Succeeding as an entrepreneur takes hard work and persistence. Most successful entrepreneurs follow comparable patterns and share similar basic characteristics. Hundreds of online articles and published books claim to know the secret of success in business, but for the most part, they get to the same major points.
Passion, perseverance and a positive attitude tend to set successful entrepreneurs apart. Cultivating these attributes requires an innate skill set and some tips to get started.The whole process of company formation can be divided into four stages as: promotion of company, registration of company, certificate of Incorporation; and commencement of the business.
In the majority of cases, start-up success or failure is all about knowing the both the how and the why of taking action, and always being clear about which steps to take next. Here are some major steps to helping you become a successful entrepreneur:
1). Love what you do and don’t take rushed steps
Passion is key to keeping a business strategy moving. Half-heartedness in an entrepreneurial endeavor will chip away at your drive to succeed. Perseverance is the one thing that’s guaranteed to move anything over time, whether it’s a person, a job or an entire company. For example; Abraham Lincoln failed at most of his efforts until late in his life, but he never gave up.
While remember that jumping all in is rarely ever successful. There are rare success stories about people who invested everything once and came out winners after six months or a couple years. So, risk management is an essential factor in any startup, and balance is vital. You can absorb losses more easily if you take smaller risks in the beginning. Those will provide essential and productive lessons.
2). Learning more equals earning more
Spending a few years in the industry under an excellent mentor will provide a good launching pad, because successful entrepreneurs often worked for others in their field of choice before striking out on their own. Learn from your predecessors’ mistakes and brainstorm about how to improve upon their model.
Accept that learning more equals earning more, so that if you’ve never run a million dollar business, you don’t know how to start a business–simple as that. But you can learn to run one, even if it is your million dollar business you are building from the ground up.
However, you need to accept that learning always comes before “earning”. You’ll need to be committed to learning as much as you can about sales and marketing and operations if you want to have a truly success business. Knowing and applying those simple fundamentals in a highly leveraged way is one of the reasons many top executives and entrepreneurs earn so much.
Identify those areas and you then can decide to learn it yourself or hire an expert and learn as much as you can from that person–because you never know when you can run across a distinction in thinking or a strategy that can really take you and your business to a new level of success.
3). Build your “A team”
Too often, we think we have all the answers and are the only people who can really get things done. The reality is that another set of eyes can work wonders for how you operate both on and in your business. Finding the skill sets and attitudes that support the culture of the brand you want to promote will foster innovation and enhance your reputation. Include folks from outside the company for the people you rely on. That will start a free marketing chain reaction that can build confidence and revenue.
4). Learn how to self-promote and be mindful of your attitude
The first marketing any company experiences comes from its founder. Confidence and a good speech can take any pitch to the next level… You should spend time learning how to share your vision. Don’t be afraid to ask for the sale, but remember that the client is always the focus.
The attitude of the founder certainly sets’ the tone for the business. Negativity, laziness and entitlement waste time and money, while they also damage your reputation. Owning up to and facing challenges head-on is what makes a mere business owner a leader.
5). Offer what people want to buy, not just what you want to sell
Too often, people jump into a business built around a product or service they think will be successful, rather than one that is already proven to have a market. This means instead of creating and selling a new sports shoe with the latest trendy design and materials, you’d be much better off from a business perspective to focus on shoe category generally (a proven category because which people buy shoes every day) and then focus more specifically on the niche of high performance sports shoes, (which you may even sell in a section of a shoe retail outlet). Better to have a small slice of a large category than a large slice of no market at all.
6). Get cash flowing
Cash flow is the lifeblood of business, and is absolutely essential to feed bottom-line profits. So you need to find ways to jump start cash flow immediately.
How do you do that? In a professional services business, you can ask for deposits on work up-front, with balances due on delivery. You can do the same in retail, especially on high-ticket or specialty item and position it as an added value and a way to insure delivery by a specific date.
You can also add value to generic items by creating private labels, and develop continuity programs where customers pay an up-front monthly fee to insure delivery or availability of items they will buy on a repeat basis. Of course, the key is to make sure there is little or no gap between when you pay for labor, stock inventory and when you actually get paid. Ideally, you’ll find ways to get money up front, and your cash gap will never be an issue.
7). Focus on sales and marketing manically
In business, nothing happens until a sale is made. You’ll need to find a good way to get leads, convert leads into sales, and make sure you keep getting repeat sales from your customers. The way to do this is to find or create a marketing and sales funnel system that you can work, test, measure; one that anyone in your company can utilize.
Too many entrepreneurs focus on getting their brand right before they start to generate leads. That is exactly the wrong way to go about business. Leads are always more important than your brand, so don’t waste money getting your brand right at the expense of spending that same money to buy new customers.
Soon, you’ll discover you can build your brand from the ground up, versus spending years and hundred of thousands of dollars building it from the top down. Don’t presume you’ll even survive that long, because without leads, you won’t!
8). Find ways to exponentially increase profits
In business, there are five drivers that impact profits. If you can master them while keeping your costs in check, you will run a successful business. It’s as simple as getting more leads, converting more leads into customers, increasing the number of times those customers buy from you, increasing the average price point of your sales and increasing your profit margins. Do any one of those, while also keeping costs down, you will see more profits. Do all of them and you will see your business really take off.
9). Test and measure everything
You can’t change what you don’t measure, and you can’t tell if a program or strategy is working if you are not faithfully testing, measuring and tracking your results. Another way to look at this is to think in terms of doctors. Most like to get baseline stats of your heart rate, blood pressure and breathing before they delve into identifying symptoms or recommending corrective courses of action. The same is true in your business. Why keep literally throwing money away on an ad campaign that costs thousands of dollars but doesn’t bring any people through the door?
10). Don’t discount, add value
Whenever you discount, you are taking money directly out of your pocket and directly from your bottom-line profit. So don’t do it. Instead, create added value propositions all the way up and down your product or service line. Whatever the industry is, look to hold your price points, increase your margins with the low-cost or no-cost extras and any kind of freemium offerings. In the end, those little things won’t cost you a lot, but will build up tremendous goodwill and word-of-mouth with your customers and customer base.
Conclusion: While all the above tips are necessary for achieving the dreamed success, taking care of yourself mentally and physically is also crucial. Exercising, sleeping and eating play a central role in ensuring you implement these policies successfully. Because, all of them drive attitude, motivation and relationships.
Successful CEOs tend to follow a structured, daily schedule of rising early, exercising, socializing many evenings of the week, etc. Keeping a balance may take a while, but working toward this list as a goal for starting your company will help you out and make the difference. How an owner feels about progress and how quickly a business can be up and running — and feeding that bottom line — will swiftly feel the impact.