to learn about the journey of seasoned entrepreneurs, to ask them for advice and to exchange ideas with them.
This month, we had the pleasure of welcoming Zulaika Sunthbocus – Co-founder and Managing Director at Spoon Consulting.
Zulaika is Mauritian, born and raised. She has done her primary and secondary studies in Mauritius and then moved to France to pursue her tertiary studies following which she started working as a software analyst. She always knew she wanted to come back to her roots in Mauritius.
While in France, Zulaika tells us she climbed the professional ladder she started off as an analyst, getting from programmer to manager to project manager. By the time she left France she was an IT consultant at PwC accompanying her clients in their information system implementation. When she came back, Zulaika worked at Accenture as a Delivery
Manager for about a year. It was then that she teamed up with her co-founders in order to set up Spoon Consulting.
The idea was to build a company that would provide ERPs and CRMs, and they could do so by leveraging the fact that all 3 of them were Oracle consultants. The 3 founders invested their savings in order to create Spoon Consulting. Zulaika mentions that they have always been trend setters as even during their early days they were investing significantly in training on the salesforce platforms for their team.
In the early years, she was very involved in operational activities of the company until one day she decided that perhaps she should try something a little further out of her comfort zone. She decided to venture out into another business. Being a certified PADI passionate diver, it was no surprise that her venture was in the diving sector. She built the business up and ran it for a couple of years.
But fate brought her back to Spoon Consulting in 2013, this time her role in the company was different. This time around she was more in charge of the Talent and Culture aspect of the company, and it turned out to be something she thoroughly enjoyed. Today Spoon Consulting has over 100 employees and she attends most of the recruitment interviews.
She enjoys working with her teams in order to promote a healthy work culture. She explains that having a committed team is one of the pillars of running a successful business. At Spoon Consulting prides itself in the attention that they provide to their employees. It is important for them to make their talents feel like they are the major asset of the company directly generating value for the company through their high-quality delivery geared towards customer excellence.
To what would you attribute the sustainability of Spoon Consulting as a company that is born and bred in Mauritius?
She accounts the sustainability of Spoon Consulting over 15 years to the following:
She has nurtured a leadership style with the major objective to empower her team which remains the major asset of the company
Within this culture, she is continuously challenging her team, taking them out of their comfort zone, and at the same time motivating them and valorising them and above all making them feel as part of the Spoon Consulting family
Ongoing training including soft skills training is being delivered whole year round to ensure that her people are not only getting more money in their pockets but also strengthening their brains.
Commitment and Strength.
It is important to note that it was not always a “La Vie en Rose” scenario with starting a company as a woman in the time that she did. IT was, as it continues to be, a male dominated industry and in that time, it was crucial for her to be committed to producing good work and maintaining positivity in order to build her credibility. She also points out that it is important to believe in yourself and never give up and today she is proud to be on board of several IT commissions in Mauritius, hence sitting at the same table of the IT guys .
The next thing is, money. During the first few years of Spoon Consulting, revenue was an issue for the company. She says this is something that everybody should be aware of, it is normal to have to bootstrap at the beginning. Getting money flowing into the business will not be easy. It can be frustrating to see that the forecasts don’t match the reality of the company’s performance. She says: “10 years ago, I was struggling, and it can be a stressful experience!” but today we are experiencing a constant increase of 20 percent of our revenues ( chiffre d’affaire) since 2015 and we have over 100 clients
And last, but not the least: Diversity
Don’t be afraid to embrace new technologies and trainings for your employees. It is important to make it as a priority: Invest in training and cater for their well-being on a daily basis .
Always ask for feedback, even though sometimes feedback can be negative, it is important to be able to learn from your mistakes. Focus on lessons learnt and learn from the perception of the client. See the situation from the client’s point of view. This will help you identify the factors that help differentiate you from your competitors.
Moreover, when it comes to personal level, Zulaika says it is important to be passionate and motivated. She lays emphasis on keeping a positive and bold attitude while working.
She says she is amazed when she sees entrepreneurs working at Turbine. She feels that these people are fearless and is quite inspired by this.
How do you recruit? And how do you make them stay?
