While hard work accomplishes much, it’s not the primary key to success in business. Applying smart management practices is key to sustaining businesses − and careers. These seven tips to become a successful entrepreneur have helped lead to success for other entrepreneurs, and they will do the same for you.
Gain Requires Pain
To become successful in business, you will be required to make sacrifices. In fact, you may have to give up a number of activities, habits and/or relationships that don’t promote success because they’re wasteful, distracting, inefficient or unrelated to your goals. As hard as it may be to give these up, successful entrepreneurs keep their focus by making sacrifices. It can help to post sayings or images that inspire you, so when you’re experiencing a bit of FOMO (fear of missing out), you can console yourself with tangible reminders of your goals.
You may ask, “What about work-life balance?” To paraphrase Tony Robbins, work-life balance is for dabblers. Aim for work-life integration. When you’re able to work your butt off and enjoy the work – your people and environment become a part of the whole.
People Don’t Sell, People Buy
To buy or not to buy? While it sounds like Shakespeare, it’s the question consumers ask themselves when faced with a decision to part with their money and become the owner of goods or the user of services. The deciding factor, however, lies in the weight the customer puts into the “buy” or “not buy” basket based on the information they have about the product or service and their personal needs. How can you help them tip the scales to the buy basket? Successful entrepreneurs use this as their mantra.
Later Never Comes
In business today, customers’ needs must be met faster than ever before. And while patience is a virtue, it’s also too much to ask of most customers who are used to getting what they need immediately or almost immediately. On the other hand, making updates quickly in business technology and in process improvements often leads to success by securing your place in the market or outpacing your competitors.
Practice, Practice, Practice!
Is there some skill you wish you could be great at performing? To move from wish to reality, spend some time practicing that skill. The more time and effort you put into practicing, the more naturally the skill will occur. And so it is in business, the more you practice the skills that promote success, the more success your business will experience!
Time Is Money
Whether it’s how an employee spends his time or how long it takes her to produce a widget, that time is costing your business money. That’s why efficient processes and well-trained employees are essential parts of the equation for successful business owners, saving your business time — and therefore — money.
Money Is Money
The wise management of your company’s resources is integral to its overall success. Keeping accurate financial records, filing and paying taxes on time, and responsibly accounting for the revenue that flows in sustains your business for the sake of your customers, employees, and your financial future.
Who You Know Outweighs What You Know
Having successful people around to work, advise you, or just make suggestions provides opportunities to learn from them and apply their lessons to your business operations. While your education, background, and experience lend something important to your business’s success, the people you spend the most time with will have even more influence. This is also true of your staff – don’t be afraid to hire up!
The professionals at Franchise Business Source are always in your corner as a trusted consultant. Through a personal, confidential consultation, we can guide you through the decision process with the support, tools and tough love you may need in order to succeed. We offer an independent yet insider’s view of hundreds of franchise options and can help you find the right fit based on your personal needs and goals. Sign up today for a free consultation, or call us at 614-768-3884. We’re looking forward to getting to know you!