29 Apr 10 Tips To Becoming A Successful Entrepreneur
“Entrepreneurship Is a Mindset, NOT a Skill Set!”
With that in mind, here are my top 10 tips to becoming a successful entrepreneur, particularly if you are looking to jump into your first business.
For seasoned entrepreneurs, hopefully these tips are ingrained into your entrepreneur mindset…for ever!
1) Don’t be afraid to ask for help
In any business, you are always learning new skills, knowledge and how to run your business, so reaching out to others who have experience in areas that you may not, is a great habit to get into.
2) Look after yourself
If you don’t, you run the risk of not being around and as a consequence your business may not be around either. Eat healthy, exercise regularly and take time to wind down and relax. Being an entrepreneur is a lifestyle choice, so be sure that it doesn’t become all consuming.
3) Never stop learning
Operating your own business is a constant learning curve, so embrace it. Whether it be learning new software or how to manage employees, this is the life of an entrepreneur.
4) Build a solid business plan
Its the old saying “fail to plan is a plan to fail”, so creating a plan gives you a sense of purpose and direction that you can take your business in. Even though creating a business plan may seem to be time consuming at the time, you’ll appreciate the efforts that you went through later! Also, having a business plan is a great tool to help you raise funds, employee new staff and simply give others an idea of what your business is all about.
5) Know that there are always financial pressures ahead
Cash flow is king! Always be sure that you know your numbers each and every day so that you can plan ahead for any financial challenges that may cross your path. Create a budget and stick to it.
6) Be cost conscious at all times
Sure your business needs money to purchase things to run effectively, but be aware of supply costs, product costs, and other expenses that your business needs to pay. Follow a budget and control your overheads at all times. If you are just starting out, maybe go without the ‘corner office with the killer view’ until your business can afford it!
7) Free marketing is a given
In today’s online world, listing on Google is free, improving your SEO is free, listing a business page on Facebook is also free. Don’t spend the big bucks until you are making the big bucks and you are ready to scale your business.
8) Get a mentor
A mentor could be a family member, a friend or a professional mentor to small businesses. Which ever one you choose, a good mentor must have gone through what you are going thru right now and more importantly a good mentor will make you accountable. Without accountability, you do not move forward, it’s human nature.
9) Build a team that embraces your vision
Great people make a great business, period. Take the time to find the right fit, don’t rush the process and always focus on how they might fit with your vision. Its always better to employ people with the right attitude rather than employing people for the right skills. You can always teach skills later.
10) Mitigate risk
Good entrepreneurs know what risks they are taking on board and when necessary, they take out insurance or put together processes to reduce these risks. So don’t leave you or your business exposed, when you don’t have to.