Business literature is often filled with phrases such as…
Business literature is often filled with phrases such as; ‘creating a niche product’, ‘being an entrepreneur’ and ‘be innovative’.
The focus of these ideas seems to be mainly on start-ups or big corporate businesses with a hefty business development budget. So, what if your business is in neither of those categories? Does this mean you cannot be an entrepreneur and develop something new? A business owner should always have a future vision and entrepreneurship is part of this. The business owner is already an entrepreneur as he started the original business.
For an established business, it all seems quite daunting to try something new. There is often comfort in the ‘let us do what we have always done’ but if your goal is to grow your business then innovation is required. Benefits are not purely economic. Staff engagement often raises too. The company becomes more attractive on the job market and the company will be rated better in the general perception in the marketplace.
The key to making your existing business be entrepreneurial is not to start afresh. It is knowing your business and all its strengths and weaknesses. If you are a producer, what spare capacity do you have, and can it be utilised for your innovative product?
If you are a service provider, does you staff have the skills to support the new service?
Unless the innovation means you will turn away from your original offering all together, you need to consider maintaining the current productivity whilst having part of your business focus on the innovation.
A business mentor starts by reviewing the current state of your business before commencing mentoring. This is the way you are guaranteed a nuanced view on your vision. A proper business review is a very valuable tool which will highlight all the positives and development points within your organisation. With this and a mentor at hand, you will be well placed for an exciting future.
Business Mentoring supports businesses of any size and across all industries. We have already benefitted many businesses across Berkshire, where I am based. If you are curious about the impact business mentoring can have on you and your business, then I invite you to a complimentary session with myself with no future obligation.
Director & Business Mentor
Wokingham, Maidenhead, Windsor, Runnymede, Weybridge, Bracknell, Slough