Tips on Succeeding as an Entrepreneur
It’s an established reality that about half of new businesses close in the first five years. Starting up a business is the easy part. It is how to keep it thriving that will require more work. Of course, this doesn’t mean that your company will have to meet the same fate too. Even if you’re one of those that failed in their first attempt, there is a very good chance that you will perform better the second time around.
There are certainly a lot of things that you can learn from those who have been there and made it. As an experienced small business consultant, I have helpful techniques that I can share with you that will give you a glimpse of what it would take to make it. Here are some of them.
Have a business plan and stick to it
In my years as a small business coach, I’ve found a lot of newbie entrepreneurs tend to underestimate how crucial business plan is to success. Many often think that they can ditch the business plan and that creating one is just a time-waster. However, actually writing things down allows you to keep things focused while also making sure that anything vague is out of the picture. You will want your business plan to be as detailed and as specific as possible as it will help serve as a very useful guide on what your subsequent steps are going to be as the business progresses.
Develop a servant’s attitude
One of the many mistakes that business owners make that can lead to their downfall is not having a servant’s attitude. The mindset of being the boss and of being in charge can cause them to have a nonchalant attitude in dealing with their employees, their clients, their customers, and everybody else that they have to interact within the course of running the business.
As the business owner, you are not really the boss. Instead, everybody you interact with is your boss and it is crucial that you make them happy if you are to keep your operation afloat. A boss’ attitude is not going to help you achieve that. But the moment you adapt to a servant’s attitude, it becomes easier for you to slip into the role of doing what you can to keep everybody pleased and satisfied.
Stand out from your competition
One of the best ways to become a successful entrepreneur is to put forth an effort to be better than the rest of the businesses around that offer the same products or services as you do. Edging the competition out is not that hard to do too. The many little things that you do for your customers and your clients can make all the difference. For instance, if there are client inquiries respond to them faster. Try to work longer hours and if you can, consider getting smaller profit margins. Bigger profits will follow later when you are able to get the business established. The sacrifices you make up front will easily transform into long-term benefits for the business.
Be giving to your employees
A lot of times business owners forget that their business would not really exist without the people that are working to keep it so. Your employees are the business’ face and they are a reflection of the company and how well or not you treat them. Value your employees and your business will reap the benefits. Maintaining an image of authority is important as the business owner, but do this while being generous to the people working for you at the same time. Reward people when they do a good job. Be generous of your company’s success. When you uplift your employees for the positive things that they do, they become even more inspired to perform better.
Always test ideas before implementing them
Just because you seem to have experienced an epiphany doesn’t mean that it will translate well when implemented. As a business coach, I always tell my clients that a good idea may not necessarily get an equally good result.
This is the reason why you should always take steps in testing ideas out before taking the plunge. Get as many opinions as you can. A second opinion from their experts, from a business coach, or other entrepreneurs might help you make the right decision. Test things out first so you can tell if it will have a good chance of succeeding or not.
Put a lot of effort on networking
Most seasoned successful entrepreneurs will tell you about how the importance of networking cannot be discounted. A business would not exist without customers and one way of ensuring that you will always have a steady stream of prospects is through networking. Meet people. Step out of the office and interact with potential clients and customers. Make connections. Take as much opportunity as you can to build connections and your business will reap the benefits.