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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 October 18, 2018

10 Key Characteristics of a Highly Successful Entrepreneur

10 Key Characteristics of a Highly Successful Entrepreneur

When it comes to starting your own business and pursuing your dream of becoming an entrepreneur, it can be advantageous to go all in and embrace the flexibility of finally quitting your day job.

Keep in mind, though, that it takes a special kind of person to take the business world by storm: a person who has cultivated the key characteristics of entrepreneurial success.

People with these characteristics are likely to succeed, whereas people without them have difficulty moving forward with even the most brilliant business ideas.

These characteristics of an entrepreneur are so important that I’ve decided to cover all 10 of them in detail so that you can start your business with your best foot forward.

1. Successful Entrepreneurs Practice Discipline

Plenty of business experts claim that you can’t get anywhere as an entrepreneur without vision or creativity, but that’s simply not the truth. Instead, the one quality that no entrepreneur can be successful without is discipline.

To build an idea into a business, you have to have the discipline to spend time slogging through the least fun parts of running a business (like the bookkeeping), rather than taking that time to do something fun.

Andrew Carnegie, one of the most financially successful Americans of all time, grew up working dull and difficult jobs in factories. Despite going to bed hungry some nights, he continued doing his best work. He was eventually hired by a railroad company and continued to move up the ladder until starting his own successful businesses. Carnegie is a fine example of an entrepreneur dedicated to discipline and hard work. He truly earned his dreams of prosperity and success.

When you’re the boss, there’s no one to keep you at work except yourself — and there’s no short-term consequences for skipping out early.

Sure, if an entrepreneur plays hooky enough he knows that the business just won’t happen, but it’s very hard to convince someone that ‘just this once’ won’t hurt (and to keep ‘just this once’ from becoming a daily occurrence).

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2. Successful Entrepreneurs Keep Calm

Things go wrong when you run your own business.

Most entrepreneurs go through crises with their businesses — and more than a few wind up with outright failures on their hands. But when you’re responsible for a business, you have to be able to keep calm in any situation. Any other reaction — whether you lose your temper or get flustered — compounds the problem.

Instead, a good entrepreneur must have the ability to keep his cool in an emergency or crisis. It may not make the problem easier to solve, but it certainly won’t make it harder.

Honestly, losing your calm is a quick path to becoming the kind of person who gives up in the face of adversity. Instead giving in to frustration, remember classic entrepreneur Benjamin Franklin.

Franklin kept his calm as he experimented and tweaked his inventions again and again in pursuit of success. He didn’t give up during his many failures – he chose to innovate. You can choose innovation, too.

If an entrepreneur can handle failure without frustration or anger, s/he can move past it to find success.

3. Successful Entrepreneurs Pay Attention to Details

Restricting your attention to the big picture can be even more problematic than ‘sweating the small stuff.’

As an entrepreneur, unless venture capital has magically dropped out of the sky, a small expense can be a killer. It’s attention to detail that can make a small business successful when it has competition and it’s attention to detail that can keep costs down.

Attention to detail can be difficult to maintain — going over ledgers can be tedious even when you aren’t trying to pay close attention — but keeping your eye on a long-term vision is just asking for a problem to sneak in under a radar.

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After a business grows, an entrepreneur might be able to hire someone to worry about the details. In the beginning, though, only one person can take responsibility for the details.

Skeptical about the importance of details? Look no further than Howard Schultz, who grew a small coffee shop called Starbucks into one of the most globally successful coffee businesses in the world through his extreme attention to detail.

He is famous for taking all aspects of growing a business into account, paying attention not only to financially smart business decisions, but also focusing on socially responsible business decisions. Details can take you far.

4. Successful Entrepreneurs Embrace Risks

No entrepreneur has a sure thing, no matter how much money s/he stands to earn on a given product. Even if a product tests well, the market can change, the warehouse can burn down and a whole slew of other misfortune can befall a small business.

It’s absolutely risky to run a business of your own and while you can get some insurance, it’s not like most investment options. Even worse, if something does go wrong, it’s the entrepreneur’s responsibility — no matter the actual cause. In order to deal with all of that without developing an ulcer, you have to have a good tolerance for risk.

You don’t need to channel your inner frat boy and take on absolutely stupid risks, but you need to know just how much you can afford to risk — and get a good idea of how likely you are to lose it. If the numbers make you uncomfortable, the risk is too great.

