Category: Entrepreneurs

Have you ever seen those commercials where the business owner talks about wearing every hat including the janitor’s?

While those commercials are definitely true, what I don’t like about them is they also imply it’s okay to KEEP wearing all sorts of hats in your business, like the janitors.

You see, it’s one thing when you first start out to do everything in your business. At that point you have more time, less clients and not a lot of money flowing in. And chances are you’re so excited you WANT to be working on your business all the time.

The problem comes in when you never leave that place. If you’re one of those entrepreneurs or business owners who feels like you “must have a hand in everything or it falls apart/isn’t done right/doesn’t get done at all/etc” then this is definitely for you. Because, you see, you will NEVER build a sustainable, profitable business unless you stop doing and start leading.

And the first step is to stop wading around in the details and instead take a step back and start looking at the big picture of your business. (I mean, if YOU don’t have the big picture view of your business, who does?)

So with that in mind, here are the 3 top things you need to keep a big picture eye on in your business if you want it to grow to a successful, sustainable, profitable business:

1. Vision. Are you on track to reaching your overall goals? Are you staying in integrity with your overall brand and message? Are you creating confusion in the marketplace with your offerings or are they in line with what your ideal clients want from you?

It’s very important to have an overall plan for your business and to be working that plan. Without a plan it’s very easy to be flailing around and not be building any traction or momentum. (Or even worse, be slowly sinking because you’re created confusion in the marketplace.)

2. Finances. Do you know where you sit financially? What is your cash flow each month? Your expenses? Also do you know when you need to be marketing? For instance, you have a 6-month coaching program — do you have plan so you can launch your program every 6 months? Even if it’s a rolling program (meaning people can join anytime) you still need set times in your schedule where you know you’ll be actively marketing to attract new clients into your programs.

3. Marketing. Do you have a marketing and promotional calendar in place? Does it include regular marketing tasks (like writing your ezine) along with program and product launches? Are you following it? This is something else you need to keep an eye on — how your marketing is going. And if it’s not going, then this needs to be a priority for you to get it going.

Now this doesn’t mean YOU have to do all this work yourself — what is does means is you need to be aware of the big picture of what exactly is happening in your business and then figure out the best way to get all the tasks completed in the most efficient way possible.

 

Successful entrepreneurs are rare because they don’t take their success for granted. They live by a set of rules and they know how to go beyond their comfort zone to create value in the market they are in. In short, they have habits that lead them towards success. They know how to replace their destructive habits with more constructive ones. In the following article we talk about some habits that every entrepreneur should seek to develop in order to find real success…

Habit #1: They Love What They Do

Entrepreneurs don’t run their businesses on money; they run them on passion. While money is important to them and they need it to grow their business, their passion drives them, not big financial gains. Their aim is to do what they love. If they create enough value in the market to get paid for it in the process, then all the better.

Nearly every entrepreneur who’s made it big started with an idea that they were really passionate about. They focused on things that they love to do, so in turn it rarely felt like working. They were able to dedicate themselves endlessly to their venture and eventually success followed.

Habit #2: They Know their Customers

Creating a real business that succeeds in the long run requires you to know your customers. It requires you to understand their needs and ensure that you give them the best solution. Entrepreneurs who regularly create profitable ventures spend a great deal of time knowing their customers.

They know exactly where the “gap” is in the market that they’re in. Focusing on those “gaps” allow for them to create products and services that sell. Ultimately, if you’re not delivering value to your target audience, your business cannot survive. And this is what successful entrepreneurs understand to the core.

Habit #3: They Pay Attention to Details

Entrepreneurs who have paved their own path knows that the Devil is in the details. They have this knack for paying real attention to details when it comes to solving problems and creating real-world solutions. This is what sets them apart from the pack and gives them their edge over the competition.

Boeing, which is one of the top leading aviation companies in the world today, has made it big because the entrepreneurial minds working behind the scenes have always paid attention to every minute detail – from the needs of the customers to plane’s engine. For instance, Boeing will regularly inspect their planes using videoscope’s to check that the plane’s engine are safe for passengers to fly in. The use of this type of tool can also cut costs by reducing inspection times go down (which leads into the next habit).

Habit #4: They Work Smarter Not Harder

It is a known fact that working hard is the key to success, be it any field. There’s nobody who will deny that. But what if your hard work is focused in the wrong direction? What if you could get ten times more returns from the same amount of hard work?

Top entrepreneurs always seem to find new and effective ways to work smarter, not harder. They know exactly how to take smart steps when it comes to making business decisions. For example, a good entrepreneur understands the value of delegation. Finding someone trustworthy to handle non-critical decisions will save them enough time that they can invest in creating better business strategies.

Habit #5: They Take Calculated Risks

Taking risks is a big part of the success in the business world, but not just any risks. An intelligent entrepreneur takes calculated risks so that they know what they are getting into. They do not play a blind game, but rather focus on taking risks that will help them get a good return on their investment without putting everything on the line.

This does not mean an entrepreneur cannot fail or will not experience loss. They obviously will, but a successful entrepreneur will use these failures to adjust their strategies even more so that they’ll be able to get better returns the next time they invest. Their failures often teach more valuable lessons than their successes.

The more you focus on developing the above habits, the stronger your entrepreneurial efforts will be. It will take some time before you start seeing success if you’re starting out, but understand that persistence is one quality that you will need in abundance to make it big. Period. 

