In preparing for a presentation on the pitfalls of entrepreneurship, I started to think about the business owners that have crossed my path over the past decade. Why do some succeed while others struggle? And what are the keys to success? Here are some of the insights I shared with small business owners.
9 Keys to Entrepreneurial Success
Maximize Their Time. They understand that time is money, know what their time is worth and invest it wisely. They are productive, working on what’s important, instead of doing busy work – stuff that is low-value or a waste of time. Are you busy or productive? The difference can cost you.
Lifetime Learner. In the words of Ben Franklin, “An investment in knowledge pays the best interest” and successful owners take this to heart. They make learning a priority – so reading, taking classes, attending seminars and looking at what others do is a common practice. When was the last time you read a book or took a class to learn something new?
Rely on Others. It’s tough to reach new heights in business by yourself. Successful entrepreneurs understand this – and embrace the power of delegation and outsourcing. They have teams of people they can rely on to provided needed expertise or simply to free up their time to work on more valuable tasks. Who do you have supporting your business?
Disengage From Daily Operations. They understand that a successful business is one that can run without their day-to-day involvement – and that suits them just fine! They also recognize that this can’t happen without people and systems. So they create processes, set up clear expectations and develop systems to manage the work and help keep the team on track. You too can create a business that works FOR you by following the same approach.
Plan the Work – Work the Plan. It’s no surprise that highly-successful people have goals. More important, they have a plan of attack to accomplish them. And they work that plan every day. If you are among the many business owners who get distracted or lose focus on what’s important, planning can make a big difference. It’s not too late to start. Write down your goals, identify what you need to do, schedule time to work on it and start doing!
Fail Forward. The old saying, nothing ventured, nothing gained, certainly applies to successful entrepreneurs. There are no guarantees in business, but they understand that taking calculated risks and viewing failures as learning experiences and opportunities is a critical element for success. Don’t be afraid to fail. Learn from it and move on. It’s all in the attitude.
Numbers Matter. Business owners love trying new things and are never short on ideas. Successful owners don’t get personally attached to their ideas and ignore everything else. They pay attention to the numbers so they know when to cut their losses or change direction. If something doesn’t work, is not profitable or not taking you toward your goals, be willing to make a change.
Look to Improve. Successful entrepreneurs seek out opportunities to get better in all areas of the business. Whether it’s through product innovations, expanding markets, better customer service or improved delivery – continuous improvement is a priority. What are you doing to make your business better today than yesterday?
More Insights From Others
If you want to become highly successful, apply some of the suggestions above. If you want to expand your knowledge or gain a little inspiration from others who have made it, pick up or download a few of these great books.
- Steve Jobs by Walter Isaacson
- Losing My Virginity: How I Survived, Had Fun and Made a Fortune Doing Business My Way by Richard Branson (Virgin Group)
- Delivering Happiness: A Path to Profits, Passion & Purpose by Tony Hsieh (Zappa.com)
Ready to Create Your Own Success Story?
Are you ready to move your business in a better direction and wonder if working with a business coach can make a difference? Then let’s explore the possibilities with a complimentary consultation. It’s a chance to get to know each other, discuss your goals and the obstacles that hold you back. Together we can determine if there is a good fit between your needs and my services.
To learn more or schedule an appointment, call me at (856) 533-2344 or drop me an email Joan@HybridBizAdvisors.com