78 entrepreneurial tips for success in a small business

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78 Entrepreneurial Tips for Success in a Small Business
These success tips represent first hand knowledge and experience which I have gained in my business career spanning over 30 years. To a large extent, small business failures stem from not learning from others mistakes. Instead of reinventing the wheel, just changing the spokes, may be all that is required for a successful idea to take hold.. The challenge is in execution, that is what separates the successes from the failures. These tips are geared to help you do the right things and execute effectively.

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78 entrepreneurial tips for success in a small business

  1. 1. 78 Entrepreneurial Tips for Success in a Small Business By Dennis Zink Serial Entrepreneur ------------------------------ Copyright © April, 2013 All rights reserved
  2. 2. 1 Cash is king –Thou Shall Not Run Out Of Cash
  3. 3. 2. Dont Reinvent The Wheel Just Change The Spokes (practice legit plagiarism)
  4. 4. 3. Just say No! Dont spend money onwhat you dont need (ie: fancy cars)
  5. 5. 4. Prioritize Do first things firstand second things never
  6. 6. 5. Sometimes the numbers just dont add up!
  7. 7. 6. Dont dig a deep holeDo what you can yourself
  8. 8. 7. Hire only when you mustNeed 1 1/2 persons before you hire 1
  9. 9. 8. Dont fall in lovewith your business, house... (Love people - not things)
  10. 10. 9. Do the business research yourself You must internalize it
  11. 11. 10. Inspect what you expect from others
  12. 12. 11. The boss should be the top salesmanStay in touch with clients
  13. 13. 12. About right nowis better than exactly wrong later
  14. 14. 13. Hire smartrather than manage tough
  15. 15. 14. Do the right thingRather than things right
  16. 16. 15. Hire for attitude, train for skills
  17. 17. 16. Pull the plugif and when you know its not working
  18. 18. 17. To solve a problem,you have to be aware of the problem
  19. 19. 18. Count everything,then figure out if its worth counting
  20. 20. 19. Have your list of essential numbers and track them constantly
  21. 21. 20. Try to improve just a little,maybe just one thing, every day
  22. 22. 21. Bet on the personwith past successes in the industry
  23. 23. 22. Try to knowwhat you dont know
  24. 24. 23. Solve the right problems
  25. 25. 24. Nobody cares how much youknow, until they know how much you care – about them
  26. 26. 25. Use written goal setting
  27. 27. 26. Do a comprehensive Business Plan Constantly revise & update
  28. 28. 27. Think outside the box and inside the box
  29. 29. 28. Network constantly
  30. 30. 29. Work on your business, not in your business
  31. 31. 30. Concentrate on the customer, the rewards will come
  32. 32. 31. Pay yourself firstBased on replacement theory
  33. 33. 32. You become what you think about
  34. 34. 33. Use visualizationto accomplish goals
  35. 35. 34. Concentrate onwhat you can control
  36. 36. 35. Have trusted friends to bounce ideas off
  37. 37. 36. Dig your wellbefore you’re thirsty
  38. 38. 37. Little things mean big things
  39. 39. 38. Agreements prevent disagreements
  40. 40. 39. If you can afford to buy your way out of a problem, you don’t have a problem
  41. 41. 40. Know the competition
  42. 42. 41. Quality is whatever isperceived by the customer
  43. 43. 42. Have superior informationKnowledge is power, only if you use it
  44. 44. 43. Why be an entrepreneur? – Survey results:• 1. Control your lives• 2. Be your own boss• 3. I want to prove I can do it• 4. The desire to create something new• 5. Money making $
  45. 45. 44. Be honestEspecially with yourself
  46. 46. 45. Know your subject Be an expert
  47. 47. 46. Prove it for yourself Don’t listen to others
  48. 48. 47. Don’t let egoaffect good business sense
  49. 49. 48. Concentrate It can be done
  50. 50. 49. Clean your desk after every day
  51. 51. 50. Remember the 80/20 rule• 80% of your businesscomes from 20% of yourclients
  52. 52. 51. Have clearly defined strategic objectives
  53. 53. 52. Analyze the marketand buying decision behavior
  54. 54. 53. Analyze the competition’s strengths & vulnerabilities
  55. 55. 54. Identify critical elementsthat will influence your success
  56. 56. 55. Prioritize chronologically by ROI (Return on Investment)
  57. 57. 56. Initiate immediate decisive action
  58. 58. 57. Strategic plans must:be easy, quick, capable of producing immediate results
  59. 59. 58. Work for yourself
  60. 60. 59. Do something you enjoy
  61. 61. 60. If you have a specialized education Use it
  62. 62. 61. Find a void or vacuum and fill it
  63. 63. 62. Research your ideas carefully
  64. 64. 63. Concentrate on what is unique
  65. 65. 64. Be aware of the gaps in your knowledge
  66. 66. 65. Make connectionsbetween diverse facts
  67. 67. 66. Think convergentlyto solve problems (drill down >) Inside the box
  68. 68. 67. Think divergentlyto ponder possibilities (< broad based) outside the box
  69. 69. 68. Avoid information overload
  70. 70. 69. Experiment with new approaches
  71. 71. 70. Recognize a lucky break and use it
  72. 72. 71. Expect to work long hours and make sacrifices
  73. 73. 72. Be passionate
  74. 74. 73. Publicize your successes
  75. 75. 74. Don’t think about making a million
  76. 76. 75. Keep employees happy
  77. 77. 76. Meet with your competition
  78. 78. 77. Keep learning
  79. 79. 78. Focus on doing thethree most important things to succeed (re-evaluate)
  80. 80. 79. More to come later

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