New entrepreneurs who want to be successful must listen not only to themselves but other successful businesses who are making their companies work. Starting any business is challenging, and there are various issues that a new entrepreneur may encounter, which we often discuss solutions during our free webinar training. As opposed to getting overwhelmed with everything that entails excelling as a new entrepreneur, follow these critical tips to regularly practice.
1. Be passionate
No brand can succeed without being passionate about what you’re doing for a living, as Neil Patel reminds us.
If you don’t love what you do, don’t do it. I truly believe it’s as simple as that.
As an entrepreneur, you’re going to have to put in long hours and make sacrifices for your business.
When you’re passionate about what you do, putting in the long hours won’t feel like a sacrifice anymore.
If you’re not passionate about what you do, you’re not going to have the motivation to keep going when you’re stressed and tired.
Have you ever noticed those entrepreneurs who never seem to get tired? Those entrepreneurs who get that gleam in their eye when they talk about what they do?
Yeah, that’s passion.
Forty-four percent of entrepreneurs started their business because they saw an opportunity to create something great. They are passionate about their business. Are you?
Be passionate about what you do, and being an entrepreneur gets just a little bit easier.
2. Learn to take advice
As you’re developing your online business you’re going to need some advice once in a while. Forbes says not to be afraid of asking for advice and figuring out what works best for you to create a successful business plan.
There are times to trust your instinct and times to heed qualified advice. The latter is usually a wise move when it comes to financial decisions or choices that could have major or lasting implications for your future or that of your business. San Francisco based SHYP proved an unfortunate example of failing to heed sage advice about the sustainability of the company’s business model from trusted advisors. CEO Kevin Gibbon later said in a blog post: “People close to me and the business began to warn that chasing consumers was the wrong strategy. After all, how often do consumers ship things? I didn’t listen…While I did heed the advice eventually, I can say with certainty not doing so sooner is my biggest regret.” Despite having raised over $62 million in funding SHYP closed it’s doors in 2018.
3. Market your business all of the time
Even though you’ve set up all of the right social channels doesn't mean your mission stops there. As Forbes reminds us, it’s essential to consistently market your business and figure out new ways to improve upon strategies that are already in place.
To succeed in business, you need to continually be attracting, building, and even educating your target market. Make sure your marketing strategy includes the following:
Learn the fundamentals of SEO (search engine optimization) so that people searching for your products and services might find you near the top of search results.
Use social media to promote your business (LinkedIn, Facebook, Twitter, Pinterest, etc.).
Engage in content marketing by writing guest articles for relevant websites.
Issue press releases for any significant events.
4. Learn from mistakes
You’re bound to make some mistakes while setting up your business, so Entrepreneur says instead of letting them get you down, focus on the future and what you can do to improve things.
Many entrepreneurs point to mistakes as being their best teacher. When you learn from your mistakes, you move closer to success — even though you initially failed.
Investopedia reiterates that learning from business and personal mistakes are what’s going to help you grow and become a successful and thriving entrepreneur.
The ability to learn is one of the most important skills to have in life, let alone in entrepreneurship. If someone is building a business, however, the ability to learn is required for success.
The ups and downs an entrepreneur goes through are unavoidable. An entrepreneur needs a high ability to learn—and a desire to learn. If a person is able to learn in any situation, even failure, they have the skills necessary to become a successful entrepreneur. Failure can help expand one's knowledge and understanding of business.
5. Leverage your strengths
Are you using your strengths to your advantage? Forbes urges entrepreneurs to lean on their strengths because that is what’s going to help them prosper and develop strategies that will work for the long term.
Entrepreneurs understand that they can’t do everything. Successful entrepreneurs understand that they shouldn’t do everything. They know this for two reasons, the first being that there are not enough hours in the day. The second is that we're all naturally better at some things more than others, and we shouldn’t force nature. While it’s true that you need to wear many hats and get stuck in, the reality is that if you’re really bad at math, then you shouldn’t be responsible for payroll. License some inexpensive software and outsource the problem. Payroll, tax return or cash flow projections are not something you want to get half right.
6. Know your customer
As your business grows you should continue to get to know your customer and figure out what their needs are. Entrepreneur provides Wendy’s as an example:
Dave Thomas, the founder of Wendy’s, cited knowing your customer as one of his three keys to success. Know those you serve better than anyone else, and you’ll be able to deliver the solutions they need.
7. Build an incredible website
It’s hard to get a business to go anywhere without developing a fantastic website, as Forbes recommends entrepreneurs doing. Even if you’re a freelancer having a website with a portfolio of your services is a great place to start. To get people interested in your business or product you should have a place for them to learn more about it.
You should devote time and effort to building a great company website. Prospective investors, customers, and partners are going to check out your site and you want to impress them with a professional product. Here are some tips for building a great company website:
Check out competitor sites.
Start by sketching out a template for your site.
Come up with five or six sites you can point out to your Web developer to convey what you like.
Be sure the site is search engine optimized (and thus more likely to show up early on search results).
Have high-quality content.
Make sure your site is mobile optimized.
Make sure the site loads quickly.
Create an optimized user experience.
Keep it clean and simple; clutter will drive visitors away.
Make the navigation bars prominent.
Obtain and use a memorable “.com” domain name.
8. Value your time
Your time is valuable, so you need to figure out a way to use your time wisely. Inc. explains why creating a time-management system is going to help you in the long run.
Throughout the workday, ask yourself two critical questions:
Is this the best use of my time?
What is the ROI for this activity?
It can be helpful to calculate your “hourly rate” based on the value of your skills and the average revenue you generate in an hour's time. If your hourly rate is $90, hiring a digital marketing consultant for $50 per hour makes sense. While he or she polishes your social media reputation, you can prospect for new clients or pitch investors–potentially higher-ROI activities.
Budgets and time constraints will sometimes force you to engage in tasks that are below your “rate;” that's normal for any business. However, knowing the value of your time can help you make better decisions on delegating or outsourcing.
9. Develop strong systems
Another tip to follow, according to Entrepreneur, is to develop a strong system and stick with it. You’re not always going to be able to be in control, and that’s okay. As your business grows learn to delegate tasks and come up with a system that’s effective and time efficient.
I have always been a bit of a do-it-yourself person. I found it really difficult to employ a manager in my business, and so I found it hard to start a new business. I always wanted to be in control. However, one of the inevitable lessons every serial entrepreneur must learn is how to delegate.
Delegation is the number one strategy for success in serial entrepreneurship. Find people you trust, or learn to trust the people you have. Find people with similar values and drive, and give them a chance to flounder and learn.
You need to create systems that allow you time to develop new ideas and implementation strategies. It often means that a chunk of your profits go into salaries, but if serial entrepreneurship and building an empire is what you really want to do, then it’s a sacrifice you have to be willing to make.
The 21st century and technology has not just made serial entrepreneurship possible, it has made it appealing.
Join us during our next free webinar training to learn additional tips on how to improve your business and succeed as an entrepreneur.