Connect with us

Business

What makes a good entrepreneur?

Published

on

By Emma Lewis, Myriad Associates Ireland

 

Many of us have dreamed of coming up with the next big thing that makes us millions. An incredible, never-seen-before invention that takes the world by storm.

But being an entrepreneur is about so much more than simply coming up with a good idea and shouting about it. It’s all about being a business leader too, running your own company and bringing real value to society in the process.

Emma Lewis

Entrepreneurship isn’t something that is innate to everyone and the chances are there’s plenty you will have to learn. So we’ve taken a look at just a few of the most important characteristics entrepreneurs tend to have so you can hopefully identify them in yourself (or work on them!)

 

Embracing creativity

Often ideas come at you when you least expect them but thinking creatively is a good place to start. Apply your own life experiences – is there something you need in your life to make it easier but that no-one seems to have invented yet? Is there a gap in the market that really needs filling?

A survey by CBInsights that covered employees and founders from 101 start-ups looked at why those companies failed. It found that 42% of start-ups fail because there’s no market need for their services or products. This is well worth bearing in mind – your creative new idea does actually need to be needed.

Thinking creatively isn’t always easy but there are things you can do to get those creative juices flowing. Anything from listening to music or going for a walk can help, allowing your mind to relax and your thoughts to flow more freely.

 

Having a business strategy that works

It’s easy to get carried away with the thrill of creating something new, but a good entrepreneur will have a watertight business strategy behind them too. They’ll possess a strong business head, and numbers that stack up to attract investors.

By living and breathing all aspects of their business strategy and applying it throughout their business, entrepreneurs will often know it inside out. They will also be quick to adapt their business strategy as an idea progresses, coupling it with their own keen ability to learn. Furthermore, only by having a really sound business strategy can you know where things like extra funding can be gained. R&D Tax Credits is a big one here.

 

Applying the art of communication

Effective communication is key, and something that many entrepreneurs can struggle with. Whether you’re just starting out as a solo entrepreneur or running a FTSE 100 enterprise, it’s vital that you can effectively communicate to people on all levels. This includes staff, creditors, potential investors, customers, mentors and peers. Listen to their feedback and customers reviews too. Because frankly, if you can’t communicate your idea and the value it will bring both to the company and the wider market, it’s unlikely you’ll be successful long term.

All forms of communication should be mastered in order to be a really good entrepreneur. We’re talking written communication, in-person communication and group communication as well as online message and emails. Spelling and grammar count here too!

 

Staying extremely self-motivated

Think of some big entrepreneurial names – Bill Gates, Mark Zuckerberg, Tim Berners-Lee, Elon Musk – and the one thing you’ll probably notice is they all have is big personalities. They’re go-getters, not wall flowers. Because sitting back and waiting for the world to notice you doesn’t make things happen.

Innovation is a gamble, but successful people go out into the world wanting to make those around them sit up and listen. They desire action and change, thriving on the challenge of being a maverick. These individuals also don’t crumble under pressure or when people don’t instantly accept them, working tirelessly to overcome problems.

Motivating their teams to innovate and using innovation to promote a much happier workforce is also something a good entrepreneur will take seriously. They’re passionate about their ideas and the enthusiasm generated becomes infectious, weaving innovation into every area of the business.

 

Being open minded (even in the face of failure)

The fact is that being an entrepreneur is not easy and brings a large amount of uncertainty. Recognising useful events and opportunities and embracing them is key, but you need to accept that mistakes will be made and failure along the way is pretty much guaranteed.

Entrepreneurs are determined and should face their losses with a positive attitude rather than simply giving up. Sometimes there will be heavy financial costs to bear too (which again is why things like R&D Tax Credits and R&D grants can make all the difference).

It’s also important to accept that even the best laid plans may well not come off as expected. There will be setbacks and many learning curves, but effective entrepreneurs will maintain a strong mindset. Every situation and mistake can be learned from, strengthening the resolve to succeed. And of course, all new information gleaned is the chance to grow your business from a new perspective.

 

The take-home message

There’s no escaping the fact that some people are more naturally gifted in the entrepreneurial department than others. But with hard work, self-reflection and experience you’ll hopefully soon have a repertoire of skills at your fingertips that will bring you and your business the success you deserve.

 

Business

How app usage can help brands increase their online revenues and customer retention

Published

on

Arunabh Madhur, Regional VP & Head Business EMEA at SHAREit Group

 

Brands are continuing to invest heavily in the e-commerce market despite current market and economic challenges – and they need to. Indeed, the current global e-commerce market is valued at around $5.5 trillion. Further to that, estimates show that online retail sales will reach $6.7 trillion by the end of 2023 – and e-commerce making up 22.3% of those sales.

So despite the economic and market climate, businesses must still plan for success and cater to customer demands to make the most of the global e-commerce opportunity.

 

Mobile apps are key

Mobile apps are now a fundamental component of retail, as they provide customers with a convenient and engaging way to shop from their phones. The past couple of years has been rocket fuel for digital transformation, providing an opportunity for the retail industry to innovate. Whilst global trends continue to point to the user growth of Facebook, TikTok and Instagram, the trends underneath the headlines highlight significant opportunities to drive new customer acquisition, which in turn demands a targeted customer retention strategy from companies.

