Having your own business is much like setting out on an exciting adventure into an unknown land. Like an adventure, you must deal with unforeseen circumstances that may arise along the way. Successful entrepreneurs, both today and in the past, have used a number of tips to help them succeed in a competitive business world
UNDERSTAND VALUE Warren Buffet, CEO of Berkshire Hathaway and one of the richest men in the world, once said, “Price is what you pay. Value is what you get.” Understanding this difference can mean success or failure in your business, not only in product pricing, but also in what you pay for materials, supplies and employees.
INNOVATE Don’t do what others have done before you. Find whole new products, techniques and services that make life better for people.
GET CUSTOMER FEEDBACK Some entrepreneurs make the mistake of fearing customer complaints and their dissatisfaction with products or services. These customers are the ones that can tell you how best to improve your product.
FIND SOLUTIONS, NOT SOMEONE TO BLAME Henry Ford, founder of the Ford Motor Company, believed that wasting time discovering whom to blame did not help his business. It only wasted time. When a problem arises, spend your time finding the solution instead of obsessing over what went wrong.
FILL A NEED The most important thing a successful entrepreneur does is to find a need that is not being served and to fill it. This action leads to success.
TALK LESS, DO MORE Though communication between levels of the business, be careful of the time-wasters of pointless meetings that do not produce results.
VALUE YOUR TEAM Remember that a business is not just a product or a system, but also the team that creates a successful operation every day of the week. Reward your team for their efforts. Pay attention to training and results.
ALWAYS CONTROL COSTS Checking the bottom line is not a periodic task. It is an ongoing effort that should be monitored every moment of the day. If you find costs out of control, change the system immediately before you begin to bleed money.
MONITOR YOUR COMPETITION A good entrepreneur is always on the watch for ways to do better. Keep an eye on competitors to ensure that you are ahead of them in product offerings, customer service and better methods of production.
LOOK FOR OPPORTUNITIES TO EXPAND The market is always changing, and a good entrepreneur is always alert to new opportunities for expanding the business and serving the customer.
FORM ALLIANCES FOR EFFICIENCY Successful entrepreneurs know you don’t have to do everything yourself. Outsourcing many operations can have a beneficial effect on the bottom line.
FOCUS YOUR MARKETING Know who needs your product or service and where to find them. Target your marketing efforts for the biggest bang for the buck.
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