Many people dream of becoming the next Bill Gates or Oprah Winfrey, Warren Buffett or Aliko Dangote. Many people dream of owning their own business empire. Many of these people don’t know how to make their dreams come true. They either have to keep running a small business, or they stop trying.
Many people wonder how successful empires can last so many years. These are the secrets to building a successful business empire.
1. You must be willing to work.
In the business world, there is no instant success. Entrepreneurs must start at the bottom to build a business and then be willing to work hard. Kentucky Fried Chicken (KFC), Colonel Sanders is an example. After years of service in the US Army, he decided to open his own restaurant and sell his homemade chicken. He didn’t have enough capital to invest, so he had no choice but to move from one restaurant to the next. His chicken recipe eventually became more popular in America. It took some time for his “finger-licking-good chicken” to become a well-known fast-food chain not only in America but around the world.
2. A product or service should be created that targets a specific niche.
The key to building a business empire is creating a product or service that everyone wants to buy. For example, the soft drink industry knows that even though their sodas have a lot of sugar and calories, there will always be soda drinkers. Millions of people will thirst for refreshing beverages like soda, regardless of where they are located or what time it is.
3. Avoid the crowd.
The blue-ocean strategy allows entrepreneurs to create products that are similar to their competitors but target a completely different market. This is how business empires can thrive in crowded markets where differentiation and affordability create new demand.
Consider Apple, the tech giant. Mobile tablets were a pipedream back then, and there wasn’t even a tablet. Gadget users had both desktop and laptop computers as well as smartphones. They didn’t think they would need anything else.
Apple’s iPad, Apple’s first touch-screen tablet, changed everything. It is lighter than a laptop and more versatile than a smartphone. It received overwhelming reviews from tech critics as well as gadget buyers who flocked to their stores to purchase the latest portable gadget. This created a new market. Apple’s initial success led to other manufacturers creating tablets for this new market.
4. Serve your client well and be generous with them.
Although it may seem costly for entrepreneurs to show generosity in order to win clients, it can be a long-term benefit. Clients will become more loyal as a result. Microsoft is an example of this incredible generosity. Microsoft is a tech giant that makes billions from licensing royalties from computer makers. The company’s earnings increase and they pay cash dividends to their shareholders and employees. This makes them happier and more satisfied.
5. Be friendly and visible to all employees.
An entrepreneur and business leader who is a good fit for the role will not be content to stay in the executive office. They will make connections and go out. The founder of the Virgin Group of Companies, for example, made sure that he was available to greet and greet his staff and employees. He made it a point to shake hands and greet passengers on Virgin Atlantic’s airline. This example shows that the founder believed that being friendly and accessible to all employees is key to building an empire.
It may take time to build an empire if you are indeed an entrepreneur. However, patience and dedication will help you realize your goals.
Deborah Francis is the President and COO of Built To Prosper Companies. Deborah Francis is an entrepreneur and best-selling author. She is also an investor, speaker, thought leader, and expert in business development. Deborah Francis has designed and presented training sessions and curricula specifically for entrepreneurship, small business growth and professional development.