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13 Things Every Entrepreneur Should Know

The basics

13 Things Every Entrepreneur Should Know

Trevor No Comment

We all have the potential to be an entrepreneur. Some of us have already been there, some of us are going through this and some of us just aren’t ready to take the first step. Whichever the case, here’s a compilation of 13 tips for any entrepreneur to become successful.

1. Have confidence in your product or service, and lots of it. Confidence is contagious. When you believe in your product and speak about it with passion; those around you will in turn, be confident about your product or service.

2. It’s not about luck. Just do it. As Shia LaBeouf is famously known for now, ‘Just do it’. You might think that your product or service needs luck to succeed; but in reality, all it needs is work and the act of ‘doing it’.

3. Focus on your product or service. The more you can focus on your product and service instead of running the business, the better the outcome. Focus on what is passionate for you instead of getting tangled in operational tangents; remember, customers are always attracted to great products and services. Plus, there are fully capable people that can keep track of books, if it comes to it.

4. Reduce fixed costs. Payroll is a number one concern when you start a business; your employees have families to support, debt and mortgages to pay. Don’t rush into hiring a full floor of personnel, but rather, leave it until you absolutely have to. Before you hire anyone, it is recommended that you put some money aside in the bank to cover up to 6 months of payroll as a backup.

5. Listen. Listen. Listen. As always, listen. Before spewing out all the wonderful things your product can do, make sure you listen. Your potential customer will reveal the pros and cons of your product so you can make an even better product! The other plus side is that this is the first step to building long term relationships with your customers.

6. Apply your experience. You might have majored in something completely different than what your product is about, but that doesn’t mean you’re not qualified to do it. Remember the first tip; be confident and realize that everyone brings something to the table.

entrepreneur 13 tips

7. Communicate values before goals. Just as it is important to be confident and passionate about your product and service, it is also important to extend this passion to values. Focus on using values to drive goals.

8. Culture based on ethics. As basic as this sound, this starts with the previous tip: communicate values and hire the right people. Reward people for making the right decisions.

9. Manage long-term priorities. As an entrepreneur, you will be needed to address urgent issues all the time leaving little room for long time planning. If you do this from the start, you can focus your actions for long-term results.

10. Have high standards. Don’t be complacent; always strive to be the absolute best. Apply this practice to employee satisfaction, social responsibilities and customer service.

11. Provide leadership. Just as you would reward people for making the right decisions; provide the necessary leadership for your employees to be great at their jobs. Take the time to coach them.

12. Personally collect and accept customer and employee feedback. Great business leaders always find time to talk directly to both customers and employees.

13. Continually refine your values and goals based on changes in the world. Be sensitive to emerging ‘quality of life’ issues for customers, employees and yourself.

This is a reduced checklist of what every company should have. If you’ve already started being an entrepreneur, don’t forget that there’s always a chance to go back and reevaluate your business. Are you ready to create the foundation for your business?

 

Sources: Entrepreneur, Ethics in business

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