Twenty Three Top Tips from Entrepreneurs
As we interact with entrepreneurs like you on a daily basis, we are often interested in hearing all your stories, be they (hopefully) success stories or tales of gloom and despondency! The very essence of an entrepreneur dictates that you have plenty of tenacity and spirit and many people believe that entrepreneurs are born, rather than made. However, each one of us needs to hone a really wide array of skills and we sometimes need to refocus to ensure that we are always moving forward and in a constant mode of development. Our daily discussions have prompted us to gather together a list of twenty three tips from entrepreneurs, which we hope are of value during your daily grind!
Always identify the need. Successful entrepreneurs provide goods or services to a hungry market. Don’t make the mistake of coming up with an idea and then trying to see whether it will sell, or not. Analyze the need first.
Apply the KISS principle. Try to keep it simple, as much as you can. If you have too many loops in your sales process, or require the interaction of too many parties to make it all work, you face an uphill battle.
Redefine the work ethic. If you are just setting out as an entrepreneur, you may have thought that you needed to work hard in your previous occupation. Get ready to reinterpret your meaning of hard work!
You, Inc. Essentially, as an entrepreneur, it’s all about you. While you may have a branded product or service, go out of your way to project you as the expert and the valuable cog in the wheel.
Analysis – paralysis. It can be very easy to fall into the trap of constant research and a loop of information gathering. There’s a time and place for this essential element, of course but you must always feel as if you’re placing one foot in front of the other and not hanging in midair.
Surround yourself with excellence. Many experts suggest that you take on the characteristics, ethics and approach of those who you interact with. Try to surround yourself with positive and productive people who have something to contribute to your overall good.
Watch the clock. Time management is a fundamental consideration. Don’t get hung up with analysis, but do make sure that you produce a comprehensive and workable time management plan for your daily and weekly activities.
Just do it. Discipline is everything and never put off until tomorrow what you know should be done today. Over a period of time, this kind of behavior will evolve into a lack of productivity.
Don’t reinvent the wheel. You may have a very novel and exciting concept and expect it to sell like hot cakes. That doesn’t mean that you have to reinvent all the sales, marketing, operational and backup machines that will be necessary to bring your baby to market.
Be like a rhinoceros. You will need thick skin and must be able to brush off any rejections, any negative reactions or naysayers. This is not to say that you should ignore any constructive criticism, or that you should ignore disgruntled customers, but you must be able to bounce back right away.
Be frugal. When things start going well, remember how much of a struggle it may have been in the past. Always maintain a frugal approach and run your business as if every penny counts.
It’s a YE state of mind. It may not be a New York State of mind, as the song goes, but your outlook and approach will dictate your ultimate success. Believe!
Have an appetite. Always be hungry and driven and not “fat and happy.” You must be constantly striving to get to the next level.
Social buzz. If you don’t understand the importance of social networking to your business yet, get on board as quickly as you can. This is a train that has already left the station and you had better jump onto it as soon as you can.
Get a mentor. Seek out someone who has been successful in your niche of operations. If you can develop a personal relationship, all the better. At the least, try and sign up for his or her books, seminars or e-mail newsletters.
Nerves of steel. Becoming a successful entrepreneur requires you to be a lover of roller coasters. If you like those white knuckle rides, be prepared.
SWOT. Take an honest look at yourself and your operations. Can you determine what your strengths and opportunities are? Perhaps even more important, what are your weaknesses and can you envision your threats.
Don’t stand still. Entrepreneurialism is a constant process of evolution. Be always looking for the next opportunity and how you can improve your breed.
Horses for courses. While an entrepreneur must often be the master of all, it only makes sense to allocate some of the complex and important professional elements to appropriate people – accountants, attorneys and other advisers.
Never take off the training wheels. There is no such thing as too much education, so try and fit in seminars or other training courses into your active schedule. These are good investments in your future.
Everything is negotiable. Being in business requires you to be flexible. They say that everything is for sale for the right price and in business, everything is negotiable as you try and achieve a win-win situation.
Shout it from the rooftops. Self promote at all times. Have your own elevator pitch ready and be able to indicate and inform about you, your products and your services.
Believe. With self-confidence and a strong sense of self belief, you can go to the moon.
We would love to hear your tips?