Entrepreneurship is a primordial urge, independent of product, service, industry, or market. The business of fitness is similar to a game of tennis — since a fitness entrepreneur must adjust his strategy and think creatively to be one step ahead of the competition.
Personality is a vital component of business, often distinguishing successful companies from failures. Entrepreneurs who share their stories create a sense of emotional connection with their companies, which leads to growth and customer retention. As the old saying goes, “People don’t care how much you know. They want to know how much you care!”
In order to build a brand, an entrepreneur must establish a strong professional network. This network is the base of support for any business. If one support falls, more should be there to hold the weight. Networking should include finding advisors who can guide you and provide expert perspectives borne out of experience.
Taking advice well is also a skill entrepreneurs must develop, because ignoring other perspectives creates blind spots. But neither should you follow all the advice you’ll get. Entrepreneurs must retain strong views while also being able to understand different perspectives.
Coaches must also understand their motivations, whether fame, fortune, passion, or giving back. Never lose sight of your goals during the inevitable rough patches you’ll encounter. Entrepreneurs who remain obsessed with their goals can more easily conquer professional hardships.
All businesses also need publicity. If nobody knows how good you are, your business will flounder. Many entrepreneurs’ biggest mistake is overlooking the importance of good marketing. Good marketing requires strategy and purpose. You must understand your audience and find the most effective ways to market to them.
Today’s consumer craves direct and instant communications, so it’s become increasingly important for modern businesses to master social media. A social media presence can be maintained inexpensively compared to other marketing channels and provides a more direct and personal way to communicate with customers.
Run your business like it were a Fortune 500 company, no matter how small it is today. Structure is essential to business growth, and businesses should have clear and concise operational policies, especially when it comes to customer service. Nothing makes a customer angrier than an unhelpful employee. This is why companies need comprehensive training for new employees, as well as an established hierarchy.
“Bureaucracy” is often used as an epithet, but it’s only ineffectively managed companies that create this negative perception. Regulations and policies can help level the playing field so that all customers are treated fairly, and good policies are also critical to the day-to-day management of any business.
This article was co-authored by Tim Bainton and Alex Planes. Tim Bainton is executive director of Blue Chip Sports Management. Alex Planes is CEO of Found Edge. For more information email tbainton@mtvac.net.
