Owning your own business gives you a sense of freedom and empowerment. You can build things and watch them grow.
Entrepreneurs make decisions for themselves, realize their creative visions, and develop lasting relationships with other entrepreneurs, customers, and vendors.
That’s why we’ve put together these seven tips to help you become more successful:
1- Have a powerful business plan:
Planning plays a crucial role in any business success.
A business plan is a good place to start – defining your skills (strengths) and weaknesses, what you offer, how it’s unique and how you plan on growing your offering(services/product) . Try to prepare yourself mentally and practically for anything that can go wrong and how you would deal with it. For example, what happens if you get injured? What if clients pay you a month late?
2- Prepare for financial challenges:
Many entrepreneurs spend too much time looking for money and not enough acting, but that doesn’t mean that you can leap into the abyss without a plan.
For most entrepreneurs, they’re using their own savings to start their business. That’s risky. Have a plan, and you minimize your risk. (having a plan minimizes your risks)
And you could offer clients a discount if they pay a deposit or the full amount upfront, or even an incentive – e.g., pay 10% less if you deliver your product or service a week earlier. Whatever you do, be extremely careful of debt – this is one of the biggest killers of small business’ success.
3- Put your faith in a trusted mentor:
It can be a family member, former boss or colleague or even a trusted online source or blog. A mentor is an invaluable sounding board – someone who’s been where you are; someone with whom you can have regular, non-judgmental check-ins.
4- Hire great partners:
Successful entrepreneurs aren’t successful within a vacuum. They all have a great team and support network behind them.
You need to hire partners who have great character and whom you like and respect.
You and your partners will be working long hours together and making stressful decisions. If your partner has a character that you don’t respect, your team won’t last long.
When choosing your partners and team members, always remember that you can teach skills, but you can’t teach character.
5- Deliver value – not just quick profit:
Ensure your company delivers real value to clients. Successful entrepreneurs are in it for the long haul. They are not after a get-rich-quick scheme. Ensure your business provides services and sell products that actually deliver a substantially better result for your customers.
6- Know Who’s your customer:
One of the most common reasons that entrepreneurial businesses fail is that there isn’t a customer.
Know what your clients really want. The purpose of business is to bring your clients a greater benefit, a greater advantage, and a greater result.
If you start a business or make a product but don’t know who will buy it, that person might not actually exist.
Before you make a financial plan, raise capital, or even choose a name, make sure that there’s a customer who would buy your product or use your services.
7- Take risks & Manage risks
Humans are generally risk-averse, but part of being an entrepreneur is recognizing the risks that you should take.
Successful entrepreneurs take risks. It’s part of the job.
Successful entrepreneurs also know which risks to take and which they shouldn’t. Learn to recognize the risks that will benefit your business and take them.
You should take risks. But you shouldn’t take every risk that presents itself. Learn to recognize which risks are worth taking and which you should walk away from.
For example, if you know that you don’t fit the mold of the typical entrepreneur, find out how to better fit in and limit your risk of being skipped over for being different.
Be sure to recognize where you are in the entrepreneurial cycle when calculating which risks to take.
Learn to manage your risks, and you’ll be a much more successful entrepreneur.
Succeeding in business doesn’t require overnight success. In fact, that’s largely a myth.
Finding success as an entrepreneur is no easy task, but with these simple tips, we hope it becomes just a little bit easier.
Your turn, share with us your own tips and your success story in comment below.