Being an entrepreneur in financially challenging times

I hope you are enjoying watching the episodes of Risking It All again. I am.

One of the things I tried to nurture in our would-be small business people in the show was maintaining an entrepreneurial spirit.

I met a young girl about eight years old selling some jewellery in front of her house recently. As I engaged her in a conversation, she offered me a bracelet for $2. When I realised I only had $1.40 and a $50 note, I said I would come back and buy it after I got my coffee. She said I could have the bracelet for $1.40 and suggested that I could come on the way back and buy some other things.

This was an excellent example of being an entrepreneur. It reminded me of the saying 'a bird in hand is worth two in the bush'. In business we must listen to, and tailor our solutions to, meet the client's budget. This is particularly important when we know our clients are facing tough financial times.

I went back from this interaction inspired and re-evaluated my business. If your clients have the equivalent of $1.40, then what can you offer for this amount?

How are you being entrepreneurial in these challenging times?

Tips for the entrepreneur
1. Ask your clients if they have new or changed needs
2. Evaluate your solutions and tailor them to meet your clients' needs
3. Don't automatically drop your price, instead offer smaller packages so there is less spend

Let me know if you have a question or issue you wish addressed in this blog.