SOME TIPS TO HELP YOU SUCCEED AS AN ENTREPRENEUR
For many people, the idea of starting a new business is a source of joy and accomplishment. For some, watching others effortlessly handle the blows of entrepreneurship becomes the propellent force behind the desire to start their own business. Though starting a business brings a great feeling of fulfillment, it must be noted, however, that running a successful business over a long period of time is not a walk in the park. There are a few basic information you need to know as an entrepreneur. Here are ten of the simplest tips to help you boss up effectively in this new season.
1. DO YOUR RESEARCH
Every other thing you will do as an entrepreneur is deeply embedded in this point, as this is the most important stage in every startup. To effectively run a business, the entrepreneur must have done a thorough research in their chosen field. Finding answers to your why is as important as thinking up the kind of business you want to venture into. Starting a business without having embarked on an extensive research is like driving around a city alone as a tourist. Doing your research, thus, serves as the road map on what an entrepreneur does and how he does it.
2. HAVE A SOLID BUSINESS PLAN
The next most important thing to do after your research is to draw up a solid business plan. The research will guide you in creating a business plan as you answer some key questions like the kind of problems you would want to solve with your business. A solid business plan should break the core of your business into a detailed visualisation of your business.
3. PLAN YOUR FINANCES
Once you conceptualise a business idea and are convinced it is the niche you want to work in, you must have a clear financial plan. The financial plan of your business is a simple document containing the financial situation of the business broken down from the present to the future (short-term and long-term). Because the financial plan is a strategy to help you achieve the financial goals of the business, it must start with the present state of your business while working gradually towards your future expectations. The plan must take care of your startup capital and how you expect to inject funds into the business as and when the need be. Visualize your business as a newborn baby and you, the parent, dealing with third parties on its behalf.
4. VENTURE, ONLY WITH PASSION
I know you must have seen all the fluff on social media about people living their best lives working for themselves. The truth is, running a business is a daunting, nearly draining task. As an entrepreneur, you will find yourself doing everything from management to operations to PR to running errands. You may sometimes go as far as leading the cleaning staff. The point is, if you are not passionate about the industry you are in and the service you render as an entrepreneur, your business will not survive the next holiday.
5. BE WILLING TO PUT IN THE WORK
Quite contrary to what is usually portrayed on social media, the road to the top as an entrepreneur is a bumpy one. There will be countless times rejection will make you question your worth and the significance of what you have chosen to do. You may run out of money frequently in the beginning. There will be nights you spend depriving yourself of sleep and many more. Sometimes your work will get in the way of your relationships. To see the success of your business, be prepared to roll up your sleeves to get your hands dirty. As an entrepreneur you must be able and willing to put in the long hours, the energy and the resources to ensure that your business not merely survive, but thrives gracefully and weathers passionately through the storm.
6. LISTEN TO YOUR CUSTOMERS
Customers are the most integral part of every business. Without your customers, you’re already out of business. It is therefore important to pay critical attention to feedback, complaints and suggestions made by customers. A good entrepreneur knows the industry he operates in, but the best entrepreneur is one who knows his clients and meets their demands in accordance with the practice and culture of the business.
7. DELIGHT YOUR CUSTOMERS
Businesses thrive better on referrals from satisfied customers. It’s always important to under-promise the customer to be able to blow them away with the final delivery. There’s a higher chance of a happy customer coming back, and sometimes with a prospective or new customer.
8. ENGAGE THE RIGHT PEOPLE
Entrepreneurship is a lonely road to travel on and to succeed, you will need to hire others who share in your dream and vision for the business. However, hiring does not mean just bringing any good person on board. A person could be good on paper, could be super smart, and still be morally poor or a bad fit for a role you hire them for. You wouldn’t want to entrust your business in the hands of a wrong person. Engage the right people, and not necessarily the best; learn to hire candidates who possess both skill and character.
9. BE FOCUSED
The tendency to get swamped in too much work as an entrepreneur can be so overwhelming that you may sometimes end up being very unproductive. To cure this, an entrepreneur must learn to focus on one particular thing to the end. It is always advisable to break tasks down. This will make it easier to focus on what needs to be done and within what time frame.
10. TAKE ACTION
As an entrepreneur, you must learn to act fast. Before you take any action, the final result is always nothing. Taking action actually reverses that reality and gives you something to be proud of. While you take action, though, give yourself the permission to make mistakes. Embrace the grace to learn and evolve from those mistakes. A great entrepreneur is one who has learnt to forgive himself for the things that went unplanned and the those beyond his control. While failure may be a good thing to learn from, be sure not to spend the rest of your life repeating avoidable mistakes. take action, fail fast, learn smart, and do better with the new information you have.
We are waiting to hear your success story!