They recruit graduates from the University of Mauritius who they then put through a bootcamp training and on the job training.
Treating Talents Like Assets
When it comes to retaining talent, Spoon Consulting is a big advocate of investing on training, valuing the talents they recruit. To treat them like assets that appreciate over their journey with the Company. This creates value for the company as well as the employee as you then become an institution through which they get to grow professionally. That being said, the company also covers half of the medical insurance, they pay half of the gym membership, they sponsor mini football pitch for team members that like to play football. They are sponsors of a great number of IT events in Mauritius and they even bring members of the team to huge IT events in San Francisco on a yearly basis since 6 years now.
She explains that Spoon Consulting has also implemented “Top Talents” these are employees that get preferential trainings to develop their skills based on their exceptional performance. There are two appraisals a year and managers are trained to value their subordinates.
Their performance appraisal is based on Engagement, Value Creation and Knowledge transfer within the team.
They have also coined the term “Spoon Spirit” in the company which implies taking ownership of their tasks and feeling like they are in a family at Spoon Consulting. A lot of the training at Spoon Consulting is done by the seniors to the juniors.
How do you keep up the spirit when the revenues fluctuate?
On low seasons they encouraged people to follow training to improve their skills. It is important to show them that they can still generate value for the company when the sales are low. Developing their skills during low season ensures that they can deliver a continually improving service to their customers.
How have you managed to stay with your co-founders?
It is important to have complementarity at the heart of a founding team. Theirs is broken down as follows: Marketing, Tech and Culture.
It has not been that easy, she says. But they have had (and try to keep) a good communication. They have never taken one executive decision without having a unanimous clearance. When one of the founders wants to take a new measure or initiative, Zulaika explains that they must have a valid and rational reasoning behind it.
As a parting note, Zulaika imparted an important piece of advice: Learn to identify and to seize opportunities. They can make or break your path as a business owner.
Moving a business is complicated and costly. You need to plan everything perfectly and anticipate future happenings before you expand your space.
The more your business grows, the more space your team needs. With sustained growth, you will need to move offices so that your employees are comfortable. You will also need to plan for future additions to your team.
Here are some tips to help you when plan your move:
Time your business’ move
A larger space becomes increasingly important as your company undergoes steady growth. However, if you decide to move, you should ask yourself when the right time to do so would be.
The answer becomes “yes” as soon as you begin to experience disorder and distractions. Is there no room to work anymore? Does the location no longer support your employees’ productivity? If the answer to these questions is “yes”, it is time to consider moving.
Be thorough in your planning
Consider changing offices well in advance to have a smooth transition to the new location.
Expect the unexpected. Take your time and consider the company’s and the staff’s needs. Anticipate your growth rate before deciding on the size and location of the new office.
Consider the storage of equipment and the number of new employees you will need in the future.
Think of your employees
Don’t follow the trend, look for the best option for your employees:
Open-spaces may be popular but are they suitable for your team?
How can your company adapt to this change?
What changes do you need to make to create the best possible environment for your employees?
Ask them what they need. Involving everyone who works with you is important, because everyone will have different ideas and demands.
For example, a creative team may request a private room, the human resources may need individual offices, and sales people will want space to welcome clients.
While you won’t be able to meet all of their requirements, asking them will make your employees feel more valued.
Avoid an expensive and long-term lease
Don’t let prestige blind your judgement!
Your profits may have skyrocketed, and you may have hired new employees. That does not mean you have to move to a high-end building, especially if it is just for “the image”.
Choose large spaces
To avoid getting stuck in another small office a short time after your move, always think of extra space.
Even if your team can’t use it all at the moment, you can still rent it before hiring new staff. This saves you the hassle and distraction of finding even more space as you grow.
Train your team to adapt to new environments
A team should be operational regardless of the environment.
Build team spirit in your employees so they always remain productive, no matter where they have to work. It is also always important to arrange your future office a way that will foster team work.
By following these 6 tips, your move will go smoothly and you will not fall behind in terms of productivity. Consider involving your employees for this important moment in your company’s history. Finally, don’t forget to inaugurate your new office by throwing a party!
Small businesses are growing very quickly. For an optimal development that will not overwhelm the company, they must invest in the right tools.
