Here’s a question for you! When you are creating your business model and your business plan, do you think about how you want to spend your time, and how to get the balance right between work and life? Often, passionate and enthusiastic people leap head-first into a particular business model because they get excited about the service or product they have created, or by the potential money to be earned. Yet, there is a reality check to this approach as it may not bring the happiness or lifestyle that is ultimately desired. So before you finalise your plans for the year ahead, ask yourself a few key questions. Firstly, what is the cost of your ideal lifestyle and what are the logistics associated with that lifestyle? Secondly, how much time do you want to spend travelling for the business, or how much work could be done from one place, or online? Thirdly, do you have family commitments that will need to be accommodated and that will limit your availability at certain times? By answering these questions, you’ll be able to create a business model that fits with the life you want to live.

It can often be frustrating being an entrepreneur, and particularly when you are working so hard to move forward but when things inevitably take longer than expected to happen in the business. It’s a normal reaction, we want things to happen quickly and to keep moving at a pace in the right direction. At times like these, it’s important to keep focusing on the progress you are making, no matter how small that progress might seem. As the saying goes, building a business is a marathon and not a sprint, so you have to be in it for the long-term. So, celebrate the wins as you go, no matter how small, and keep your eye on the bigger picture. Think like a marathon runner and break down the business race into smaller, more sustainable, bite-sized pieces. This will help you to maintain your focus, your energy levels, and importantly, your motivation.

For many startup entrepreneurs, working from home is not only a necessity in the early days but it is also an amazing lifestyle improvement over going into the office every day. However, the downside can be that it is a little isolating. So, the trick is to find your happy workplace outside of your home office environment, one that is stimulating, has connections to other entrepreneurs, and that is convenient. Here are a few suggestions, with the advantages to each one. Firstly, the coffee shop - the favourite hangout of freelancers and solopreneurs alike and a great place to network and connect with like-minded people, plus the added advantage of great Wifi. Secondly, hotel lobbies are great places to meet with clients and do some general networking, plus the working environment tends to be a little quieter than the coffee shop equivalent. Thirdly, restaurants and cafes are good places to surround yourself with other people, to grab some lunch whilst you are working, and to connect with clients. Finally, co-working spaces are the perfect environment in which to meet fellow solopreneurs, to swap notes and experiences, and of course, to grab that all important coffee. So, where’s your happy workplace?

Everyone has them - the inevitable bad days in life and in business. Those days when, no matter how much you have planned for things to go right, they simply don’t - and it can be stressful, right?  So, how do you get over a bad day quickly and effectively? It starts with banishing the negative thoughts, because these inevitably trigger negative emotions too if left unchecked, and they have a nasty way of pushing out all the positive thoughts and feelings. Next, get rid of all those behaviours that are affected by negativity, for example, getting irritated by those around you; or getting defensive when asked difficult questions; or becoming bad tempered about the smallest things. Press your personal reset button by doing some simple things - take a deep breath; smile; say something nice to those around you; act kindly to another human being; and talk to someone. Those positive natural endorphins will start to flow around your body and help to change your mood and your attitude to life and business.

There’s no doubt about it, market intelligence is an important component of doing business. But when it comes to gathering marketing intelligence, only 56% of small businesses with 11 to 50 employees dedicate someone to the task. And only 32% of businesses with 1 to 10 employees do so. In the recently published 2018 State of Market Intelligence Report, Crayon CMO Ellie Mirman says the data is there because of the online presence companies have. She goes on to explain, “Market Intelligence is quickly becoming indispensable for successful businesses, and understanding its importance can make you or break you in today’s ultra-competitive market.” The report identifies that holistic competitive intelligence is important when it comes to winning. 79% of those businesses questioned stated it is critical to gather the data in a timely manner, and when it comes to tracking competitors, 93% identified competitor websites, while 88% identified content accounts, 87% identified social media accounts and 84% identified news sites as the things they tracked the most.

Everyone talks about the world going digital, and the impact of the digital economy on our everyday lives. So making for interesting reading this month is the 2018 Global Digital report published by Hootsuite and We Are Social, which has some fascinating facts and numbers. Did you know that with a global population of 7,593 billion people, there are now more than 4.021 billion using the internet. In 2017, Africa recorded the most significant increase in internet users, with 435 million connected over 1,272 billion people. This is 73 million new users or 20% more than the year before. The strong progress is attributable, according to the report, to a greater penetration rate for mobile phones in Africa, spurred by rapid development of high-speed networks. In Africa, the Southern part is the region with the highest internet penetration rate (51%); North Africa (49%); West Africa (39%); East Africa (27%); and Central Africa (12%). This powerful, digitally connected continent represents exciting market opportunities for women entrepreneurs in Africa in 2018.

