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Entrepreneurialism: What Is the Acid Test?

June 11, 2012 | Comments: 0 | Views: 217

The "acid test" comes from the world of metallurgy, and refers to the purification of gold. This metal rarely occurs in the form of pure nuggets. Instead it has to be extracted from ore, a tedious and difficult process at best. The rock has to be blasted out of the mountain, put into hoppers, and crushed. Only then can the nitric acid be applied; and only then, after all of the impurities have been removed, will the gold be revealed. What is the gold in your business?

An entrepreneur, by definition, is someone who starts a business alone. In the beginning, it's a one-man-band. And, like any other business, it has to create or acquire products or services to sell, market them to potential customers, and sell them at a profit. And that profit has to be large enough to sustain the business from month to month, and year to year.

And that's the acid test. Is the company making enough profit to be viable?

To some, this question may seem so obvious that it doesn't need to be asked. But, it's an important one, because it's all too easy to get caught up in the activity of business and lose sight of what needs to actually happen.

Here are five examples of what I mean.

1. Marketing is a key ingredient to a successful business. It's a process through you make your prospects aware of how you can help them. It's possible, however, to become so immersed in the activity of networking that you forget to improve your products.

2. All businesses must have something to sell, whether it's a product or a service. It's possible to spend so much time and resources developing the perfect product that you lose sight of the fact that your prospects' needs have changed.

3. All businesses need to be efficient. That is, they need to constantly improve so that they can produce more and at less cost. But, it's possible to become so focused on efficiency, but forget to be effective.

4. Effectiveness - doing those things that you ought to do - is an indispensable part of a successful business. But it's possible to become so fixated on doing the right things that you don't do anything at all. Analysis paralysis.

5. All businesses need to provide excellent customer service. But it's not unusual for entrepreneurs to get so busy improving their products and filling orders that they forget to take care of the customers they have.

By the way, if you'd like more information, then you might like to get my free eBook on How to BE an Entrepreneur.

Or, if you want some help in finding your niche, then you might be interested in http://www.terrydeaninterview.com.

Source: EzineArticles
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