You should think highly of your business, but realize there are always areas and processes you can improve. More importantly, what really matters is not what you think: What matters is what your customers think.
To succeed in business, you need to ensure your skills are suited for your industry. I have talked to lots of small-business owners across the country, and these are the most-common reasons the owners I talked to opened their businesses.
When sales are strong and business is doing well, you may give little thought to retirement. When you do think about it, you may tell yourself that when you are ready to sell, you will get a good price and live comfortably off the proceeds. Perhaps. But what if you cannot get a good price for your business? Or worse: What if no one wants to buy your business.
You have spent long hours getting your business started, and you continue to work long hours to ensure it runs smoothly. You deserve to be well-paid for the work you do, so pay yourself what you are worth. There is another reason, though, for doing so. It is good business.
Efficiency and effectiveness are not the same thing. Efficiency is doing things quickly and correctly to produce the desired result while effectiveness is doing the right things to produce the desired result.
Successful small-business owners are as different in personality as they are in appearance. Some of them are risk-takers and some are risk-averse. Some organized and some not. From years of observing and training business owners across the country, I have found that successful small-business owners share three characteristics.
According to the Small Business Administration, the primary reason small businesses fail to grow—especially women- and minority-owned small businesses—is lack of capital. Small businesses rarely have access to external funds from public markets, so they are forced to rely on banks for capital.
What do Bill Gates, Steve Jobs, Oprah Winfrey, and Mark Zuckerberg have in common? Each has been extraordinarily successful. And, each had a mentor. Whether you call them a business consultant, a Coach, or a Mentor, you need one. Running a business is difficult. You’re more likely to be successful if you have someone to rely on for advice.
Do you, as an entrepreneur, need a college degree to succeed? Everyone knows Bill Gates and Steve Jobs and Michael Dell found entrepreneurial success in spite of not having a college degree. Lots of entrepreneurs without a college degree have found success. A 2013 study of entrepreneurs found nearly 40% of them said you can succeed in business without a college degree (i.e., at least a Bachelor’s degree). You don’t…
Stop working nights and weekends. It’s easy to forgo sleep when you’re running a business because you’re doing everything. Balancing the ledger. Creating advertisements. Making sales pitches. Talking to customers. And in the meantime, you’re producing your product or providing your service. With so much to do, you fall into bed around midnight and roll out at 6 a.m. You start each day the way you ended the previous one:…