Is there any secret behind a successful business?
I’ve been asked this question a lot.
But every time I ponder these words, I don’t know what to answer. Do people want an overnight solution, some magic beans to make their dreams come true? Let alone, we all have our own image of being successful, whether it’s financial or mental health success.
To be honest, starting your own business is like bowling for the first time. It seems like everyone else is by leaps and bounds ahead while you are slowly perfecting your throw.
Being a long time in the field, I have arrived at the solution that it is crucial to build up courage and start acting. You can follow some essential actions and shift your mind to set up your business for success.
With that being said, here are seven tips from influential entrepreneurs who have fared well in a competitive business landscape.
Seven Tips Successful Entrepreneurs Swear By
1. Believe In Your Product
Although it may seem to lay on the surface, not everyone is a hundred percent sure about the value of their product or services. If you are not passionately head over heels with your brainchild, you won’t realize what it takes to succeed. You won’t really do what it takes to make your company build up its client base and boost its revenues.
Your indecisiveness, your worries, your dislikes will prevent you from being deeply immersed in your undertaking. Arianna Huffington, a co-founder of the Huffington Post, reveals that you have to adore your business to keep haters and bay and move forward.
If you're going to start a business, you need to really love it, because not everybody is going to love it. When The Huffington Post was first launched in 2005, there were so many detractors. I remember a critic who wrote that The Huffington Post was an unsurvivable failure.
When you get reviews like that and detractors like that, you have to really believe in your product. When you really believe in your product, you are willing to deal with all the naysayers and persevere.
Arianna Huffington ‧ Founder of the Huffington Post
If you don’t pin faith on your products, a couple of negative reviews are going to knock you down. If you are not a believer – that kills your chances for success well before venturing off.
2. Have a Perfectly Written Business Plan
Planning plays a critical role in any business's success. A business plan is an excellent starting point if you want your business to grow 30 % faster. Business plans usually include thorough information that can help future-proof your idea, like market analysis, competitive analysis, customer segmentation, cash flow projection, and a general direction to long-term growth.
Besides, you should have a good handle on your small business’s trajectory before pitching your idea to investors.
3. Raise Your Online Brand Awareness/Visibility
Brand awareness is something placed on heavy rotation today. And for a good reason. It is crucial when launching new products and services, as it encourages customers to choose your product over a ton of others.
Brand awareness helps your target audience to recall or recognize your brand right off the bat. In fact, 82% of consumers searching online favor brands that they know. Since customers already know your brand, they are more likely to buy something from you than a competitor’s business.
4. Shift Your Perspective on Failure.
More than 90% of startups fail – just deal with it. Once you recognize this, you won’t be scared to make the wrong move. Famous entrepreneurs like Jeff Bezos know that it is all about your mindset towards failure that makes all the difference.
Instead of focusing on things that didn’t work out, shift the focus to learning, as Thomas Edison did. As a result, you won’t fail; you will find 100 ways that will not work. Once you reframe failure as an optimistic concept, you will take the plunge to go after what you want.
5. Be Prepared to Put in the Hours.
Whether you’re planning to leave your day job or you’re building a case as a side gig, you need to be ready for a sizable time commitment.
It may seem like being a self-starter grants you the freedom to follow a flexible schedule, but the reality is less glamorous. While many employees follow a usual 40-hour workweek, young entrepreneurs work twice as much. As the Bureau of Labor Statistics reports, more than 20% of entrepreneurs log more than 60 hours a week.
To adapt to the overworked entrepreneurial lifestyle, you should study the basics of business management, practice regular self-care, and delegate. Remember, you are the one-person show now. The buck always stops at you.
6. Empower Someone Else to Act for You
Being in a position of authority is full of underwater rocks. To ensure that everything goes smoothly, most young entrepreneurs are often tempted to shoulder it all. However, deciding what not to do is as essential as deciding what to do. Delegation is the first rule of successful management whether we are talking about a huge corporation or an aspiring small business.
You can’t get everything off your plate to keep tabs on all business processes like payroll, business planning, or analysis. Even if you got through your to-do list, there’d be more stuff that would magically appear. Delegation is the logical solution to get more done in a shorter period of time. Besides, allowing others to help you also increase profits.
Don't be a bottleneck. If a matter is not a decision for the President or you, delegate it. Force responsibility down and out. Find problem areas, add structure and delegate. The pressure is to do the reverse. Resist it.
Donald Rumsfeld ‧ US politician and businessman, 13th and 21st Secretary of Defense
7. Put Your Faith in a Trusted Mentor
Mentors have been there, done that, and have seen it all. Yet, a dismal number of undertakers kick off their businesses without one. On the contrary, if you get assistance from someone with intimate domain knowledge, you'll access valuable know-how.
It doesn’t have to be the top player in your niche. It can be a family member, former boss, or colleague, or even an Instagram influencer. In any case, a mentor is an invaluable sounding board – someone you can vent with or have non-judgmental check-ins.
On top of it, business leaders can link you to new sparring partners and contacts that will help your business expand even faster. And the more people you get in touch with, the higher the chances are that you will have connections that will pay off.
The Bottom Line
As a seasoned entrepreneur, I can tell you that you can’t just start a business by snapping your fingers. Being successful also means correcting your own mistakes with other’s faults.
Having a mentor is a great boon to an aspiring self-starter, but not everyone has a business guru on speed dial. If you haven’t met your business teacher yet, I hope these tips will make you better equipped to trailblaze your business journey.
Author Bio: Nancy Howard
Nancy P. Howard has been working as a journalist at an online magazine in London for two years. She is also a professional writer in such topics as blogging, IT and marketing.
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