Eric J Dalius working as an employee is a way different challenge from working for your startup. You have to derive your strategies, do the groundwork yourself, and also probably have to be the sole decision-maker. Amidst all these changes, you can face the overwhelming pressure crushing you. So it is vital that you do not get overwhelmed. However, with an inclination towards perseverance, one can always overcome any challenge.
Eric Dalius Identifies Setbacks as a Common Pain Point
While carrying out any business idea, established or not, you will face many obstacles. As an entrepreneur, challenges are an everyday thing, and also it is best if you get used to these and also try overcoming each challenge you face. Successful business people, such as EJ Dalius, suggest viewing a problem as an opportunity. Every obstacle you face portrays a unique opportunity to avoid making a similar mistake in the long run or to improve vigorously upon the existing weakness.
are not Your Enemies
A standard misconception in our minds is that our competitors are our enemies. However, in today’s world, your competition is your prospect. A businessperson should carefully and also thoroughly evaluate several crucial elements, including business models and the competitor’s product portfolio, and also work on the missing parts. Few factors that you need to give an eye for detail are as follows:
- Competitors’ business models
- Clientele base
- Product or service portfolio
- Competitors’ market shares
- Strategies employed by prominent
- Market trends, including product
launches or service deployments, mergers, and acquisitions
- Joint venturing history
- Distribution channels and partners
- Financial matrix of the top
competitors, including revenue, operating income margin, research and
development expenses, segmental, and regional revenue
The pointers mentioned above will give you clarity regarding the different core activities of your competitors. Depending on that, you can estimate your company’s market share in the overall industry, and also how you can increase your business value. Studying your competitors can fetch you insights that can aid you in mapping your future marketing strategies. From all this research, you can derive a unique selling point for your brand, which can be a significant turning point for your business.
Efforts and Hard Work
Running a business is all about putting two-hundred percent of your efforts into it. Perseverance plays a significant role as you will have to wait for an outcome. From product research, development, manufacturing, and employing correct marketing and also sales strategies, one requires significant effort to obtain profits.
The field of entrepreneurship is multifaceted, and it demands most of your time, efforts, and also money. Always remember not to follow shortcuts to deliver any product. For instance, you might receive the raw material at a very low rate, but that will hinder your products’ quality, and also you will eventually lose all your clients. An error that you thought was negligible can result in the shortfall of your business. Hence, carry out a proper plan and understand all the external and internal factors that would disrupt your business model.