Although many factors simply are out of entrepreneurs’ hands, there are a number of elements that can be controlled to increase the likelihood of a fruitful business launch. Craig Curk knows what it takes to create a successful business in today’s electronics industry and encourages young entrepreneurs to take the following into account before jumping off the deep end.
Provide high-quality service with a deep focus on satisfaction. A high percentage of your energy should be directed toward making people feel good about choosing your company. Creating activities such as customer loyalty programs and referral incentives add an extra flair that helps clients feel valued and respected.
Empower employees through praise and recognition. The fear of making mistakes is often a determiner of a failing business. Employees must feel safe and comfortable asking for help, knowing that they can learn by experience without being penalized.
Cut costs whenever possible to anticipate difficult financial times for your company. Run on the minimum funding while maintaining the quality of the product.
Develop a quick reaction time to failure. People make mistakes in the beginning stages of launching a business, and taking three days instead of a week to work out an issue saves you time and money.
Set realistic goals and take decisive action to accomplish them. New companies can get caught up in the motions without making any meaningful change, so it’s important to set dates and follow through.
Craig Curk has founded numerous electronics companies, including QC Electronics and ACE Production Technologies.
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