Entrepreneurs are bound to hit a few snags on the road to success, but it's often those very snags that teach them the most about running a business.
Learning where successful entrepreneurs went wrong (or right) can help new business owners avoid common pitfalls and get a valuable leg-up on the competition.
With that in mind, here are nine pieces of advice for small business owner success that are worth paying attention to:
1. Don’t fear failure: some of the best things that happened in successful businesses happen as a result of a failure. Without learning what your mistakes are, you can’t be better; you can’t grow. When an idea you had or something in your business fails, get right back up, fix it, and be better next time.
2. Understand that success and results take time: If you’ve been in the business a while, you probably know this to be true, but it serves to never forget it. Whether you are just starting up, or you’ve created a new product, remember that there’s a lot you have to do to make that business or that product successful.
3. Keep creativity on the forefront: The big guys with the big wallets don’t always win. In a small business, you have the power of creative freedom on your side. Take a look at what your big competitor is doing and develop a smarter, more creative plan that could crush them.
4. Hire only the best people: Of course, right? That seems obvious. You don’t want people working for you that aren’t good fits for your company. But in order to hire the “best,” you have to know what qualifies as the best for your business. Figure that out first, and then start hiring. The people you choose to build your business with will determine 80% of your success.
5. And don’t be afraid to fire anyone: If you spot someone complaining or not doing their job, fire them. Complainers rob your company of positive energy and bring you, and everyone around them, down too.
6. Find your niche: Do you feel like you're losing customers (or not gaining them) left and right, and you aren’t sure why? Maybe it’s because you aren’t targeting the right clientele. Your business has a specific purpose – so you have to determine who has a need for what you offer. Focus on them, and don’t worry so much about everyone else.
7. Slow down: Don’t be so quick to move on to the next project after you’ve seen success with a previous one. For every project or idea that does well, do it 5 more times before starting a new one. Do what works, before trying something that might not. Experiment, but do it slowly.
8. Become a master at asking, “So what?” When an employee brings something to the table that they think was an achievement, you have to train yourself to always ask, “so what?” Did it generate revenue? Did we gather customer data? Have we discovered a better way to convert those new Facebook fans? Doing so will eliminate time wasted on efforts that just… don’t matter.
9. Constantly seek knowledge: Successful businesspeople are always looking to hone their skills and learn new ways to be a better business owner. CEOs of Fortune 500 companies often read four or five books a month. Continuing to improve yourself will only work out in your benefit.
Related Reading: 5 Insightful Articles for Taking Your Small Business to the Next Level
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