Being an entrepreneur in financially challenging times

30 April 2009 | 12:40 - By Shivani Gupta

In business we must listen to, and tailor our solutions to, meet the client's budget.

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.

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Comments (1)

03 Jan 2011 16:25 AEST

Vee

From: Rowville

Risking it all documentary

I teach Commerce/business subjects at high school and I'm desperately searching for a copy of the "Risking it all" documentary on DVD. So far I've had no luck at the SBS shop and website, Alley Kat productions etc. I know this documentary aired a couple of years ago, but I'm hoping to bring it into the classroom to inspire a few budding entrepreneurs and teach starting a business from a real life perspective. Is anyone able to help me with this please?

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About this Blog

Risking It All presenter and business expert Shivani Gupta has a passion to see people grow their businesses. Shivani brings her vast experience and practical business sense to help out the entrepreneurs in the television show and the SBS online audience in her business blog.

Shivani Gupta is a business dynamo with heart, vision, values and passion. She is a former corporate executive who “risked it all” herself to become an author as well as establish her own successful business coaching and speaking business, Passion@People. Shivani is well qualified for the role of helping our four start-up businesses, and your business too. Shivani has worked with a range of companies from sole traders to six of Australia’s top ten companies. She has won awards that include ‘Telstra Young Business Woman of the Year’. She was born in India and grew up in Australia. For more information about Shivani visit www.shivani.com.au

 
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