12 Success Tips For Today’s Entrepreneurs

12 Success Tips For Today’s Entrepreneurs

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Working for yourself has many benefits. As an entrepreneur, you are the master of your own destiny, the one you depend on to start and end your day and to advance your career. That’s the prime benefit — everything else follows.

Hundreds of thousands of small businesses are launched each year. Unfortunately, many also fail. Here are some tips on how to keep your business focused and flourishing over the coming weeks, months, and years.

1. Connect and collaborate — Networking provides a way for you to connect with people that can assist your business. It is an ongoing process, one where you will give as well as take. Learn how to collaborate with others to mutually benefit your businesses wherever possible.

2. Take risks — You may be risk adverse, but that lack of risk taking may come to hurt you. If you have big dreams, then you may need to take big risks. Consider what goals you have in mind and what big jump you need to take to get there. Risk involves losing everything — are you ready?

3. Know everything, delegate with care — Too many emerging businesses rely on minds that handle only portions of the business. If your engineer leaves, will that move take down your business? It is better to know everything about your business first before delegating to someone else.

4. Hire only the best — When you’re ready to assemble your team, hire the best people that do what they do. Assemble your team with care, choosing candidates that are the best fit, not simply a good fit. One of your key individuals is your accountant, your money guy or gal who will help you know and control your numbers.

5. Money is a useful tool — Your money person should arrange access to lines of credit, private backing, and other forms of financial support. Without money, your business comes to a halt. With money, you have the right tool to run your business and multiply your success.

6. Do the right thing — Never cut corners and always do the right thing. This framework is built on the golden rule which is a proven method of success. You must build and maintain trust — people should expect you to deliver and you must always maintain consistency.

7. Keep looking ahead — It is easy to allow today’s success to continue to drive your business. It can also be a snare. Never rest on your laurels — look for ways to improve your business, setting new goals and taking on new ventures.

8. Learn how to persuade — Your business is all about finding new business opportunities. You must learn how to persuade people to buy into what you believe. Polish both your oral and written skills to convey your points with clarity.

9. Always be flexible — Rigidity will cause you to break, while flexibility will help you endure the many challenges that you will face. And you will face many. Just as a palm tree sways in a hurricane, but remains in place, you need to adopt a similar resilience to keep going.

10. Believe in yourself — You’re the person with the clearest vision about who you are and what you do. Maintain focus and believe in yourself. Others may rise up and attempt to bring you down — be confident in yourself and stay the course.

11. Know your competition — As much as you know your own business, be a student of your competing businesses. Learn about their product lines, business initiatives and what changes they are making. You don’t need to copy what your competitor’s do, but you may need to adopt certain practices and adapt accordingly.

12. Go all in — You have a vision, so go “all in” with it. Hold nothing back and be prepared to stand on what you believe without worrying what others think. It is your vision, one that only you can advance.

Your Approach Modified

One of the beautiful things about working for yourself is that you can make adjustments to your business model on the fly. That means if you need to expand into a new area or modify your approach, you can. Try that with most established businesses and you will run up against a brick wall.

See AlsoThe Daily Challenges of Small Business Owners

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