Ask any successful entrepreneur what makes them get up each morning, full of energy and enthusiasm to make the most of the day ahead; what drives them to greater heights in business each day; what keeps them going even in the toughest of times; chances are they will tell you confidently why they exist to do what they do - they know their why! They know their purpose in life and in business. Knowing your why is a fundamental building block to a successful entrepreneurial life journey. The leadership expert, Simon Sinek, famously said: “People don’t buy what you do; they buy why you do it.” He cites key examples from different eras such as the Wright Brothers, Apple Computers and Dr. Martin Luther King Jr., who made their mark in the world not simply because of the uniqueness of their ideas, but because they identified their “whys” early on in their journeys and were able to successfully communicate them to others, achieving worldwide success as a result. So the question you have to ask yourself is, ‘What is your Why?’

Listening to the discussions and debates at the World Economic Forum in Davos last month has been quite revealing in terms of seeing how some of the biggest decision-makers, opinion-formers and market-shapers see the future of business. One interesting speech came from business magnate Jack Ma, the executive chairman of Alibaba, one of the world’s most influential l e-commerce businesses. He was talking about what makes his own businesses successful and what sets them apart from the competition, saying: ”If you want your company to be successful; if you want your company to operate with wisdom, with care, then women are the best. 37% of senior management in Alibaba are women. Part of the 'secret sauce' of our success is because we have so many women colleagues.” The core message from Davos this year has been one of recognising the critical role played by women, and particularly women entrepreneurs, in driving a new socio-economic future in the world. Canadian leader, Justin Trudeau, used the platform to launch a series of new women led initiatives, including the publication of an important report on the future of business from the Canada-US Council for the Advancement of Women Entrepreneurs.

There’s a great quote that goes: “Don’t go into something to test the waters, go into things to make waves.” Being innovative is part of the entrepreneurial journey, finding new ways of doing things or new ways of solving problems. However, the way to take an innovative idea and get it ready to launch in the marketplace requires a specific approach, which starts with solid market research. It’s amazing how many entrepreneurs simply develop an idea or product and launch it into the marketplace without actually doing some solid research first. Consumer insights are critical. Once you have taken that idea to the next level, and your initial research is telling you that your new product or service could have a customer base and be viable, then it’s all about Beta testing. So what exactly is Beta testing? Simply, it’s the last stage of testing a product with potential users before it makes it to the final marketplace. Beta testing is a great way of fine tuning a new idea, product or service, based on feedback from actual users. It’s only when you rigorously test a new idea that you will create an offering that can sell and find its place in the market.

Every entrepreneur knows that feeling in the early days when you have seemingly unending energy and enthusiasm, when you are brimming with new ideas every day, and everything is exciting. But how do you maintain that feeling when you are an established business, and when the demands on your time and resources seem unending? It’s all about keeping it fresh, one small action at a time. Try refreshing your website and your social media platforms so that your customers experience your business in a new way. Or revisit your strategy and set some stretch goals for yourself and the business - that will keep you on your toes. Or develop some new products and services to meet the changing needs of your customer base, and then find some innovative new ways of communicating those new developments to your audience. Or why not embark on a new customer engagement strategy and launch a new survey to find out what your customers think and need. Keeping it fresh in business starts here!

Did you know that on average, only 1 in 26 unhappy customers actually complain about a product or service they have purchased, and 91% of these unhappy customers who are non-complainers simply walk away. That is not a good situation for any business to have to deal with. After all, not only does this mean you have unhappy customers to deal with, but the likelihood is that they are telling friends, colleagues and family about those experiences too, extending the negativity chain in your brand space. The bottom line is that every successful business needs constructive, honest and continual feedback from customers. It’s important in order to ensure that product and service offerings from the business are constantly refined and improved. The challenge is to put effective feedback loops in place, not just from customers directly but also from employees, partners and other key stakeholders. As Elon Musk says: “I think it’s very important to have a feedback loop, where you’re constantly thinking about what you’ve done and how you could be doing it better. I think that’s the single best piece of advice.”

Ever wondered what it takes for your brand to really make an impression in the marketplace and connect with potential customers? Well, according to a report by the Harvard Business Review, it’s all about building brand loyalty by sharing values with your consumers, and making the right type of connection. In fact, 64% of consumers surveyed in the report cited shared values as the primary reason they have a relationship with a brand.That means it’s not the number of interactions a customer has with your brand, but the quality and relatability of the interaction. That’s where smart content marketing comes in. When you distribute high quality, consistent, value-driven brand content that resonates with a potential audience, it can increase revenue by up to 23 percent and at the same time increase the perceived value of your brand. It’s a powerful way of ensuring your brand makes that all important impression.

When you start out in business, you find yourself competing in the marketplace with much more established companies and brands. As a result, the temptation is often to offer clients the lowest price possible in order to compete and win business. However, this is a big mistake. Pricing your services or products at a bargain rate can negatively affect your cash flow and the reputation of your business. Instead, you need to price for profit. This sends a clear message to potential clients that your company’s products and services have a perceived value. If you offer big discounts and lower your pricing in the marketplace, clients perceive they are not getting quality, and this is a problem. Ultimately, customers want to buy their products and services from a reputable company that is profitable, as that means it is a successful company and one to be trusted. It is all a matter of confidence building, and pricing for profit is part of that process.