In the midst of the influx of new, innovative technologies and gadgets, how can you find the right technologies? How will you know which ones are most promising for your business?
Here are some of the most useful technologies today that can help start-ups grow:
1. Use chatbots to increase your company’s communication range
A chatbot is a computer program capable of simulating a conversation with one or more people. The exchanges can be in text form, in the case of a chat, or carried out via voice mail.
This tool is increasingly being used to improve customer service, especially through instant messaging.
Chatbot users can:
• Learn about an event
• Book a means of transport
• Get practical information
• Get technical advice
Digital conversational agents continue to grow. They are now becoming a must. They both save time and maintain optimal customer service. By leaving common questions to a robot, teams save time and customers get real-time answers.
Thanks to machine learning, chatbots can help you learn a lot about your customers. They can even help you increase your traffic or sales.
2. Enable voice search to increase sales
Voice search is becoming increasingly common as an internet habit. Many people use this searching mode to look browse the internet, but also to buy online.
So why invest in voice search? First of all, a voice can tell you a lot about your clientele. Voice search reveals nuances that are invisible in written queries.
It can allow you to know your customers better and reach a wider audience or even new markets. To use this technology correctly, ask your marketing teams to work on the keywords that lead to your website. They should also conduct tests to know which specific voice searches are the most profitable to your business.
3. Try to include dynamic pricing
Dynamic pricing allows prices to be set in flexible ways depending on events, scenarios or trends in supply and demand. For example, the price of toys rises dramatically in the Christmas holiday season.
A study by Gartner found that dynamic pricing was the most successful marketing strategy.
It is certainly a frustration task since prices are constantly fluctuating. However, it can really help your business grow and get you ahead of the competition.
4. Anticipate customer demands with sentiment analysis
We agree that this technology seems a bit surreal. It generates an automatic analysis of a user’s feelings from a text. This can be valuable help in understanding the quality of customer interactions with your business.
In a way, it uncovers the hidden subtlety of words. According to Gartner, 75% of the companies most praised by their customers could lose up to 20% of their value. The reason for this is the decadent perception of brands and a loss of consumer loyalty. After all, customers are inevitably attracted by novelty or lower prices.
Using sentiment analysis can help you anticipate this phenomenon and better respond to the needs of your customers.
Whatever technology you use, do not forget the primary aim of your digital development. This would be the growth of your business through better customer service and marketing strategies.
https://turbine.mu/wp-content/uploads/2019/08/dynamic-pricing.jpg327400Turbine Team/wp-content/uploads/2018/10/logo-turbine-50.pngTurbine Team2019-08-20 08:25:082019-08-20 08:25:08Which technologies can help your company grow?
Entrepreneur is a job, and as with every job, it has its requirements. While this career path does allow for a certain degree of flexibility and uniqueness, some attributes still remain essential. Here are five of the most common and important qualities of an entrepreneur.
1. Entrepreneurs are brimming with determination
Entrepreneurs should be resolute about going through with their projects. Once they create their own company, they must know how far they want to go with it. They should do everything they can to make the start-up grow.
A determined person will find no excuse not to move forward.
However, one should not confuse determination with obstinacy. Determination is about having a specific goal and doing what it takes to achieve it. Obstinacy is repetitively doing something that does not work and thinking that it will work someday.
You have to accept failures as necessary steps in your path to success. An entrepreneur also has to accept criticism and should not yield to discouraging comments or events.
2. Do not be afraid of running out of money
Starting as an entrepreneur is not always easy. Unless you are setting up a web business via a blog, you will probably spend quite a lot of money. You might even have a loan to repay and sales will not flare from the beginning.
Entrepreneurs are not afraid of not getting a salary in the early months. They have already planned savings and know that the company’s income goes to its growth first and foremost. Profits will come in later when the entrepreneurs manage to find enough clients for their business.
3. Be organized & create plans
Entrepreneurs are also very organized, know exactly when to go to work and precisely what to do.
They also have everything planned in advance, be it their daily schedule or their company’s yearly goals.
