MASTERING TIPS

1.Find your life's task.
Many people have an intense feeling about what
they're best at. Too often, they're driven away from
it by other people. The first step is to trust
yourself and aim your career path at what's unique
about you.
Leonardo da Vinci didn't come into his own as an
artist alone, but when he followed his childhood
curiosity about everything, he became an advisor
and expert in subjects from architecture to
anatomy for his patrons.

2. Rather than compete in a crowded field, find a
niche where you can dominate.
Legendary neuroscientist V.S. Ramachandran was
at once a restless and dissatisfied professor of
psychology. What was supposed to be a calling
felt like a job. When he began the study of
phantom limbs and anomalous brain disorders, he
found questions about the brain and
consciousness that fascinate him to this day.
Find your perfect niche, and stand out....
I'll continue this tomorrow,check it out.





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IMPROVE YOUR SKILLS

Improve Your Skills
Your own skills as a small-business owner can
limit how much you can grow. While we all learn
by experience in our businesses, you can
accelerate your learning through the experience of
others. You probably know right off the top of your
head the No. 1 area where you need to learn more.
For many entrepreneurs, that area is finance or
accounting. Start now by finding the books, blogs,
or newsletters you need to read regularly to build
your skills. Make a daily or weekly appointment
with yourself to focus on learning. If you are
always growing personally by learning, you can
grow your business as well.





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SOLUTION TO BUSINESS PITFALLS (4)

. Revive Your Marketing
Few companies fail because they try too hard to
understand customers and give them what they
want and need. Before you take the irreversible
step of giving up on your business, go back to
your customers and ask them what they want. Ask
them how and whether you can supply it. This is a
worthwhile exercise for any business, but for the
enterprise in trouble, it’s a necessary move before
investing any significant effort in an attempted
revival.
You may find that your customers are still willing
and able to buy your product but you aren’t
making it available to them in a way they can do
so. For instance, if you advertise exclusively in a
local newspaper and your customers are now
getting their news mostly online, they’re not
seeing your ads. If your advertising channels,
pricing, or other aspects of marketing have gone
astray, retargeting them can revive your business
in a hurry.
One of the least expensive ways of reviving a
company’s marketing is through direct e-mail. The
cost of sending individual e-mail is negligible. And
for the price of renting a new list, you can reach
out to new markets. Other approaches that can
cost-effectively reach new or existing customers
include employing search engine marketing,
developing relationships via social media.





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SOLUTION TO BUSINESS PITFALLS (3)

Change Your Business Model

This is the most challenging technique you can try
to save your business. It may sound like a simple
idea, but to an entrepreneur struggling to pay the
rent, changing your business model can be a
difficult task. Still, it can be done. Take buggy-
whip makers.
A century ago, the whip business was prosperous
and reliable because most people got around by
horse-drawn conveyance. Within a few decades,
people were mostly using cars and had no need
for whips. But U.S. buggy-whip makers still
survive, and they’ve done so by completely
changing their market, product, and pricing,
essentially their whole business model. Instead of
selling whips for ordinary people to use, they now
primarily serve racing markets and affluent
hobbyist carriage drivers.
Telephone solicitors represent a more modern
example of a business model that was forced to
change. Once, calls to consumers’ homes offered
an inexpensive way to market a variety of goods
and services. But then the wide availability of
answering machines allowed consumers to screen
calls, rejecting those that appeared to come from
telemarketers. New regulations more tightly limited
the acceptable hours and purposes for such calls,
and the expanding presence of caller ID sealed the
deal. Now call centers that once served telephone
marketers are devoted to customer service,
technical support, and similar functions





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SOLUTION TO BUSINESS PITFALLS (2)

Rejuvenate Your Offering
Carefully evaluating your customers’ needs may
help you find ways you can change your product
or service to meet those needs. In the process of
studying why your child-care business is
struggling, for instance, you may realize that the
best thing to do is to raze the building and build a
skate park. More often a less drastic modification
is in order, such as switching the emphasis from
all-day care for very young children to after-care
programs for school-age kids.
Understanding why your business isn’t working
won’t always provide a way to make it work,
however. When you find yourself in that situation,
seek expert advice. Talk to other entrepreneurs in
the same business who seem to be thriving. Find
out what they are doing differently. It may be
something as relatively minor as turning a onetime
video rental store into a videogame rental store. Or
it could be something further afield, such as a
used videogame exchange.
It’s also possible that your product hasn’t changed
but your customers have. That would be the case
if, for example, you operate a classic American
diner in a neighborhood that becomes dominated
by recent immigrants whose food tastes differ from
your menu. When that happens, changing your
offering to reflect the needs and desires of your
new demographic could not only revive sales but
raise them higher than ever.
Customers themselves can stay the same while
due to technological or other changes their needs
shift dramatically. This occurred recently in the
laptop computer market. Once hot sellers, laptops
suddenly fell out of the limelight of consumer
attention with the introduction of Apple’s iPad
tablet computer in 2010, forcing manufacturers,
retailers, software developers, and others to
reassess their products and strategies.




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