Myanmar’s government is currently focusing on facilitating greater foreign involvement with the nation’s economy, to supply small businesses with the funds required to foster growth. Figures show that these efforts are paying dividends, as Myanmar’s foreign trade rose during the latest fiscal year.
My experience has shown me that every business owner needs to believe in themselves if they want their venture to become a success. On the Htet Tayza blog I explain why self-confidence is vital for entrepreneurs.
“I always knew I was going to be rich.”
Ask any of the world’s leading entrepreneurs and they’ll tell you that they never had a single doubt that the venture they were about to embark on would turn out to be a success.
US business magnate Warren Buffett once said that “I always knew I was going to be rich. I don’t think I ever doubted it for a minute.” Meanwhile when Dell CEO and Chairman Michael Dell was asked what he wanted to do with his life by his dad, he simply said “compete with IBM.” Ask any entrepreneur and their story will be the same.
The importance of self-confidence
In other words an entrepreneur needs to be self-confident if they want to be a success. Studies have shown that self-confidence can be linked to success.
A study conducted at Purdue University in 1998 of 3,000 entrepreneurs found that a third held the belief that their venture had a 100% chance of success. Meanwhile research undertaken at the University of Houston in 1997 concluded that entrepreneurs are biased to think that they can prevent anything negative from happening to their venture. Finally a study done at Erasmus University Rotterdam in 2013 even discovered that entrepreneurs believe that they’ll have a longer lifespan than anybody else.
An entrepreneur needs to believe their business will be a success
This means that evidence seems to suggest that there’s a link between entrepreneurial success and self-confidence but why? The answer to that question may lie in the struggles that an entrepreneur is set to face as they establish their venture.
Statistics from the US show that a third of ventures will fold in their first five years. Two-thirds will collapse within the first ten. According to Business Insider, Nobel Prize-winning psychologist Daniel Kahneman has suggested that entrepreneurs need to be confident to even take on this kind of risk.
Kahneman commented that “a lot of progress in the world is driven by the delusional optimism of some people.” He went on to say that “the people who open small businesses don’t think, ‘I’m facing these odds, but I’ll take them anyway.’ They think their business will certainly succeed.”
Entrepreneurs need to be confident to take a chance
Therefore self-confidence is vital to entrepreneurs because it gives them the support they need to take on the considerable risk of starting a business. Without self-confidence entrepreneurs would never take the chances they need to capitalise on in order to edge out their competitors and build a lucrative venture.
Htet Tayza, Escape Gastro Bar
Hospitality is an industry that depends on the people it hires to man its ranks. As such on the Htet Tayza blog I’ve decided to look at five ways to let your employees know you appreciate them.
Hospitality businesses depend on their employees
Whatever industry they choose to forge their career in, there is one eternal truth every young entrepreneur needs to acknowledge. They need to cultivate a talented employee roster if they want their business to become a success.
This is particularly important in the hospitality industry. Hospitality businesses such as restaurants and hotels need good employees to carry out the everyday tasks e.g. serving customers that their revenue streams depend on.
Employee retention is a major issue for hospitality sector
Yet employee retention is a particular problem for the hospitality industry. For example according to The National Restaurant Association’s Chief Economist Bruce Grindy, there was a 62.6% turnover rate in the restaurants-and-accommodations sector in the US in 2013. This contrasts with a turnover rate of 42.2% for the overall US private sector.
As such entrepreneurs who are looking to build a hospitality business need to develop strategies which will enable them to hold on to talented employees. There are many strategies you can use to hold onto a good employee, yet there is one simple method that will prove particularly effective; showing your employees you appreciate them.
Five easy tips to let your employees know you appreciate them
Everyone likes to feel appreciated. Everyone likes to feel as though their hard work is being acknowledged. Doing so may persuade a talented employee to stay with you. Here are five ways you can show your employees that you appreciate them:
- Say please and thank you: Manners get you everywhere. They indicate that you respect an employee enough to believe they deserve common courtesies. Please and thank you go a long way.
- Get the treats in: Who doesn’t love after work drinks or pizza Friday? Get a little treat in for your employees when you’ve had a particularly successful week and they’ll know you value their hard work enough to believe it needs a reward.