According to research from Baymard Institute, 69.82% of online shopping carts are abandoned and with demand expected to continue, pressure is growing on retailers to expand current offerings and create personalised experiences to tackle this. One of the big challenges e-commerce companies face, though, is analysing and maximising the behaviour of users, and bringing down the cost of their marketing and engagement against how much is earned through a customer making a purchase.

To meet customer demand, mobile apps offer a variety of features such as push notifications, product recommendations, exclusive discounts and offers, and easy checkout processes, to make the shopping experience easier for customers. By leveraging the power of mobile technology, brands can create an immersive shopping experience tailored specifically to their customer’s needs, and this in turn helps increase customer loyalty, customer return rates, and maximise online revenue.

 

Re-targeting and re-engaging customers

Brands should focus on re-engaging with returning consumers through a personalised strategy as this can help increase the lifetime value of users, which in turn helps brands bring the cost of their marketing down knowing that brand loyalty has been achieved. According to research from Google and Storyline Strategies study, 72% of consumers are more likely to be loyal to a brand if they offer a personalised experience.

Optimising the online shopping experience is crucial in retaining customers. Today, consumers need a more ‘human’ touch, i.e., smart product suggestions based on buying history & behaviour that helps build a one-to-one relationship between brand and buyer. In particular, push notifications haven’t just enhanced personalisation but also increased app engagement by up to 88%. Push notifications have also proven to get disengaged users back, too, with 65% returning to an app within 30 days of the push notification.

Another strategy to consider is the option of adding buy now pay later (BNPL) options at checkouts for customers. Brands that add the option of financing at the checkout allow customers to spread the cost over time, which according to Klarna has resulted in a 30% increase in checkout conversation rates.

Publisher platforms allow brands to leverage their reach and sticky user base. Especially with open platforms such as SHAREit, which can help e-commerce brands create a strong revenue conversion with higher average order value with unique retargeting and user acquisition solutions. Because users are not just sharing product links, but also sharing e-commerce apps and deals among their community. Users of these publisher platforms are also encouraged to share products and apps through platform activities.

 

What the future of e-commerce holds for brands

E-commerce is positioning itself as a key facet in retail, and its future. With Advancements in technology, customers can access various products and services worldwide through their smartphones – making shopping more accessible than ever. Brands must put consumers at the heart of everything they do, like never before. Offering incentives and payment options, personalising customers’ experiences and re-engaging them, as well as targeting new customers, in an effective and un-intrusive way, are all ways in which they can influence purchasing decisions and improve retention figures.

 

Continue Reading

Business

Does the middle market have a financial edge?  

Published

on

Ilija Ugrinic, Commercial Solutions Director at Proactis

 

Companies tend to look up the ladder when searching for ways to improve efficiency and business performance. What are larger competitors, or others outside their industry, doing right that they can learn from and implement?

What smart technologies or bright ideas do they have that could create efficiencies for them, too?  

As we enter yet another likely volatile year for business, punctuated by recession, should businesses continue to only look up? And could the approach of a slightly smaller business offer more of a competitive edge? 

Large corporates tend to pioneer innovation in automation by simple virtue of the resources they have. Home to transformation directors and departments, with the ability to implement large overarching software systems, they pave the way for others and are often the first to digitise their source-to-pay cycle at pace. 

Ilija Ugrinic, Commercial Solutions Director at Proactis

While growing businesses understand the merits of full automation, implementing it is often too expensive and it doesn’t bring the rapid realisation of benefits that they need. They need to consider what will bring them the biggest return on investment – and the reality is that those in the middle market don’t necessarily need all the elements of an ‘all-doing’ piece of software. What’s more, without dedicated personnel to project manage a transition, they frequently lack the currency of time to be able to comfortably transform working practices, and take staff with them on the journey, without taking resource from other areas of the business.  

For SMEs, digital transformation has never been quite as seismic a shift. Instead, they tend to take a modular approach, employing digital solutions only for particular areas of their finance department, where they need them. This has never been a particularly strategic move. Rather, for a growing business that values quick results and watches their outgoings with greater scrutiny than their larger counterparts, it’s something that suits them better. A modular approach also comes with very little disruption and can be implemented relatively seamlessly into their existing organisational setups. 

But while growing businesses are opting for a modular approach because it’s the most cost and time effective option for them, the benefits go far beyond that. The beauty of a modular approach is that it is agile. The last three years – with pandemics, an increasingly challenging climate and shifting geopolitical tensions impacting our global economy – have only served to remind us of how suddenly, and drastically, a business landscape can change. The companies that have weathered the storm are those that have reacted and adapted quickly – those that have been capable of changing the way they do things with little impact on day-to-day operations. A modular approach can offer just that.  

Businesses using modular finance technology can integrate small solutions that sync up with the rest of their processes, quickly and seamlessly – and these systems can be integrated into their existing Enterprise Resource Planning (ERP), too. There’s no restriction of a monolithic or aging piece of software either – finance teams can add and update small solutions to their daily operations without the upheaval of having to replace or update large IT infrastructures or wider working practices within the business to accommodate the new software.

