The Ethics of Entrepreneurship

Networking with industry players

Your ability to interact with clients, suppliers, vendors, wholesalers, and retailers, among other chains of supply, determines fast business growth. It’s through the stakeholders that you understand your strengths, weaknesses, threats, and opportunities (SWOT) analysis.

Based on this feedback, you maintain and improve your strong points. You identify your weaknesses and work on the best way to handle them to your business advantage.

On the other hand, opportunities play a key role in identifying gaps in the market for business growth. Finally, business threats are eye-openers for a broad view of business projection.

With easy access to social media and e-tools, even from your smartphones, networking is a click of a button away. A targeted kind of marketing with social network analysis comes in handy to choose what works well for your business interactions.

Benchmarking with competitors

There is no way you will run a business as if it’s an island; unless you are a monopoly, you should check from time to time how competitors handle the market. Even companies with monopoly “title” they strive to scare away new business entrants.

 In your benchmarking trips, check on the modalities of business operations, workable systems, and market demands compared to your concepts.

The similarities direct your focus on customer service, qualitative vs. quantitative standards, and cost analysis. It takes you back to the drawing board to improve service delivery and product sales.

Following and maintaining standards

From time to time, focus on areas in the business that maintains if not improves the quality of rules and regulations set by the government.

Corporate legal experts come in handy to keep you in check with all the policies and regulations.

However, as a business, set your systems and standards, which you review from time to time based on your comparative solutions you get from benchmarking operations.

Be up to standard with all the paperwork relevant to your business. Some of the basic rules include

  • Occupations Safety, Health, and Administration(OSHA)
  • Public Health certifications
  • Environmental standards
  • Trade licenses

You never know what your competitors can use to bring down your business because of a simple act of ignorance.

Proper public relations

As you focus on the customers, never forget your employees. They need motivation and encouragement to manage work-related pressures.

Moreover, it would help if you gave them a reason not to look for greener pastures. Make your business the “greener pasture.” Allow your employees to have open the door to express their opinions, views, concepts, and ideas.

A free-door policy kind of leadership builds employees and enhances career growth. Also, it adds value to their personality if not boosts their confidence levels. What else do employees look for in a workplace?

Corporate communication involves how you relate to your customers. You may have the best product or service, but how you handle your clients decides either a positive or a negative direction in your business.

Inclusion of innovation for improvement

Technology and innovation are crucial components of any business growth. Learn current business trends and customize them in your business operations.

Surveys, customized market research, product/service analysis, and staff appraisal are geared towards giving you tips on the importance of innovation in business growth.

Check your systems, the process, operations, and general employee conduct. Are they in line with the best business ethics practices? Your flexibility in business technology solutions is key to opening the next business level in the investment game. It’s evident, throwing the product or service in the market is not enough to achieve your business objectives. Business behavior in consideration with the industry players plays a significant role.