Martin Hancock, the Chief Operating Officer - North America of World Franchise Associates that specializes is enabling franchisors to enter new international markets, was in India recently.
Hancock believes small business entrepreneurs have to be quite ruthless as they don’t have the luxury of time.
“You may run out of capital anytime and so have to turn into profit sooner or later. The foundation for any growth is this,” says Hancock.
Speaking to Entrepreneur, Hancock of World Franchise Associates gave top tips for an entrepreneurial venture to succeed.
- Learn how to immediately drive profits
The pressure that entrepreneurs face when it comes to delivering profits is huge. At a given time, the capital whether earned through funding or otherwise runs the risk of burning out. In such a case, entrepreneurs have to think fast and work towards turning their businesses profitable.
- Learn what activities are high-value activities
If an entrepreneur end up wasting time in long meetings that result into nothing meaningful, a great amount of his precious time goes to waste. Cutting short all activities that will not result in any profit or future gain is paramount. Indulging with clients who are unsure may also fall in low-value activities and keep to be clearly distinguished.
- Learn to be remarkably efficient
There is no substitute for efficiency. Small entrepreneurs have to scale heights fast and furiously to drive profits and transform into the big fish. Cutting down on unfavorable, time-wasting activities can substantially improve efficiency.
- Learn to have robust work ethic
When it comes to punctuality in terms of delivering services as well as business demands, entrepreneurs have to be very vigilant. Only those are taken seriously who show a strong sense of work ethic and set an example for employees to follow.
- Have support mentorship
Having a backbone of support mentorship can be useful for entrepreneurs when it comes to steering the business from the infancy level to a profit-turning one. For example, the franchise model is one such model that gives the kind of support small businesses are looking for. In franchises, brands and services are honed in such a way through experience that they are time to turn to profits much sooner than it is for individuals.