10 Analytics Essentials of Entrepreneurship
Data analytics combines big data technology, concepts, advanced statistics, techniques, and analytics tools to extract financial value from huge amounts of data. This technique analyzes business issues objectively.
In my experience, I found these ten analytics aspects that are essential in entrepreneurship:
- Have a passion for what you do
Make a timetable and track how long you spend on each task to see how much you spend on passion projects. You’re doing well if you’re happy with your activity time. If you’re doing something you don’t enjoy, make changes.
2. Pursue excellence first, money second
This part requires a lot of research and questions. You have to see the best in your field. How do you measure excellence in a product, service, team, or employee? You can make better decisions if you use key metrics.
3. Be open and honest with others and yourself
Ask for feedback. Find out how many of your clients, customers, partners, team members, and other people you work with are honest and can be trusted to be honest. Make a way to figure out how trustworthy your work is.
4. Have a “can-do” attitude
Create a to-do list and change it daily. Show how much you’ve accomplished so people can view your efforts.
5. Be the leader your team needs
Spend time with employees, update your blog, create newsletters, and be visible online and offline. Record how often you meet with employees and take note of their job satisfaction.
6. Learn to communicate well
Increase your visibility by participating and asking for feedback. Before proceeding, identify issues and opportunities because your team should know what you’re thinking. The goal is to find out what your strengths and weaknesses are when it comes to communication.
7. Be a teacher and a learner
Whenever possible, train employees at work. Engage and share your expertise. If you don’t know something, consult experts. Keep track of the time and money spent on training. It’s easy to stop training when times are bad because it may seem pointless but training can help improve your business, so prioritize it.
8. Have your ear to the ground
Keep an online and offline presence and keep up with company and employee trends. Hootsuite and other schedulers make it easy to manage all social media messages. If this task takes up too much of your time, you can hire a virtual assistant to do the work for you.
9. Be dynamic and open to change
Schedule check-ins and encourage sharing in one-on-one and team meetings. If you listen and keep an open mind, you can improve and advance your business.
10. Know when to quit
Everyone fails and every company will fail at some point. Winners know when to change tactics while losers won’t quit until the boat sinks. Determine your company’s key metric whether it’s sales, profit, engagement, or risk potential. Identify the lowest acceptable value and be ready to exit when you reach that point.
Evidence shows that data-driven marketing and operations can benefit companies of all sizes, including small businesses. It can help decrease costs, earn more money, and give clients a unique experience they’ll love.
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Dan Meyer heads Sonic Analytics, an analytics firm with offices in Manila, the San Francisco Bay Area and Ocala, FL. With over 20 years in Big Data, Dan is an author, public speaker and business expert in virtual staffing and process automation.
Dan brings big data analytics solutions like business intelligence and data storytelling to small businesses looking to level up their use of data, virtual staffing and technology. An advocate for the use of analytics for civic responsibility through training, consulting and education, Dan loves volunteering his expertise with schools and non-profits.