What Are Some Tips for Entrepreneurs?
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Question:
What are your top 5 tips for being a successful entrepreneur?
Answer:
There are a lot of skills involved in starting a small business. They come from business school and from experience.
Here are a few tips:
1) Know your market. It isn’t about you – it’s about them. What do they want? Approach your prospective customers and ask them what their problems are. You’ll need to be able to tell them exactly how you can help. And keep in touch.
2) Find a niche. Make sure there’s something unique about your product that differentiates it from the competition – a unique positioning in the industry. Maybe it’s in your distribution channels, your pricing structure, or your branding. Whatever it is, stress it.
3) Plan ahead. Predict your company’s future. No one in business likes surprises. Be sure you have a solid business plan to begin with, from financing through expansion – and exit strategy, should it be necessary. Plan for the ideal, with contingency plans as needed. When you look for financing, prospects will want to see a well-thought projection of the business.
4) Balance tenacity with flexibility. Don’t give up too quickly. Up-front costs are the highest, and few businesses show a profit in the first year. On the other hand, don’t fall in love with your product. Adjust your business plan as necessary.
5) Remember that business is business. Be objective and realistic in your decision-making, never impulsive or emotional. Don’t let failure affect your self-image – it’s all part of the game!
- Steve Greechie MBA
Tags: business skills; business management; marketing, small business, start-ups
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