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5 Great Business Tips From Successful Entrepreneurs

5 Great Business Tips From Successful Entrepreneurs

Most people who are employees have thought of starting a business at some point in their lives. These people have a good idea of what the challenges are of starting a business. Even the simplest forms of businesses require true dedication, seriousness and proper planning. However, there are very few people who understand the emotional and sentimental association that an owner has with his/her business. Once you have owned a business for a couple of years, it is nearly impossible to let go of it just like that, even if you know it’s the best decision to take.

In simple words, you would never want to go through the pain of closing down a business. It is therefore highly recommended that you listen to the business advice given by people who have successfully run their businesses despite great hardships. These are the people who understand your passion, emotions and feelings. Their words can touch the very points that worry you about your business, established or startup. Here are some great pieces of advice coming from entrepreneurs who have been to the deeper side of the sea to tell you what it’s like there.

1. Be Wise When Choosing Friends

This particular advice comes from Tim Ferriss, who has his own TV show called The Tim Ferriss Experiment, and he is also a three times NYT bestselling author. He says that he always believed in the words of the great authors who said that a person is an average of his or her closest 5 people. The same people believe that the network of a person is that person’s net worth. It does not mean you have to make friends from your industry only. If you are in the IT field, you don’t have to be forced to make some experienced IT experts your friends. The point here is to find friends who encourage you to do good things rather than pulling you back from doing them.

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The people you are mostly surrounded by have a huge influence on you. If they mostly have a skeptical viewpoint of life, you will soon see your viewpoint conforming to theirs as well. Be around people with goals who are working to achieve something in their lives.

2. Be A Delegator

This particular thought not only haunts the business owners, but country leaders too. People who have spent their time and invested their efforts in creating a company are often very hesitant when it comes to delegating their responsibilities to others. Whitney Moerings from White Water Agency has gone through the same. When Whitney started her company it was her, who had done every single thing. Not only did she name her company and get it registered, but she even designed its logo and found the clients for it. She says that it is tough for a business owner to believe that someone would be able to take care of things like themselves.

It’s best to delegate responsibilities as soon as you feel the need to. Postponing this idea and constantly trying to manage it all by yourself will eventually overload you and cause burn outs.

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3. Don’t Accept the Failure

No matter how tough the circumstances are, there is always a way out of them. You can always renovate your strategies or business ideas when you think things are not working in your favor. However, the best entrepreneurs of the world agree on the fact that “no” is not an option when you want to achieve something big. The best example is of Sophia, the owner and founder of Nasty Gal. Nasty Gal started out as a store on eBay that was focused on selling clothes from the old times. The start was not very pleasing, but Sophia kept her patience and kept moving on.

Today, her business has transformed into a multi-million-dollar business despite the fact that she did not have any experience of the fashion industry before she started this store. She says there were people who kept saying no to her, but she kept her passion up and proved them wrong.

4. Know Your Customers in All Possible Ways

This particular advice comes from Tara Gentile. She is a recognized business strategist and entrepreneur who mentors owners of small and medium sized businesses on making the best out of their opportunities. She believes it is better for a business to know its best customers rather than focusing on a large group of people and managing to convert even less than 1%.

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She says that businesses should create their products and services with certain people in mind. They should then pitch these products and services to those chosen people rather than going after everyone. She thinks that business owners should not be thinking about people who might be interested in the product and rather create product that they know will definitely be bought by a certain group of people.

5. Don’t Be Comfortable

Sara Rotman is an advertising entrepreneur and she preaches to the world what she once learned from her accountant. She has an ad agency called the MODCo and some great names as her clients such as Tory Burch and Vera Wang. She says that she was in the middle of discussing her business plan when her accountant told her to not have too much cash for the business. The accountant thought that too much cash will put Sara in a comfortable position and the hunger to achieve more will be gone.

Sara took this advice and went with it as she started her business. She says that not having enough keeps her on her toes, and she thinks this keeps her motivated to do more for her business. In the simplest words, if you have enough cash to make you feel comfortable, you are bringing up an enemy in your own hands.

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All the people mentioned above are the recognized entrepreneurs in today’s world. All you need to know here is that they were all just like you before they became big people.

Featured photo credit: Business Advice Coming Right from the Successful Entrepreneurs via chha-nl.ca

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Last Updated on August 20, 2018

What Highly Successful People Do Every Day To Perform At Their Best

What Highly Successful People Do Every Day To Perform At Their Best

What separates highly successful people from the “average crowd?” This is a topic that is widely discussed.

