Time is Gold: Entrepreneurial Tips to Be the Best in the Business
Advice for Young Entrepreneurs!
They say a good businessman will soon end up with your money in their pocket. This is true. Another truth is that it doesn’t really matter whether you are a man or woman, starting up your own business is a lot similar to giving birth. You’ve gone through the planning, pain, excitement, emotional stress and fear for months and now your business startup is here and almost ready to take its first baby steps.
You now have a few full-time employees, an official business number and even an official business website. But there’s just one problem, you’re still scraping the bottom of the barrel to make a profit. If that’s so, then the following tips will help transform you from an awkward young entrepreneur to a debonair businessman.
The key to getting organized is not about how you stack up your files, or how many PC’s do you have at work. It’s about managing them and having the necessary arrangements in place to carry out business processes as smooth as possible.
This requires one to establish a regular routine with which a businessman can accomplish those tasks and get through a workday seamlessly. As a matter of fact, a good entrepreneur is able to develop a routine to carry out just about any business activity. This is where the small things matter, like putting together a to-do list at the end of each working day, or creating one for the week to help you and your employees get a head start come Monday. Creating sets of short-term goals for a team or individual employee will make sure that important tasks get completed according to schedule and that all your appointments are kept.
Take Time Off
For most entrepreneurs, the temptations of logging in long hours at work to reach ones intended goals are very real. After all, being the owner, you don’t have anybody telling you what to do or when it’s time to go home. That being said, sure it’s okay to work from home, but it is also important to take some time out to stretch your legs. One can easily do that by creating a regular work schedule which also includes time to spend with your family etc. Of course, the schedule will have to be flexible and should never fill every hour in a day. This will allow you to have a back hour or two where you can let off some steam and relax. Finally, the benefits of taking some time off from work every day is that it prevents one from burning out too fast, which is common in young entrepreneurs who don’t find the need to much needed rest, apart from that, it will also keep you from lashing out at employees or coming across as grumpy towards your customers, which is definitely not what you would want.
Limit the Hats You are Wearing
It’s really hard for most entrepreneurs not to keep a hands-on approach when it comes to running their business, mainly because they try to do as much as possible to make sure everything’s done right. While multi-tasking is an ability that every entrepreneur should possess, it’s okay to stand back and let the people who work for you do their jobs. This will not only help instill the necessary confidence in your employees, but will also give you the opportunity to focus more on what you are good at.
As an entrepreneur, following up with important customers, business prospects and business partners is the mantra of every successful business owner. Carrying out constant and consistent follow-ups enables entrepreneurs to turn prospects into clients and increase the value and frequency of each sale. It also helps new entrepreneurs in building important long-term business relationships. Since all the real work begins after you make a sale, following up on clients regularly will keep you in the know on the latest market trends. Paying attention to what your customers require will make sure that you are able to retain customers and keep them coming back to you when they need a service.
Promote Your Business (Shamelessly)
As an entrepreneur, hoping that your products or services will be eventually discovered and embraced should be the main goal. But, people are only going to beat the path to your door and buy what it is you are offering when they know you exist. This is where self promotion comes in, one mistake entrepreneurs make is under-utilizing marketing tools which are necessary to showcase your product or service to the masses. One good way of marketing your brand is by using online marketing.
Project a Positive Image
As an entrepreneur, you will only have a moment to make a positive and lasting impression on your clients, which is why it is important for entrepreneurs to go out of their way to project a positive image of their business.
The majority of entrepreneurs do not take the time in building a positive image of their business, which is responsible for many startups lagging behind or not taking off the ground. Since a new startup does not have the resources, office space or elegantly designed showrooms to wow their customers, they must to this by using their creativity and imagination to build and maintain a positive yet professional business image.
Needless to say, getting money in your newly established startup business is going to be important. You can do this by carrying out a brutally honest assessment of yourself, your business and the people who you hire for the job. You will also need to include a timeline and the merits of the ideas you wish to pursue, your motivations, goals and commitments towards your business venture. And even the appearance of your introductory document, that is, your business plan.
Take Calculated Risks
As an entrepreneur, there will be times when you will also need to take certain calculated risks. Sweat equity doesn’t carry the same weight as cash investment does even if it is appreciated by investors. Another thing to look out for when making calculated risks is that all angel investors have a built in antenna that scans the entrepreneur for signs of reluctance.
Seek Non-Cash Investors Too
As an entrepreneur, you will need a variety of champions who will lend both energy and credibility to your business venture. Having people who will champion your cause will levy unpopular by necessary criticism, help your business stay true to its cause in its darkest hour and could even help you get discounted professional legal or accounting services. So, look for people who connect to your business and your business philosophy.
Be Resilient and Flexible
Angel investors are almost always attracted to resilience and flexibility on the part of the entrepreneurs. This means that the quicker an entrepreneur learns how they should deal with rejection, the more interesting they become to angel investors who look forward to working with tenacious business owners who are quick to learn from their mistakes and even quicker to bounce back from a setback.
So, there you have it, the tips that will not necessarily make you the best in the business, but will ensure that you are well on your way towards success.