Article contributed by Jenna Smith

Article Contributed by Will Vicary

Becoming an entrepreneur is the dream of so many people from different walks of life. From the college student studying to earn a Bachelor’s Degree in Business, to the housewife whose children are now school-aged, entrepreneurship can be a great opportunity. While some people like Catherine Cook and Mark Zuckerberg have made hundreds of millions of dollars as entrepreneurs, unfortunately this does not happen 99% of the time. Entrepreneurs must possess specific qualities if they want to succeed, earn profits, and come up with an innovative business. If you have an idea and you are in the process of developing your business plan, here are 5 qualities that you must possess to succeed.

These are five qualities that every entrepreneurial minded people possess:

Focused

When you are employed by a corporation and you work in an office, you have no choice but to go to work if you want to keep your job. The corporation will keep you on their payroll if you attend work, perform, and meet your goals. You must be an asset for the corporation to justify the cost of keeping you on payroll. But when you are entrepreneur, the idea and the business is yours. You must be willing and ready to dedicate countless hours starting your business even when it feels like you have nothing to show for it at first. The best entrepreneurs are passionate about their ideas and can stay focused without micromanagement. Be prepared to put in the effort and the time.

Innovative 

Most people know that technology has changed business dramatically. With new software programs, new computers, new portable tablets, and new marketing strategies, everything is changing on what seems like a daily basis. All of the best entrepreneurs are prepared for the constant changes that the industry will bring. They are not just creative, they are innovative. They can adapt technologies to suit their own professional needs and will not let changes in technology overwhelm them.

Energetic and Motivated

Entrepreneurs do not need anyone else to motivate them. The idea of succeeding is the only thing an entrepreneurial-minded individual needs to drive them and keep them motivated. Those who cannot motivate themselves may not be the best entrepreneurs. It is very important for anyone considering entrepreneurship to be energetic, excited, and most importantly self-motivated.

Competitive by Nature

With so much competition in every industry, every entrepreneur is going to have to face the competition at some point and time. When a new business opens, the owner needs to market their business and the value. They need to compete against other businesses that are already extremely successful in the same industry. If you are not competitive by nature or you easily feel defeated, you might not possess the competitive gene that the best entrepreneurs possess.

Be a Leader and a Team Player

When you think about being a team leader, you might think that this is completely different than being a team player. The best leaders are team players. You are going to need a team to help you come up with ideas, operate the business, and accomplish goals. The best entrepreneurs can drive themselves but they are also team driven.

All entrepreneurs are ready to feel but motivated to succeed. As you can see, successful entrepreneurs possess specific qualities. Some of these qualities are inherent and some of these qualities can be learned through experience. You must be confident, passionate, and ready to accept rejection. With these key personal qualities, ambition, and inner drive, many people like the Mark Zuckerberg, maker of Facebook, have grown their business larger than they ever dreamed of growing it.

About The Author

Will Vicary writes on behalf of a number of businesses on topics such as fiduciary management and auto enrolment. He enjoys reading about business as much as he enjoys writing about it. Any opinions expressed in the article do not necessarily represent the businesses Will writes for.

Entrepreneurs are always looking for ways to start new businesses to make a profit. They are the first to see opportunities in new products and enterprises. Many people may be aware of opportunities, but they may not be aware that three in ten new businesses fail in the first two years. By the end of five years, nearly half have failed.

Many authors have compiled lists of reasons for business failures. Among the reasons are poor management, competition, undercapitalization, location and many other reasons that may be prevented if they are recognized in time. Unfortunately, many entrepreneurs may be too involved in the business to see new opportunities or recognize the danger signs of business failures.

Since poor management is the major cause of business failure, entrepreneurs could use guidance in planning and computing the return on investments, cash flows and breakeven theory. If the business depends on sales of inventories, the entrepreneur should know how to manage inventories to keep them as low as possible without losing sales.

In addition, the entrepreneur should be familiar with the latest technology and how to use supply chain management to maintain efficiency in his business. He should be reasonably familiar with every phase of the business so that financial statements provide him with a clear understanding of the direction the business is going.

Perhaps Entrepreneurs Need Coaches

Since it is difficult to know all of the best investments available, the entrepreneur should consider a business coach. Business coaches are trained professionals who help entrepreneurs plan strategies and techniques to increase profits. Although they are not business experts, they are more than consultants. They can act as sounding boards, and make suggestions for the best methods of advertising strategies.

One advantage of having a coach is getting a new perspective. They are an extra set of eyes to recognize new opportunities or see danger signs. In some cases, business coaches inspire entrepreneurs to do greater things. However, the results always depend on the coach and the entrepreneur. The good coach can give invaluable advice and guidance about your new business investment.

Iron sharpens iron, and entrepreneurs sharpen other entrepreneurs. The wisest businessmen know there is a lot to learn from other businessmen. Looking into getting a coach can be the key to your next big breakout – finding your passion, discovering a new niche that you fit well into, even finding a completely new career path are all things that an outside perspective from a business coach can help out with.

How to Start Looking

The student is only as good as the teacher can mold them, in many cases. You’re going to need a teacher that fits you, and your entrepreneurship style, with expertise in your areas of interest. Be prepared to pay a price for this type of management as well; skill building, advice, career coaching, and emotional support doesn’t always come cheap. It helps to start working towards your goal now, too. If you’re interested in real estate, for instance, go ahead and start working for as many credentials and certifications while on the hunt for the right entrepreneur coach. If you’re interested in law and court, it’s a good idea to look into legal transcription training in the meantime. Make yourself as sell-able as possible, by building yourself up on paper and in person.

Article contributed by Jenna Smith