Of course, we cannot plan everything. There will be contingencies and the entrepreneurs will then have to use other skills to improvise. However, dealing with these unforeseen events does not imply forgetting the plan and the objectives!
4. Entrepreneurs want to be free
In general, entrepreneurs have a strong thirst for freedom. They wish to take control of their life, their future, and do not want to be accountable to anyone. They are willing to work hard even at the expense of a big salary, all for the sake of freedom. Without being tied to a boss, to a regular nine-to-five job, the possibilities are endless.
5. Being disciplined
Entrepreneurs are also disciplined. This attribute follows organisation closely. Once again, entrepreneurs put a lot of emphasis on planning appointments and tasks weeks and sticking to that schedule.
What differs discipline from organisation is that it affects the entrepreneur’s decision-making and undertaking skills. They can set their feelings apart when necessary so as to be objective when taking important decisions.
Also, when managing a team of employees, discipline is important to maintain a certain order. However, it should not be overbearing so as to not create a suffocating atmosphere. Finding the right balance is key.
There are surely many other qualities that entrepreneurs generally possess and that accompany them on the path of success. Sometimes, they display all of these attributes and sometimes just a few. As mentioned earlier, each entrepreneur is unique and will have their own way of making their company grow. This freedom is, after all, the appeal of entrepreneurship.
https://turbine.mu/wp-content/uploads/2019/08/austin-distel-1462320-unsplash.jpg40206030Turbine Team/wp-content/uploads/2018/10/logo-turbine-50.pngTurbine Team2019-08-01 18:12:542019-08-01 18:12:54Five qualities of an entrepreneur
Communication is the key to promoting your start-up. However, getting a website, promoting via phone calls and/or advertising through the web are not enough in 2019. There is a lot of work involved in making your start-up known to its market/audience. Take a look at the alternative marketing strategies below for a glimpse 2019’s advertising trends:
1. Develop a content marketing strategy for your start-up
Content marketing is one of the best strategies you can turn to. Not only is it affordable, it is also effective and renders tangible results.
To attract the attention of your audience, you can create any kind of content. These can be blog articles, infographics, videos, podcasts, guides, white papers, etc. You can also distribute the same content through various forms of media. People are more likely to share interesting content on social networks and make it become viral. This will likely garner the attention of your potential clients and will eventually lead to sales.
However, any content marketing strategy requires special attention to SEO. It is essential to boost your visibility on search engines. You can call on SEO professionals for this task.
A content marketing strategy should allow you to:
Become a reference brand in your industry
Be credible in the eyes of netizens
Inform your audience about the products or services you sell
Improve your SEO and your site’s traffic
Make sure you know your target before you start creating content. You should also regularly measure the performance of your strategy to improve it.
2. Go for videos and webinars
The video format is currently extremely popular and versatile. You can use it to create all types of content: interviews, testimonials, presentations for your company, and even webinars!
You can present your company, the products or services you sell and their features and benefits live on Facebook or YouTube. This allows your audience to react in a more immediate way. You can also answer their questions and thus get closer to your customers. Make sure to promote your webinar a few days or even weeks in advance for a bigger audience.
As long as you make your videos or presentations interesting and lively, you are sure to reap great results.
3. Use influencers to advertise your products
Similarly to videos, influencer marketing is in full hype. While famous influencers are expensive to hire, you can still increase your visibility with micro influencers.
For this strategy to be effective, choose web stars who communicate to target that you want to reach. This will allow them to effectively promote your products to a wider audience.
Another advantage of using this method is that it will make your company appear trendy. Your audience will see your start-up as innovative and it will gather more interest. It also increases your chances to go viral and gain the attention of investors.
The above-mentioned strategies can help increase your visibility as well as your credibility. Depending on your target audience, some methods might work better or less well than others. Carry out research about your competitors and differentiate your business from them. While tactics will work for your 2019 audience, the future is still open to innovations. Therefore, do not hesitate to adapt your method according to the changes in your market.
https://turbine.mu/wp-content/uploads/2019/07/promote-your-start-up-in-2019.jpg327400Turbine Team/wp-content/uploads/2018/10/logo-turbine-50.pngTurbine Team2019-07-22 18:04:322019-07-22 18:04:32How to promote your start-up in 2019
We currently live in a world led by communication and new technologies that are being developed at a dazzling rate. Mobile applications, which emerged in the 1990s, have become an unavoidable global phenomenon. These even compete with websites and attract millions of users. Each year, companies who want to access this market delve into marketing strategies that focus primarily on apps. So, what makes apps so appealing and what can they bring to your business?
