Global Ecommerce Business Growth is going to hit almost $5 trillion two years from now. That is a gigantic leap from half a decade ago. Ecommerce business growth have been steadily rising in the worldwide retail market since the start of the decade.
New studies projected that the worldwide retail eCommerce sales will reach a new high by 2021. Ecommerce businesses should anticipate a 265% growth rate, from $1.3 trillion in 2014 to $4.9 trillion in 2021. This shows a future of steady upward trend with no signs of decline.
If you want to take advantage of the phenomenal business growth long-term and be able to build a scale-able business, you must start with a business growth mindset.
Why is it important to take advantage of this immense growth in the ecommerce world?
The reason is simple – everybody else is moving forward, and you don’t wish to be left behind! Your ecommerce business cannot afford to stay maintenance mode.
Maintenance mode is for the dying. Once you take that approach to your business, it is bound to dry and die out!
A lot of business once they sniff success stop growing for several reason. The founder has lost his energy and has become satisfied with what he has achieved. Some have stop planning for new challenges, while still others has just stop learning new way of doing things.
This mindset has an adverse effect to both you and your business. Let’s face it. We are not born to be comfortable. We are made to explore new horizons, to make known the unknown. That is how the world was won in the past, and that is how new frontiers are going to be explored in the future.
Every ecommerce businesses should learn these 3 biggest lessons
Lesson #1. The importance of maintaining a mindset of growth for your ecommerce business cannot be under estimated.
Never stay in your comfort zone too long, it makes it hard for business growth to happen. You have got to get out of there and step into uncomfortable situations. If you ever want to get better, you must first stop with the excuses — they’ll keep you exactly where you are.
When faced with difficulties, embrace it and learn to see those challenges as opportunities you can take advantage of. A lot of people shrink when difficulties come. Nobody wants to persist anymore. Most people just want an easy life. This can be observe in all spectrum, from marriages to careers, to businesses, and even sports. But those who learns to embrace the challenges as opportunities for growth, they are the ones who really get to the top.
Failure is a part of growth, one must learn to accept it. To borrow the words of sir Winston Churchill
Success consist of going from failure to failure without loss of enthusiam.
You must learn to accept failure. But never be accused of NOT trying!
One of the things I always tell my daughter who is a junior tennis player is that, to never seek for the approval from others. Because once you look for it, you will not do something out of your own volition. It is like a sink hole. The further you go deeper into it the harder it is to struggle against it. Instead, to focus on the process of learning.
The process of getting better is 99% self-motivation and self-criticism. Learn how to effectively accept (and use) criticism. Focus on the process of getting better at your business, not the result. Then set aside a time for daily reflection and self-evaluation. That is how you maintain a growth mindset.
Maintaining a mindset of growth is the first biggest lesson on ecommerce business growth.
Lesson #2. The importance of creating a plan for failure as a buffer around your ecommerce business
Having a plan and a backup plan isn’t enough in today’s fast advancing ecommerce growth. Creating a plan for failure, is essential when entering growth mode. One must be able to anticipate failure and create buffer around against the loses that might come as a result.
Why should I plan for failure? You might say.
You might think that this is somewhat paranoid or negative, right? On the contrary, planning for really bad situations makes you smarter than the rest. It is called “contingency“. First of all, let’s get something clear, there is a huge difference between thinking that you are going to fail and preparing yourself for failure. These are two completely different things. One is based on fear while the later is based on smart logic.
Starting up and being a leader of an ecommerce business can be a very emotional and difficult life experience. Preparing yourself for the worst case scenarios imaginable allows you to balance everything.
Planning for failure is an excellent business growth lesson an entrep should learn. It makes you move faster because you know you have covered all your bases.
Lesson #3. The importance of leading self while leading others to through stages of growth.
You cannot give what you do not have!
You cannot lead without people. If you want to grow, it can’t happen without people. Leading yourself and others through every stages of growth is a journey every merchant who wants to take advantage of global ecommerce growth should learn. Leading self is first step to leading others.
Just because you’re the manager of a 20-person department or you have a successful product on your hands, doesn’t automatically make you a leader. People must want to go where you are going and do what you are doing! If they can’t, then you are not a leader!
To lead others through the different stages of your ecommerce business growth, you must first invest in yourself. Make yourself better! Increase your knowledge as well as increase your skills and experience. Read books, practice your skills, and spend time with people. In other words, be a better person that others can imitate.
To lead others, one must also lead by example. You don’t pour water from an empty vessel. That vessel must first be filled before anything comes out of it. You cannot lead others if you are not able to show them how to do certain things! Words can only do so much.
Ecommerce business growth mindset is less about theories and what not. It is as much as learning, doing, and being prepared to admit you needed to learn more.
Check out these wonderful ecommerce business growth tips.
The biggest ecommerce business growth factor you should learn are growth mindset, a plan for failure, and the ability to lead yourself.
If you follow do these growth factors and apply it to your ecommerce business or any business. I can guarantee you, you will experience huge difference in the growth of your ecommerce business.
P.S. If you have a second, sharing this article with your twitter and facebook followers would be a huge help.
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