Thanks to the entrepreneurs who blazed the trail before us, there are tons of tips and lessons that small business owners and aspiring entrepreneurs can apply to their businesses.
BrandMakerNews recently asked business owners, from different walks of life, to share critical tips that every entrepreneur should know. After sifting through the responses, we are confident that we’ve found the top 10 bits of wisdom that will help make your entrepreneurial journey a bit easier.
As You Read The Following 10 Tips For Entrepreneurs, Take Notes And Take Action…
1. Enjoy The Roller Coaster.
“Being a business owner is about learning how to enjoy the roller coaster ride and by making the best out of time you’re on top and at the bottom. First, find a business mentor that can help guide you through all the trials you’re going to be experiencing. Second, never stop learning. Seek out the best publications, books, and websites that offer up compelling new info and become a master of that content. Third, don’t cash out too early. Just because you have an immediate or windfall success it’s not time to throw a huge party; tighten your belt and go in deeper.” –Bryan Fikes
2.Look For Partners.
“Make connections with other entrepreneurs and form partnerships. You must choose these associates carefully, but reach out to the community and find other business owners with whom to work and network. Isolation is the disease of entrepreneurship. When you’re isolated, you start to doubt yourself. When you doubt yourself, you start taking stupid advice from every direction. Not that it’s necessarily stupid for them, but if it’s wrong for you, it’s stupid.” –Beverly D
“Seek out people whose businesses you admire, meet them and learn from them. See if they will answer your questions if you buy them lunch. Have specific questions ready. Send a thank-you note afterward.” –Rebeca Mojica
4. Choose Your Projects Wisely.
“As a small business you will be constantly defining yourself by the work you do…and by the work you decline to accept. You can’t do everything so you must develop a criteria for work: 1. Money-based; 2. Passion-based; 3. Leads to something bigger.” –David Langton
5. Promote Yourself.
“Crow about your achievements and honors, but never rest on your laurels. There’s always a new company waiting to kick you off the block.” –Greg Jenkins
6. Emphasize Your Strengths.
“For aspiring entrepreneurs, I would advise that you concentrate on your strengths instead of trying to build up your weaknesses. Find your niche and go after your perfect client, rather than trying to please everyone all the time. You’ll find that work is a lot less stressful that way!” –Sherice Jacob
7. Love Your Work.
“My best tip for anyone who is considering going out and becoming an entrepreneur is to choose a field that they are really passionate about. It must be enjoyable or it will never work. When I see people fail more often than not it’s because they got into this to pursue the money and not their passion. The money is great and yes it will come. But only if you are doing something that you truly love.” –Robert Richardson
8. Account For The Startup Phase.
“Count on three to five years to fully get through the rough spots and make your vision come true. So make sure you either have a solid savings account or extra stream of income.” –Jim Hornickel
9. Prospect Daily.
“My tip for aspiring entrepreneurs is to undertake some prospecting activity, that is, activity to gain new customers, every single day. Too many new entrepreneurs experience a boom and bust cycle they get some new customers and are extremely busy then they finish that particular project or whatever work they were doing for that particular customer and then there’s nothing in their pipeline. They panic. The only way to overcome boom and bust (especially in today’s economy) is to prospect every day no matter what.” –Wendy Weiss
10. Don’t Be Afraid To Delegate.
“For aspiring entrepreneurs, life will be much easier if you surround yourself with people who are smarter than you, delegate the things you hate to do or that do not produce revenue for your company, and target your market in all that you do. It’s much easier for your market to come to you when you reach out specifically to them.” –Roberta Ross
11. Plan Beyond The Launch.
“Aspiring entrepreneurs must always remember that starting a business is only the first step in a very long journey. Many people fall in love with the idea of founding a company. Like an engaged couple fixated on their wedding instead their lifetime together, first-time entrepreneur often spend more time thinking and planning the act getting started (quitting their jobs, what to call their new company, what to tell their friends) when much more important is their plan to grow and sustain the new venture.” –Kevin Labick
12.Only Invest In What You Need.
“Don’t waste your money on the trappings of business, especially in the beginning. Decide what you really need in terms of office space, equipment, etc. Get by with as little as possible for as long as you can. And never, ever create a brochure: you’ll end up with a box in the corner of your office, and (much like business cards), something will change in the content long before you’ve used them up.” –Ronn Lehmann
We appreciate the entrepreneurs above for providing these critical tips. If you have any additional insight that could help ease the path for aspiring entrepreneurs, feel free to add your tips below…