Entrepreneurship success isn’t just about the idea and selling it effectively. One of the elements that many forget is that true start-up success depends on building successful relationships.
Whether that means your customers, investors or even your employees, at some point as a business leader, you are going to have to get good at building relationships.
In this article, we’ll look at how entrepreneurs can build successful relationships that will support their ventures over time.
1. The Power of Networking
Today the power of the internet and social media has made it very easy to connect with almost anyone worldwide in the blink of an eye.
It’s so easy in fact to get caught up in all things digital we often forget there are swathes of real people in the real world who are willing to talk business.
Meeting new contacts via networking is one of the most powerful ways to build strong connections.
To build a robust network consider the following:
Be genuine: Don’t be all about you and making a deal. Aim to be your authentic self. Try to be the person that people want to engage with, not the person who hogs the conversation and drives people away.
Be sincere and do more listening than talking. People are more likely to want to engage with and help someone who is sincere rather than someone who appears to be networking solely for personal gain.
Try to give something before you aim to receive, aim to give value. Do not move too fast to push the relationship to a business outcome.
Building good business relationships, much like any other relationship takes time and you need to build trust above anything else first.
Attend industry events: Industry events can be a goldmine of contacts for aspiring entrepreneurs.
Do not go in with a fixed mindset of what a potential mentor, collaborator or investor looks like. Talk to as many people as possible and circulate. You never know who you will be introduced to, so always be ready and open to meet like-minded individuals.
Join professional groups and online communities: Platforms like LinkedIn and industry-specific forums can connect you with professionals who share your interests and goals.
2. Learning from Experience
No matter how great your idea is or even how experienced you are, there is always something new to learn.
Try to be open to ideas from people who have walked the path before or who have different insights and points of view.
Mentors can often provide invaluable guidance and offer advice to help avoid the common pitfalls of entrepreneurship. Mentors can take many forms, so be open to ideas from those that may not traditionally appear mentor-like.
Do not be that person who has to jump every hurdle to realise they could have avoided all the trouble in the first place if they had just listened.
Yes, as an entrepreneur there’s a need to be single-minded and determined but that has to be balanced and measured with real-world experience. Listening to those who have been there before is such a simple thing to do but so few do it.
Try not to let your ego and your desire to be ‘right’ block your true potential.
Seek out mentors who align with your goals: Individuals who have been there before or have overcome challenges make the best mentors.
They can fully appreciate all that you are going through. Insights from people like this can be great for motivation or for refocusing on the issues you are having with your business.
Be open to feedback: Don’t be afraid of honest feedback and constructive criticism. It’s essential that you at least listen to what a mentor has to say.
Do not make knee-jerk assessments and block out anything that you do not instantly align with.
Take time to reflect on new ideas and evaluate them first before throwing the new insight out with the garbage.
Do not immediately shut down any criticism of your idea, this will only make your mentor less likely to come forward with valuable insights later.
3. Engage with Customers
One of the mistakes some entrepreneurs make is that they view customers as a pot of money that they need to chase and convert. With this mindset, you may gain a few one-off customers but you will be driving away many long-term clients.
Often people buy from people they like, so you will need to gain trust before you make a single sale.
How you build that trust is up to you, but thinking long-term will ensure you get repeat business for possibly years to come.
Prioritise customer service: Exceptional customer service is not difficult but so few can be bothered to do it.
Watch your response times and how you interact with your customers. Do not leave customers hanging for a response to an email, message or phone call. Do you listen to their needs? Or are you just in it for the quick sale?
Go the extra mile to delight your customers by introducing them to new products or services that could genuinely make their lives easier.
Sales will come automatically if you follow this approach.
Build a community around your brand: Engage with your customers beyond transactions. Create opportunities for them to connect with your brand through social media, events, or loyalty programs.
Building a community fosters a sense of belonging and strengthens customer loyalty.
4. Creating a Positive Work Environment
Your employees, if you have any are the backbone of your business. Aim to create a culture of positivity where employees feel valued. Employees who are valued and supported are more likely to be more productive and loyal.
Encourage open communication: Create a culture where employees feel comfortable sharing their ideas and concerns. Open communication fosters trust and collaboration.
Recognise and reward contributions: Acknowledge the hard work and contributions of your employees.
Recognition can come in many forms, from a simple thank-you note to formal awards. Showing appreciation boosts morale and reinforces a positive relationship.
Final Thoughts
As an entrepreneur building strong relationships is not just a nice to have, It’s essential.
Aim to network and connect with people who have similar interests and goals. Don’t be afraid to join industry groups and forums to build your connections.
Aim to be authentic and listen to those that you interact with. Don’t be the person who is always selling themselves. Be likeable and personable and the rest will follow.
In the end, business is about people. The stronger your relationships, the stronger your business will be.
Good luck!
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