The-current-climate-for-entrepreneurial-business1

The current climate for entrepreneurial business

Author: Stephanie Hussels

Categories: Business Strategy, Entrepreneurs
Tags: Cranfield School of Management

Dr Stephanie Hussels, Lecturer in Entrepreneurship, Cranfield University on the current climate for entrepreneurial business

I would say yes it's a tough environment to be in but I think if you, as an entrepreneur, understand your business, focus on what is core.

I would say love your customers, really understand how they tick so you can retain them.  You get referrals from them, you have a passion, you hire the best people possible.

Understand your financials, I always say cash is king, we all know that but also communicate.  It's not only about sales, it's about profit.

Also this area at this current time also gives opportunities because hiring people, there are some great people maybe at the moment available who you can bring in your business.

But it's not only important to bring them in but also to grow them and to offer them a path within the company.  I could give you some more examples, I think what we do at Cranfield in terms of tips and why is it a tough climate, is you need to be decisive.

I always say we all have a lot of pet projects, especially entrepreneurs, so we call this drowning the puppy.  So in the current climate you can't afford to have a lot of pet projects so you need to identify those which are core to the business and drown the other puppies so to move forward.


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