- Cut them some slack: Everyone makes mistakes. Yet you don’t need to punish the people who work for you every time they make one. Cut them some slack every once in a while and you’ll show your employees that you appreciate everything else they do, so you can forgive one little mistake.
- Be nice: Simple, yet effective. People like positive people. Strive to be nice to your staff and they’ll see that you like the work they’re doing. Why else would you be in such a good mood? Plus your good mood will put them in a good mood and positivity goes down well with customers.
- Give them a challenge: Nothing shows appreciation like trust. Trust your employees with tasks that prove a challenge and you’ll show that you believe in them. You’ve seen their work and you know it’s good.
Be a good boss
Basically showing your employees that you appreciate them and the work they do isn’t rocket science. Just be a good boss and treat your employees with respect. Respect is often the difference between a member of staff who stays and a member of staff who goes.
No business can survive without a customer base to provide it with revenue, which is why this week on the Htet Tayza blog I’ve decided to explain how to build a customer profile.
Why do you need to profile your ideal customer?
You can have the wildest, most innovative idea in the world. If you don’t have a customer who’s willing to buy your product you don’t have a business capable of succeeding in the modern market place.
Therefore the first thing you need to do when constructing a new venture is build a profile of the customer that business is designed to cater to. Build a profile of your ideal customer and not only can you determine whether there are enough customers to make your company viable but how to market to said ideal customer to draw their funds to your venture.
Step-by-step guide to building a customer profile
As such you’ll need to know how to build a profile of your ideal customer to ensure you foster the construction of a successful company. Follow this step-by-step guide to build a customer profile for your business…
- Figure out who your customer is: The first step to building a customer profile is to determine who that customer is. There are several criteria you can use to determine who your ideal customer is; demographics i.e. age, gender, psychographics i.e. preferences, personality type and behaviour I.e. hobbies, likes and dislikes. This will tell you whether your ideal customer exists and if they do, whether they exist in such numbers as to make your business viable.
- Find out where the customer is: Now you know who your ideal customer is, you need to know whether you can reach them. You need to find out where your customer is. To do this conduct research to determine; where they live, where they spend their time and where they receive their information i.e. online.
- Determine how the customer spends their money: Now you know you can reach your target consumer, you need to figure out whether they’ll buy your product. To do this conduct research to determine how your ideal customer spends their money. Ask what they buy, why they buy it, where do they find the items they spend their money on etc. Determine their purchasing patterns and you’ll see whether the person your product is geared towards will actually buy it.
What will this process do for your business?
Complete this process and you will determine whether your product is capable of generating a consumer base large enough to supply your business with the revenue it needs to thrive. If it does, you can use the information you have gathered on your ideal customer to draw their interest to your venture and ensure it becomes a success.
Htet Tayza, Escape Gastro Bar
A new survey has revealed that workers in the hospitality sector want to feel valued in their job. This week on the Htet Tayza blog I reveal how easy it is to give your employees what they want.
The Nuts and Bolts of the Global Hospitality Sector
The staff that sit behind its desks, serve its customers and carry out its administration are the nuts and bolts of the global hospitality sector. Without them it would fall apart.
Therefore employers working in this industry need to make sure they hire and retain the best of the best if they wish to expand their operations and protect their profit margins. As such, anyone working in the hospitality sector may be interested to know what its employees believe is the best way to motivate their ranks.
One Third of Hospitality Employees Believe it’s Important to Feel Valued
According to Big Hospitality, Argos for Business recently carried out a survey of 2,000 workers in the UK to determine what motivates an employee.
Its results were illuminating. Two thirds of those workers in the UK hospitality sector who were questioned suggested that feeling passionate about the job you do is the most important motivation for a hard working employee. Yet a third suggested feeling valued is the most important motivation for an employee.
How Can You Make Your Employees Feel Valued?
You can’t do anything to spark passion inside an employee. They either have it or they don’t. However, you can make an employee feel valued.
Argos for Business managing director Danny Clenaghan noted that “motivating staff and showing appreciation for their hard work year-round needn’t cost the earth” and he’s absolutely right. Showing your staff that you value their contributions is as easy as thanking them for their hard work, buying a treat for the office every once in a while or congratulating your team on a job well done.
