Saturday, September 21, 2024

Four key tips for entrepreneurs

Four key tips for entrepreneurs

Here are four key tips from Forbes that could get your start-up on the path to success.

1). Turn Fear into Power

We live in an intense and ever-changing era. Markets have crashed. Jobs have disappeared. Industries have been disrupted and are being remade.

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But if you’re an entrepreneur, to a large extent your destiny is in your own hands.

And in the new economy you can achieve financial independence on your own terms. You have the power to be as successful, perhaps even wealthy, as you want to be. This is a key insight for any entrepreneur, and a driving force in my own life. Owning my destiny, particularly my financial destiny, is scary at times — but it’s also empowering.

2). Invest in your Brand and Reputation

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If you’re a new startup or small business it can be difficult to see why you should invest in your brand and reputation. It’s expensive and time-consuming. You’re not trying to battle with the big brands — yet. But what about the future? You must keep your eye on that future because, ultimately, reputation is everything in business. Your brand is the shorthand way people think about you.

Yes, you’ll have to miss dance recitals and soccer games. Yes, you’ll lose out on a social life. But if you don’t pay attention to the details — customer service, how you are perceived by the outside world, how your company’s image is perceived — you won’t be successful. Why? Because business success comes from returning customers.

3). Don’t be a perfectionist.

We always teach our kids not to be afraid to fail and to pick themselves up and try again. They can’t know all the answers before they start learning, and neither can you. So listen to your own advice. Later on, once you’re established, indulge your perfectionism in your product and customer service. But in the beginning, it’s cheaper and better to try, then try again and again until you get the product right. Nailing your niche usually takes a few attempts.

4). Take a risk and just do it.

And also love it. The word “passion” is sometimes overused in business, but when it comes to entrepreneurship, it’s a necessity. You must be passionate about what you build because you will spend most of your time working. That’s the reality of starting and owning a business. It’s also the joy.

Millions of people have listened to Steve Jobs’ 2005 commencement speech at Stanford, and for good reason. He nailed the passion issue: “You’ve got to find what you love… Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle.” And that’s the most important advice to you: Do it. Love it. Don’t settle for less.

 

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