Embracing risks is essential for growth and additional success, as well. Walt Disney, for example, could have stayed comfortable with his advances in the film and animation industries, but decided to expand his brand with a new dream: a theme park that soared above the competition. Without taking this risk, the incredibly successful Disney theme park empire would never have come about.

An entrepreneur has to be willing to accept pretty big risks, with some level of comfort.

5. Successful Entrepreneurs are Balanced

You can take any characteristic too far. There’s a point at which attention to detail can become obsession or calm can become unemotional response.

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As an entrepreneur, you have to be able to balance your characteristics, getting the most of them without going over the edge. But balance for an entrepreneur goes far beyond keeping your characteristics in check, though.

Just as an entrepreneur doesn’t have a boss to keep them at work when necessary, they don’t have one to send them home when they’re done. If you are working for yourself, you have to decide how to balance your work and home life — and if you have a day job to add into the equation, balance just gets more complicated.

Oprah Winfrey, one of the most successful and influential entrepreneurs out there, understands the importance of balance. Winfrey has a lot going on; she runs her own media kingdom, acts, produces films, publishes print, and more. In an interview with Fast Company,[1] she talks about her efforts to balance priorities and self care, saying that she must ask herself what is truly important in each limited day.

You may or may not have as much on your plate as Oprah, but learning how to balance whatever you have going on in life will certainly help you farther along down the road as you learn to be a great entrepreneur.

6. Successful Entrepreneurs are Passionate and Motivated

In order to develop any of the above characteristics, you must have a foundation of passion. Staying disciplined day after day during the building of your business takes unrivaled motivation.

Before you start any business, ask yourself if you can sustain true excitement about your idea during even the darkest days ahead of you. If the answer is yes, then good for you! Nurture your natural motivation by taking these action steps throughout your business journey:

  • Commit to making short and long-term goals. Check in with them often to stay on task.
  • Have a plan in place for the inevitable days when you feel discouraged. Make a list of things that will help keep you motivated and focused.
  • Share your ideas with trusted individuals who are just as excited as you are. They will help keep your enthusiasm rolling even when you are feeling down.

By being prepared for apathetic days and holding fast to your authentic passion, you can actually enjoy your journey to success.

7. Successful Entrepreneurs Adapt

Remember this one word: flexibility. Seasoned entrepreneurs know that change is not only a part of life, but also a part of the business world. Expect change and choose to adapt.

As a new entrepreneur, it will be tempting to cling to your original business plan with no exceptions, even if you notice it isn’t working. Good entrepreneurs know that it’s okay to make smart, informed changes in order to ensure efficiency.

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8. Successful Entrepreneurs are Marketing and Sales Experts

No matter what kind of business you are starting, a knowledge of marketing and sales will save you many headaches. A passion for creating a beautiful handmade lifestyle product is not enough to run a successful lifestyle brand; it is critical that you understand key business principles in addition to your natural skills or great product line.

Not sure how to start? Taking business courses is a great idea, but you can also easily brush up on sales and marketing through free online resources. Check out these 10 Sales Skills Everyone Should Master To Be Successful to begin now.

9. Successful Entrepreneurs Have Strong Money Management

Along with sales and marketing skills, money management is a very useful tool in the box of the entrepreneur. Understanding how to best manage your money can be the difference between early success and early failure in the business world.

If money management isn’t your strongest skill, prepare to hire a financial expert to help you with any tricky business that comes up. Financial guidance and knowledge is never a bad idea.

10. Successful Entrepreneurs Ask Questions and Continually Improve

Pride is a natural human quality, but it’s important to humbly conduct some constructive criticism every now and again on both yourself as a leader and your new business as a whole.

Assess how things are going and be willing to make positive changes if necessary. Here’re 15 ways to cultivate lifelong learning.

If you are always improving, then how can you ultimately fail?

The Bottom Line

Let me remind you of one important fact: the qualities of an entrepreneur listed here are not exclusively available to some people and elusive to others.

Although some people may have natural strengths and weaknesses, these qualities can be learned by anyone interested in taking up the entrepreneurial challenge. It might not be easy to change old habits, but it is absolutely possible to cultivate these characteristics in yourself.

Whether you’re a business owner or an aspiring entrepreneur, with hard work, you can train yourself to develop the qualities that truly determine the entrepreneurial spirit and future success.

Featured photo credit: Unsplash via unsplash.com

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