The Benefits of Making an Employee Feel Valued
In other words, showing your employees that you value their input into your business is the easiest thing in the world, yet its benefits are not to be underestimated. When you make an employee feel valued you boost their confidence, drive up their productivity and ultimately, provide them with the motivation they need to stay with your company.
Htet Tayza, Escape Gastro Bar
To ensure you have everything you need to build a successful venture, this week on the Htet Tayza blog I outline how to look after your customer.
The Customer is King
Anyone who’s ever had even a smidgen of success in building a profitable business knows one thing. The customer is everything. Without a customer, you have no one to buy your product/service, thus no way to generate the capital you need to survive.
In the modern world, the business sector is more cut-throat than ever. That is why it’s so important that you recognise the value of your customers and strive to look after them. If you don’t, you can bet your bottom dollar that somebody else will.
Five Ways to Look After Your Customer
Therefore, in order to prevent a loyal customer from deserting you, as well as attract new ones, you need to focus on looking after them. Here are five ways in which to do so.
- Treat Them With Respect: Manners cost nothing, but can prove extremely lucrative. No consumer likes to feel as though their custom isn’t valued. That is why you need to ensue your staff are respectful at all times.
- Provide a Feedback Service: A dissatisfied customer is a flight risk, but not a write-off. Keep them on board by providing a feedback service, through which they can vent their grievance. Then you can address it, show them that you value their custom, and persuade them to stay with you.
- Initiate a Customer Reward Scheme: Customers are savvy people – they want as much bang for their buck as possible. Provide that bang by initiating a reward scheme – coupons, gifts, reward points etc., to show them just how much they can get through directing their business your way.
- Hold a Customer Appreciation Night: If a customer feels as though their loyalty is setting them apart from everybody else, they’ll feel a greater desire to maintain that devotion. One way to make a customer feel unique, is to hold a customer appreciation event. You could, for example, hold an unveiling of a new product, available only to loyal customers.
- Support the Causes They Care About: Do some research and find out what causes your customers care about, then initiate efforts to support those causes. By doing so, you remind people that when they patronise your venture, they are helping a cause they hold close to their hearts. With that knowledge firmly in place, why would they ever want to leave?
Strive to Capture Their Loyalty
Whatever method you choose to implement to show you care about your target consumer, you must remember that the customer is king. Without them, you are nothing, which is why you should strive to capture their loyalty at every opportunity you get.
To ensure that your physical condition remains at its peak throughout the rigours of entrepreneurial life, this week on the Htet Tayza blog I reveal how entrepreneurs can stay fit on the road.
Balancing Fitness and Success
As any reader of the Htet Tayza blog knows by now, I subscribe to the healthy body, healthy mind ethic. It is especially important for an entrepreneur to stay healthy, as only through doing so, will they achieve the mental fitness required to ensure they are positioned to make their venture a success.
Yet the life of an entrepreneur is a hard one. You are constantly busy, and you spend a lot of your time travelling, so that you can take advantage of every opportunity open to you. Consequently, slotting a fitness regime into your schedule when you are travelling is not easy to do.
A Few Tips to Help You Stay Healthy on the Road
However, it’s not impossible. It is entirely possible to craft your own fitness regime whilst travelling for work, to ensure you stay healthy. Here are a few tips to help you do so…
- Get Creative: You’re not always going to have a gym at your disposal when travelling for business, so you need to think outside the box. Maybe you can run up and down some stairs, go for a walk around the hotel grounds etc.
- Pack Fitness Supplies: This goes hand in hand with the first tip. If you pack small weights, for example, you can do a little weight training no matter where you are.
- Book the Right Hotel: Picking the right hotel is essential for keeping fit on the road, as it allows you to keep up with your regime. Look at the hotel and see if it has a gym, healthy menu options etc.
- Sleep Wherever You Can: Sleep is essential to fitness, as it allows the body to rest; rest is needed to ensure it can operate to the best of its ability in the daytime. Therefore, when you are travelling for business, sleep wherever you can; in the car, on the plane, in between meetings etc.
Ensuring You Are At the Top of Your Game
From here, we see that as long as you put the effort in, it is entirely possible for an entrepreneur to engage in efforts to stay healthy, whilst on the road for business. By doing so, you are positioning yourself to ensure you are at the top of your game, and are able to build up a successful entrepreneurial venture.