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Thursday, 21 February 2019

HOW DO YOU JUDGE YOUR BUSINESS GROWTH?

PHOTO CREDIT: UNSPLASH.COM: LINDSAY HENWOOD

By Zoe Oluwabusayo

In as much as entrepreneurs are in business to add value to people in the form of the products and services they render, every entrepreneur wants her business to grow. The growth of an entrepreneurial venture signifies development, progress and the building of a future legacy. However, growth takes time, efforts, energies and a resilient patience that must be mastered over time to build in the entrepreneur, a solid character and profound personality.

When you start your entrepreneurial venture, you must have goals and objectives by which you will measure your progress. Having goals is giving yourself targets to hit at particular times as your journey on in your entrepreneurial development.
Objectives gives you a defined plan of what to do, how to do it and when to do it. Starting any entrepreneurial project without goals and objectives can be likened to a group of football players playing on a soccer field without a goal post for your goals and objectives will indicate to you your progress rate and show you when you have hit your mark.

However, every effort and energies you input into your business may not begin to yield tangible results as some entrepreneurial venture take a while to produce sustainable income so the entrepreneur must be guided emotionally, not to be discouraged as per the growth and development of that venture.

There are several unhealthy ways to judge the growth of your entrepreneurial venture and here are a few:

- Do not compare the growth of your business to that of another colleague in the same industry. You have no idea how long it took them to get to where they are and what they had to sacrifice to be at the place that they presently are occupying. The best you can do is to get in touch with them to rob minds together and compare notes. Comparison in business is tantamount to heart aches and headaches.

- Do not compare your business growth to social media postings. Some of most of those who post about their business growth on social media are not telling the entire truths. Some of the things they write about their business growths are sometimes embellished.

- Do not judge your growth based on the opinion of some so-called business experts who are not the visionary of the business. Beware of business advisers who may tell you unhealthy things about your business. Whatever advises you get from people, make sure it resonates with you and resonates with your vision for the business.

Make sure that you infuse the totality of who you are in your venture. Also, make sure that you brand your business so well as to reach your target audience. However, be careful of the avenues by which you judge your growth and development in business.
Be emotionally disciplined and matured to look for solutions when the business is not doing well but do not be so impatient as to ‘kill’ a growing venture because of comparison with another brand.

Give your entrepreneurial venture the time to grow to become solid and firm.


- ZOE OLUWABUSAYO IS A PRINCIPAL PARTNER AT ZOE & PHIL CONSULTING LTD

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