Mobile apps: a way to improve your brand
The way your customers view your company matters. By getting an app for your business, you will develop a modern and innovative corporate image. This will help in the branding process and will later appeal to the majority of global consumers. You will also specifically respond to the needs and desires of consumers in terms of communication, modernization and accessibility.
A way to retain and acquire new customers
Speaking of accessibility, apps allow you to remain closer to your customers. They provide your clients with an easy and fast way of contacting your company. Unlike a website or a phone number, the application is always within their reach on their phones. This will also reduce chances of your customers going to competitors. Mobile apps increase your company’s credibility through reviews and comments, which will attract potential clients.
Enhanced communication with your regular customers
Access to mobile apps is easy. You can download an app within seconds and use it at home, at work or while on the move. In addition to being accessible, they allow you to communicate with your clients in a way that websites do not. Notifications, for instance, are incredibly useful to remind your customers about events and sales. They appear directly on your clients’ smartphones and make for great advertising.
Mobile apps increase productivity
Apps are also popular among entrepreneurs for management purposes. They help to optimise sales, increase communication among employees and improve productivity. Aside from an app for your business, you can consider creating one to manage and relay information. From booking to accessing product information, everything is more readily available to your staff. Your customers may also find apps easier to navigate, thus reducing the risk of dissatisfaction.
Intelligent apps to offer better services
Why carry out surveys among your customers when your app can do it for you? Intelligent apps are very useful to collect and analyse information. This includes:
the number of times the application is used
the frequency of use of certain features
the location of your clients
the products they prefer
The list goes on. Apps allow you to understand your customers, their tastes and their needs better to offer a customised service. In addition, mobile apps have perfect synchronization with social networks. This enables consumers to share content from the app directly on Facebook, Instagram and Twitter. By doing so, they are providing free advertising for your company, leading to increased sales and popularity.
In short, it does not matter whether you are a large company or a local business. Acquiring a mobile application will allow you to meet the expectations of the current market. Decide on the services that you wish to offer via the app and encourage its use among your clients. The results are bound to be positive.
https://turbine.mu/wp-content/uploads/2019/07/Apps.jpg327400Turbine Team/wp-content/uploads/2018/10/logo-turbine-50.pngTurbine Team2019-07-16 18:07:122019-07-16 18:07:12Mobile apps: are they useful to grow your business?
Should you start your own business? If you are asking yourself that question, you are almost ready to go for it. This is how the biggest adventures begin: weighing the advantages and disadvantages, the benefits, the risks, etc. There is no lack of motivation when it comes to becoming your own boss. Rather than asking yourself “if” you should launch a start-up, why not ask “why” you should do it? So, why start your own business?
Becoming an entrepreneur to earn more money
Money is one of the primary factors that most people consider when thinking about launching their own business. It is, of course, a valid motivation. However, starting a business often means making less money at first, or even no money at all. Subsequently, entrepreneurs end up earning more or less the same amount of money they did when they were employees. Profits and growth depend on the economic model, the market, the sector, etc. That being said, bosses still generally earn more than the average wage earner. Therefore, you can start your own business to make more money. You just have to be patient and to remember that it can take time.
Launching a business to become your own boss
This factor is motivating enough. Do you want to manage your own schedule? Want to be independent and accountable only to your clients? Are you tired of following someone else’s strategy? Want to take control and test your ideas? If yes, the time has come to create your own company. Entrepreneurs need to have a certain drive and thirst for independence to thrive for success. Being an entrepreneur means having to do everything on your own, taking on all the risks and moving forward. Some may find it too taxing while others will flourish through it.
