Entrepreneurs are driven by financial gain, understandably so, as their businesses would fail early on without profit. But while money is the baseline for a successful business, business leaders must consider matters of greater importance if they want to make their mark.
If we look at Maslow’s Hierarchy of Needs, the basic human need to survive is at the bottom of the pyramid. Higher up the pyramid are self-fulfilment needs such as self-actualization, in which we achieve our full potential through creative activities, for example.
Now, if we apply this structure to business, the basic need of survival depends on profit. A company ascends this basic need when it moves forward from survival mode and makes a difference, thereby achieving its full potential.
If you are wondering where to direct your efforts so that your business can reach its full potential, you are in the right place.
Pinpoint your entrepreneurial motives
Most entrepreneurs start a business because they are passionate about a topic or are highly knowledgeable in one or two specific areas. Highlighting the source of your inspiration is the key to finding where your full potential lies. Tracing the origin of your motivation to start a business can help you deliver more outstanding service and create worthwhile products for your consumers.
For example, a baked goods business could extend its business model to include delivery service for special days such as birthdays and weddings. The delivery service would create jobs in the community and consider customers that may not have time to visit the store.
Establish a progressive business ethics
Many corporate businesses live by a basic ethical code that includes integrity, law abidance, and fairness. However, an entrepreneur wanting to make their mark could take these principles further. For example, having a code of sustainability or philanthropy factors goes beyond business and monetary input. ‘Going green’ is an excellent way to make your business more ethical, and it also attracts eco-conscious consumers.
Assess the market
Seeing where to make a difference in your field can be done by conducting market research. Start by setting yourself a task of finding out how other businesses are going the extra mile. Public surveys and focus groups, and analyzing data are the types of market research that will help answer this conundrum. Getting a handle on your competitors will create a clearer picture of any gaps in the market to channel your energy.
For instance, MT5 is a technologically advanced multi-asset platform specifically designed for trading Forex and CFDs. Using this service will put you ahead of your competitors when it comes to technical analysis.
Expand your knowledge
There is always room to learn and improve. If you think your business has reached its peak potential, take some time to speak to employees, consumers and the surrounding community about the impact your business has–positive and negative. Then you can formulate a plan on how to address these impacts.