In the words of Thomas Alva Edison, the inventor of the light bulb, “I have not failed 700 times. I have succeeded in proving that those 700 ways will not work. When I have eliminated the ways that will not work, I will find the way that will,” That is a heck of a lot of determination he showed there. WOULD YOU HAVE GONE AS FAR? (let's read your thoughts on this in our comment field after you must have read through the tips below)
A common challenge on the lips of most entrepreneurs is the lack of fund to start-up an idea – but I believe one thing that will definitely put a stop to potential entrepreneurs is FEAR. Thomas Edison overcame that fear 700 times by combining the tips below.
This piece offers a number of common characteristics that are shared by successful business people. Applying these tips to a winning mentality and a thorough strategic planning will ensure you reach your business goals in incremental and measurable stages.
It’s simple - To drive a car, you need a driver’s license; to bake a cake, you need baking flour; to retire comfortably, you need to invest wisely; to be a successful entrepreneur, the formula is no different.
Regardless of your definition of a successful entrepreneur, the following tips are common characteristics to uphold in order to become a success entrepreneur.
What you get out of your business in the form of personal satisfaction, financial gain, stability and time will be a sum of what you put into your business. In essence, if you don’t enjoy what you are doing, it is automatic that your effort in the business would be minimal, thus, a likelihood that it will reflect in your business outcome.
- Do What you enjoy and take it seriously:
The act of business planning is so important because it requires you to analyze each business situation, research and compile data, and make conclusions based mainly on the facts as revealed through the research. Business planning also serves a second function, which is having your goals and how you will achieve them, on paper. You can use the plan that you create both as map to take you from point A to Z and as a yardstick to measure the success of each individual plan or segment within the plan.
- Plan every step:
‘The way you lay your bed so shall you lie on it; the way you plan your business so shall it grow.’
The lifeblood of any business enterprise is cash flow. You need it to buy inventory, pay for services, promote and market your business, repair and replace tools and equipment, and pay yourself so that you can continue to work. Therefore, all home business owners must become wise money managers to ensure that the cash keeps flowing and the bills get paid. There are two aspects to wise money management.
- Be prudent in fund management:
- The money you receive from clients in exchange for your goods and services you provide (income)
- The money you spend on inventory, supplies, wages and other items required to keep your business operating. (expenses)
In my previous write-up, I told a story of my experience in a bank and how it can affect business. Your home business is not about the products or services that you sell. Your home business is not about the prices that you charge for your goods and services. Your home business is not about your competition and how to beat them. Your business is all about your customers, or clients, period. After all, your customers are the people that will ultimately decide if your business goes boom or bust. Everything you do in business must be customer focused, including your policies, warranties, payment options, operating hours, presentations, advertising and promotional campaigns and website. In addition, you must know who your customers are inside out and upside down.
- The customer is King:
Maintain a positive business image:
You have but a passing moment to make a positive and memorable impression on people with whom you intend to do business. Business owners must go out of their way and make a conscious effort to always project the most professional business image possible. The majority of business owners do not have the advantage of elaborate offices or elegant storefronts and showrooms to wow prospects and impress customers. Instead, they must rely on imagination, creativity and attention to the smallest detail when creating and maintaining a professional image for their home business.
You should avoid getting overly caught up in the high-tech world, but you should also know how to take advantage of using it. One of the most amazing aspects of the internet is that a one or two person business operating from a small room (like mine) can have a superior website to a million naira company, and nobody knows the difference. Make sure you're keeping up with the high-tech world as it suits your needs. The best technology is that which helps you, not that which will impress your neighbors.
- Make the most of technology:
Top entrepreneurs buy and read business and marketing books, magazines, reports, journals, newsletters, websites and industry publications, knowing that these resources will improve their understanding of business and marketing functions and skills. They join business associations and clubs, and they network with other skilled business people to learn their secrets of success and help define their own goals and objectives. Top entrepreneurs attend business and marketing seminars, workshops and training courses, even if they have already mastered the subject matter of the event. They do this because they know that education is an ongoing process. There are usually ways to do things better, in less time, with less effort. In short, top entrepreneurs never stop investing in the most powerful, effective and best business and marketing tool at their immediate disposal--themselves.
- Invest in personal growth:
While becoming an expert by investing in yourself is paramount, it is important to know that no one person can build a successful business alone. It's a task that requires a team that is as committed as you to the business and its success. Your business team may include family members, friends, suppliers, business alliances, employees, sub-contractors, industry and business associations, local government and the community. Of course the most important team members will be your customers or clients. Any or all may have a say in how your business will function and a stake in your business future.
- Build a forward-thinking team:
THE ENTREPRENEUR's TOOLKIT: 8 tips for a successful entrepreneur.
Everyone desires to be a Steve Job, a Bill Gate, a Mark Zukerberg, a Dangote but very few know the nitty gritty of what it takes to be an entrepreneur. This piece provides us with tips on how to make it to the top of the entrepreneurial ladder. Let's read and put up our comments bearing in mind the NIGERIAN FACTOR/CHALLENGE of an entrepreneur.
By jeff juwana, Aug 31, 2013