Creating your own company for the sake of passions and dreams
Another reason people often choose to become entrepreneurs is to devote themselves to their passion. In these cases, other motives and constraints become secondary factors. The only thing that matters is to do what they want to do. While launching your business for this purpose can be a bit risky, passion is a quintessential element in entrepreneurship. It is what will help you overcome obstacles and hard times. If you are passionate about what you do, you will easily convince your customers, partners and employees. Your entrepreneurship experience will also be much more fun and fruitful.
Simply for the sake of work
If you cannot find a job, create one. Jobseekers make up a big portion of entrepreneurs. They often start a business with work as the sole motivation, which is just fine. These entrepreneurs who create their own jobs have a lot to gain in the long run. They end up acquiring experience and knowledge about the world of entrepreneurship. Gradually, they also become more motivated to grow as entrepreneurs.
Or because of great timing
Several elements often become major catalysts in a person’s pursuit of entrepreneurship. One may have every type of motivation and the economic backing to want to launch a business. However, sometimes the conditions are not met. Factors that one might overlook become crucial turning points. The market or the suppliers might not not ready. Even the season or the general local business atmosphere can affect the success or the launch of a business. In other words, timing is important and can be a motive all by itself.
There are a myriad of other reasons why you should open a business. The driving factor however still lies within you. Do you want to become your own boss? Do you feel confident about your service or product? Will you be able to work on your own? Are you willing to learn everything about becoming an entrepreneur? Do you have the patience for it? All of these, any many more unlisted questions, are determining factors that you may want to consider. Entrepreneurship is an adventure. It is up to you to join.
https://turbine.mu/wp-content/uploads/2019/07/start-your-business.jpg327400Turbine Team/wp-content/uploads/2018/10/logo-turbine-50.pngTurbine Team2019-07-08 21:01:062019-07-08 21:01:06Why should you start your own business?
To raise money and start a small business, there is nothing better than investors. These individuals and/or companies pour money into your project, leaving you free to make it thrive. However, sponsors do not provide funds easily. They may also not invest at all if they do not find the idea to be profitable enough. To raise your chances of getting sponsored, you need a truly brilliant idea and solid preparation. Find some tips on ways to get funding below:
Consider joining an incubator for your start-up
You just got your idea for a start-up and you are new to the idea of entrepreneurship. If your project is an innovative one, you can consider joining an incubator. These organisations assist entrepreneurs and help them grow their idea into a flourishing start-up. They provide various types of facilities, such as access to legal services and to a work space. These incubators, such as Turbine, can help you to connect with like-minded individuals and thus create a professional network. They will eventually provide you with the means to get funding for your start-up to grow.
Make your activity visible to investors
Sometimes, businesses do not need much funding to launch on a small scale. Once this is done, you can attract investors by making your activity as visible as possible. Become trendy. Get media attention and work on your popularity on social media. Use influencers and SEO tactics as much as possible. Getting popular in Mauritius is easy since its population is quite small. Journalists are also always on the lookout for innovative subjects to cover. Make your business famous even before you present it to potential investors. This will considerably increase your chances of getting a sponsor.
Know your business from A to Z
The key is to arrive to your presentation well-prepared. If you are unsure about your idea and/or your charts and figures, you will not paint a reliable picture of yourself. The investors will not deem you capable enough to carry out the project. In other cases, they will not deem the project itself worthy enough. An investor is looking for a leader, a ship’s captain. A captain who does not know its ship cannot lead it on a successful journey.
Prepare a rock-solid business plan and revise accounting and management basics. Work on your public speaking skills and rehearse your presentation before the actual day. Focus on communicating your vision and on displaying its potential. You already know your project and your market by heart. So you need to impress with figures to bring credibility to your project.
Once you obtain funding, you should work on building sales rapidly. A start-up will only become a fully-fledged business if it demonstrates rapid growth. Investors will also be more at ease about sponsoring your project if they see quick and satisfying results. A fast-growing company will give less opportunity to competitors. Aside from sponsors, you can consider other options to raise capital. These are crowdfunding, money-saving and loans, amongst others.
https://turbine.mu/wp-content/uploads/2019/07/Investors.jpg327400Turbine Team/wp-content/uploads/2018/10/logo-turbine-50.pngTurbine Team2019-07-01 22:38:292019-07-01 22:38:29How to find investors for your start-up