Experts say there are steps required to start a successful business. Take one step at a time, and you will be on your way to successful small business ownership. Step 1: Do Your Research Most...
Akshay MI’ll list out a few tips that should serve you well.
Focus on your customers more than the competition. It’s tempting to copy everything the competition does. While you may make some money, your business won’t stand out. If you focus on your customers then they’ll sing your praises.
Always be learning. There’s always more to do in your business but take out the time to level yourself up. Dedicate at least an hour a day to pure learning.
Set rules and follow them yourself (and enforce them). D... moreI’ll list out a few tips that should serve you well.
Focus on your customers more than the competition. It’s tempting to copy everything the competition does. While you may make some money, your business won’t stand out. If you focus on your customers then they’ll sing your praises.
Always be learning. There’s always more to do in your business but take out the time to level yourself up. Dedicate at least an hour a day to pure learning.
Set rules and follow them yourself (and enforce them). Did you know that it’s illegal to live with your girlfriend or boyfriend in about 10 states? It doesn’t matter because that particular law isn’t enforced. Everyone you work with is looking up to you. If you don’t follow rules and enforce them then they don’t matter and your company will descend into anarchy. Do I sound dramatic?
Understand your unit economics like the back of your hand. In retail, they say “we lose money on every sale but make up for it in volume” No you don’t. You’re slowly going out of business. Moving a million units isn’t where the money is made. You make money on every single unit you sell. If your unit economics are off then you’ll eventually crash your ship.
Enjoy the business while you’re building it. It’s tempting to reinvest every single penny waiting for the day you’ll become a deca millionaire. While it may happen, it’ll probably take longer than you expect. Don’t sacrifice your present for a future that may never come.
Learn to sell. As a business owner, you’re always selling something. You sell your vision to employees and shareholders. You sell your products to customers. You sell your dreams to your family. If you’re afraid to sell then you won’t win. Period.
Get on the right side of the law. Ignorance of the law is not protection from it. Understand what your business requires to continue operating. Get an idea of tax requirements. Call an attorney. Call an accountant. It’s cheap insurance.
Get a mentor. You don’t know it all and never will. It’s the gift and curse of business. A mentor will help balance your experience and perspective when you encounter difficult problems. At the same time they’re a few steps ahead of you and make it possible to accelerate your growth.
Develop a strong vision but don’t sweat the details. It’s important to know where you’re going as a company but how you’ll get there should be flexible. You may have put a lot of energy into a product but if it doesn’t pan cut your losses and move on.
Don’t kill yourself. We live in a society that glorifies working hard. There’s nothing wrong with it but the concept has been distorted to mean working all day every day is cool. No, it’s not. Take a break. Get away from it all. Give yourself the opportunity to recharge. You’ll be happy you did.
Learn from the failures. This may be the most important tip of them all. You will fail and make mistakes. It’s expected. What most people do is try to put it behind them and move on. Instead, analyze the why of your failures. Write about it, gather your team and debate it, and implement changes that’ll prevent it from repeating itself.
This should be enough to get you started.
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