This month, global media reported that Amazon CEO, Jeff Bezos, is now the richest person of all time with a net worth of $105.1 billion. The majority of that net worth comes from the 78.9 million shares of Amazon stock he owns. This year so far, Amazon shares are up 7%, rising by 56% last year. So, what is Amazon’s incredible secret to success? According to Bezos, it starts with its Leadership Principles. The first Leadership Principle is customer obsession. The company believes leaders start with the customer and work backwards. They work vigorously to earn and keep customer trust. Although leaders pay attention to competitors, they obsess over customers first and foremost. There is a lot that entrepreneurs can learn from Amazon’s Leadership Principle approach, because ultimately it doesn’t matter how big or small the business is, it all starts and ends with the customer. So, the question is, are you customer obsessed?

Guy Kawasaki once said, “If you want to make a good first impression, smile at people. What does it cost to smile? Nothing! What does it cost not to smile? Everything, if not smiling prevents you from enchanting people.” In business, making that first impression count is important. After all, you may not get another chance to connect with that potential client. Here are some practical tips to help you make the right impression. Firstly, be present in the moment or meeting, put the phone away so there are no distractions, and focus on the people you are speaking to. Secondly, ensure your greeting is positive, your eye-contact is maintained, and your handshake is firm. Thirdly, do your research on the people you will be meeting, so you are well prepared. Fourthly, greet everyone personally and by name. Finally, be genuine and honest, don’t try to be someone you are not. That’s how to make a good impression!

Not everyone is a born salesperson and it can be tough for many entrepreneurs to sell their products and services. It can be especially hard when you lose a sale that you worked so hard to close. So how do you recover from what seems at first sight to be a rejection by your prospective client? Simple, you learn the art of the rebound, and you bounce back! It starts with firstly understanding why the sale didn’t close. There could be a number of reasons - perhaps the client didn’t see enough value in the product or service; or maybe the timing wasn’t right; or perhaps the pricing was too high; or it could simply be that the client was going through a change in priorities. Whatever the reason, move on, and remember that ‘No’ to a sale today, doesn’t mean ‘No’ to a sale tomorrow. Resilience and persistence are everything when it comes to sales - keep the client contact going, keep communications going, and wait for the right time to pitch again.

It’s always easier to hit a target when you can clearly see it, when it doesn’t move, and when there’s no ambiguity about it. The same can be said when it comes to hitting revenue goals for the year ahead. One of the challenges for many entrepreneurs in the early days in business, is setting clear revenue targets instead of just making enough money to cover the bills and pay a salary each month. Yet it’s always easier to hit a target when you know what it looks like. So, if you haven’t yet set your revenue goal for the year, start now. Figure out your various expenses that have to be covered, including business and personal expenses, taxes, savings and any investments you want to make this year and then calculate what you want to make once all those are covered. Then, ensure you look at that revenue goal target each morning to keep you focused on the task at hand.

Many of us grew up being taught that the best way to get something done right is to do it yourself! That’s okay advice if you are happy going alone in life and business. But if you want to grow, to expand, to push boundaries, then it’s essential to also learn the art of delegation. However, it does require a mind-shift - ultimately, it’s about learning to trust people around you, to empower them to run with your ideas, to give them more responsibility. It can be scary at first, but it just makes good business sense. As one of the most famous delegators in business, Richard Branson, once said: “If you really want to grow as an entrepreneur, you’ve got to learn to delegate. You’ll find that you have more time to focus on the big picture and achieve the things you need to do to make your product or service stand out."

It’s a human need - we all like to feel good about the work we do and the contribution we are making - to the world, to our businesses, to the lives of others. But when it comes to trying to attract the best young talent to your company and brand, Millennials genuinely like to feel their efforts are making a difference. They want to align themselves to a mission and vision they can feel good about, to a company that has shared values. They want to know that the company and brand they choose to work with has a purpose they can get behind. So how are you communicating your mission, your vision, and your company values, not only to your customers, but also to the new generation of people you would like to work for you? If your company has a mission and a purpose that appeals to talented people, they will feel good about getting things done and they will be ready to work hard for you.

You know the quote, “If your dream doesn’t scare you, it isn’t big enough,” by author Kristine Stevens in her book of the same name about her solo journey around the world? It’s an inspirational story with a powerful message. As entrepreneurs, we need to keep pushing ourselves to think bigger, to think outside the box, to push the envelope each time we embark on a new project or venture. Doing something each day that pushes us, and sometimes even scares us in business terms, is a great habit, not just a great quote. It helps us to lose the sense of fear that comes with doing something new, something untried and untested. It builds confidence and makes us braver when the need is there to launch something new, or to break into new markets or sectors. It’s all about stepping out of the familiar and exposing ourselves to new possibilities in business and life.