Unrestricted by entrenched and hard-to-change systems, the speed with which SMEs are able to react to market changes is miles ahead. A prompt software add-on to manage risk, or create a quick fix in response to a market shift, can be virtually a knee-jerk reaction. SME’s abilities to bend and flex to today’s world efficiently is seeing them reap the benefits of a modular approach. It’s lean, it’s fast and it’s facilitating their growth with a strong competitive edge. And as some of these companies’ growth propels them into the large corporate sphere, they’re choosing to keep a modular approach to finance.  It will certainly be interesting to watch those middle-sized companies which grow to the extent that they find themselves competing in the same space. With no financial remodelling to assume a large ‘all-doing’ piece of software, they’ll be competing against their counterparts with completely different tools in their arsenal.  

With technology, working life and business needs continuing to change day to day, we have another year ahead of us that will see companies running to keep pace with each other – and fast-growing companies’ approach to finance could be the silver bullet that enables them to catch up with, and even take on, big enterprises. It might just give them a competitive edge against large corporates in these turbulent times.

Continue Reading

Magazine

Trending

Business1 day ago

How app usage can help brands increase their online revenues and customer retention

Arunabh Madhur, Regional VP & Head Business EMEA at SHAREit Group   Brands are continuing to invest heavily in the...

Banking1 day ago

Will ‘Britcoin’ change the way we bank?

The Treasury and Bank of England recently announced a state-backed digital pound is likely to be launched in the UK...

Finance1 day ago

In-Store, Online & In-App – Unifying Payment Authentication

Michel Roig, President of Payment and Access, Fingerprints   Often, new technologies are lauded as the death of existing ones....

Banking1 day ago

Why the future is phygital

By Eric Megret-Dorne, Head of Card Issuance Services and Service Operations at Giesecke + Devrient   Digital banking has become...

Finance1 day ago

Why Keeping Track of Cash Is Key to Economic Survival

By Joshua May, Consulting Manager EMEA, BlackLine   Finance and Accounting (F&A) has always had a reputation for its calm...

Business2 days ago

Does the middle market have a financial edge?  

Ilija Ugrinic, Commercial Solutions Director at Proactis   Companies tend to look up the ladder when searching for ways to...

Business3 days ago

Hybrid Intelligence – The only way to face the problems of the future

Author: Prof. Dr. Iris Lorscheid, Vice-Rector Research and Professor of Digital Business and Data Science Computer Science at the University...

Business4 days ago

Consumer demand driving sustainable payments

Jenn Markey, VP Payments & Identity, Entrust   Sustainability is a buzzword that seems to be at the forefront of...

News4 days ago

Adyen drives conversion uplift with advanced authentication solution

The company’s expanded authentication offering optimizes authorization, security, and end revenue   Adyen (AMS: ADYEN), the global financial technology platform...

Finance4 days ago

It’s time for financial institutions to take personalization seriously

Maria to David Hetling, Global Marketing Director, Financial Services, RWS   Financial institutions will always play a critical role in society, offering...

Banking6 days ago

The Future of Capital Markets: Democratisation of Retail Investing

Nicky Maan, CEO of Spectrum Markets   Over the past decades, global capital markets have undergone tremendous changes. There have...

Top 101 week ago

5 Often-Overlooked Investment Options To Consider Exploring In 2023

When choosing what to invest in, many people will initially focus on the stock market which is considered a more...

News1 week ago

New Open Banking platform Archie waves a timely hello to Britain’s beleaguered businesses

Archie is a game-changing payments and data platform that’s inherently human in its approach; a refreshing proposition in the jargon-heavy...

Finance1 week ago

Innovating inclusivity: How invoice financing is diversifying access to financial streams

“Entrepreneurs, particularly those in the supply chain in Europe, the United Kingdom, and indeed the rest of the world, frustrated...

Business1 week ago

The data behind AI’s success in the financial sector

Or Lenchner, CEO at Bright Data   AI (Artificial Intelligence) has taken the world by storm. The OECD estimates that...

Business1 week ago

The Risks Of Company Mergers And How To Avoid Them

There are a lot of benefits to agreeing on a company merger with another business, and this includes, but is...

Finance1 week ago

How diversity is evolving in the fintech industry

by Elena Dimova, VP HR Bulgaria and Operations & Technology at Paysafe.   With both finance and technology being traditionally male-dominated...

Finance1 week ago

How the Isle of Man is encouraging a new generation of FinTech innovators

FinTech’s potential to transform how finance and business operates has gained attention around the world in recent years. In 2022,...

Business1 week ago

Protecting Customer Data in Online Business

With the increasing number of online businesses, protecting customer data has become more important than ever. Cybersecurity breaches can cause...

Business2 weeks ago

END OF AN ERA OF CHEAP MONEY

Professor Milos Petkovic, PhD Lecturer at Berlin School of Business & Innovation   Prior to 2022, the global financial market...

Trending