If you want to be successful, you have to watch carefully what other successful people do and imitate them. While every successful person has his or her own unique approach, there are a couple thoughts and actions they have in common.

Here are 7 habits many successful people have!

1. They make a difference

If you have an idea, that idea has to change peoples life’s. As long as you’re not helping other people, it’s useless. Don’t start with an activity or business primarily to make money, it won’t work. When you create fans by offering your expertise, they are willing to pay for it. The problem with today’s entrepreneurial mindset is that’s all about “quick” money and not necessarily about making a difference.

“Strive not to be a success, but rather to be of value.” — Albert Einstein

2. They focus on productivity instead of on being busy

Do you know those people who always say they can’t meet up with you or help with a certain thing because they’re always busy? I do, and to be honest I was one of them.

When I look back, I don’t actually know with what I was being busy. I thought I was being busy, but now I realize I could have done many things in a much more productive way.

Is 8 hours of work actually 8 hours when you’re checking your Facebook, Twitter, or Instagram updates every 30 minutes? It’s necessary to take a rest once a while, but don’t get lost in hundreds of status updates that make you forget about your priorities.

Looking for some tips? Check out this infographic: How to be productive by doing more and working less

3. They keep setting S.M.A.R.T. goals

You can never reach the success you want if you’re not setting goals. The trick is to set up a couple small, achievable goals and a couple of bigger ones. If you only set up huge, unachievable goals, you’ll get unmotivated and fall back into your old mindset. The small goals keep you motivated and give you the feeling you’re being productive once you achieve them.

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Try setting S.M.A.R.T. goals, which is an acronym for Specific, Measurable, Attainable, Relevant, and Timely. These goals are concrete and well-defined measures of your progress.

A while ago, I asked a friend of mine what his goal was this year. He told me he wanted a sports car. I told him he will have much trouble reaching that goal because it isn’t specific. He needs to know the brand, the model, the color, what kind of rims etc. Only then he can define how long it’s going to take and what he needs to do in order to buy that car.

4. They take action

There is a big difference between talking or actually taking action. I’m pretty sure you have people around you who’ve said, “This year, I’m going to lose weight, become fit, and look like I’ve never looked before!” Or, “I’ve got such a good idea, I’m planning to start a new business, but first I’m going to do some research,” which probably results in never taking any action.

Many of those people do take action, but the majority do not. It could be many things that keep them from taking action, like fear, no money, or no motivation. The trick is to make a plan and take action right from the start—choose to put in the effort to overcome those obstacles.

5. They exercise and eat right

The better you treat your body, the better you will feel, which results in better results. Successful people take time to prepare healthy meals and work out for at least 30 minutes a day.

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Not having time to work out or prepare a healthy meal is nonsense. If you have time to watch TV or check your social media profile, you also have time to care about your body.

You don’t necessarily need to lose weight or gain muscle, but try to stay in shape and watch your junk food intake.

6. They always step out of their comfort-zone

Successful people are willing to do everything they have to succeed. If they fail, they try it again and learn from it. The vast majority of people think differently and want to stay in their comfort zone.

You can’t expect magic is going to happen when you always do the same things over and over again. You need to step up and start doing new things. The fear of failure is usually the reason that keeps people from acting.

Think about something you’ve done in the past. Something that was so scary that it made you sweat, feel nauseous, or become overly nervous. That could be giving a speech in front of a big crowd or asking someone on a date. In the end, it wasn’t as scary and difficult as you thought, right? And you’ve learned from it.

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Approach everything in your life this way. If you really want to become successful, you need to step out of your comfort zone.

“Move out of your comfort zone. You can only grow if you are willing to feel awkward and uncomfortable when you try something new.” — Brian Tracy

7. They lead

Successful people are also incredibly good leaders. How can you stand out of the crowd if you follow the herd like anyone else does? The main thing successful people do differently is that they think and act differently from the rest. But they do it in a way that creates fans who follow and support them.

You don’t have to be a born leader, but you can learn to be one. An example of a great leader and entrepreneur is Elon Musk. He is the founder of SpaceX and co-founder of Zip2, PayPal, and Tesla Motors. By following his example, you just might find the great leader inside you.

Have these tips helped you? Share them!

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Featured photo credit: Steve Jurvetson via flickr.com

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