It’s well known that around half of the mew businesses close within the first five years. However, there is always hope.
Here are the number one tips of successful entrepreneurs for ensuring success.
- Have a servant’s attitude
Vladimir Gendelman, the founder of Company Folders, gives this tip,
“To succeed in business, you must have a servant’s attitude. Most business owners think, ‘Finally, I’m my boss!’ They relish the idea of being in charge. But that idea is false. In a regular job, you have a single boss, but as a business owner, everyone is your boss: customers, vendors and even the employees.”
- Stick to the business plan
Nicholas Kensington, Scottsdale Real Estate Agent, shares, ” I think so often so many of us think we don’t need a business plan, or that it might be a waste of time. It’s not. Jotting down a business plan, and making sure to get rid of anything vague was so helpful.”
- Provide value to others
Being passionate about your business is important if you want to make it long term. In addition to passion, you also have to “Identify something that provides value to others.”, according to the founder of Hush Hush Little Baby Newborn Care, Haleigh Almquist.
- Be better than your competition
Almquist gives another tip – “Respond to clients faster, work longer hours and take smaller profit margins.”
- Hire someone to do the easy tasks
Allen Walton’s tip from Spy Guy Security:
“Hire someone to do the $10 per hour tasks so you do the $100 per hour tasks. I can’t stress this enough and am guilty of doing this. I try to save money by doing the small tasks that practically untrained person can do – like going to the post office or packaging orders, but I should be doing the stuff that doubles my business revenue and increases profitability.”
- Network like crazy
Dr Jeanett Tapia of Intouch Chiropractic went door to door meeting people in the neighbourhood before opening. “By the time we opened our doors, we had 25 new patient appointments due to this long hour of getting to know our neighbours and other business owners. It paid off”.
- Be generous with your employees
Curtis Boyd, the founder of Future Solutions Media, says, “Its important to maintain an image of authority and generosity. You want to be the boss who rewards employees on good hard work.”