5 Tips Every Entrepreneur Needs to Know to Starting a Business
All most everyone would like to own their own business. Home businesses, small business, and MLMs (multi-level marketing) are on the rise! Everyday of the week someone is starting a home business or a small enterprise. Business ideas are rampant. Business opportunities have never been as good as they are today Why doesn’t everyone have their own business?
There are many pluses to business ownership such as; having equity in your career, possible unlimited income, calling the shots, and having mastery of your career path. There are, also, many problems with being a successful entrepreneurs. Many new businesses fail in the first 5 years. How can someone have more control of their success?
Here are some business tips which will lead to greater success:
1. Have a clear concise mental picture of what success looks like in your business. What would your business look like when you succeed? Know exactly how many transactions/sales have to be made to equal the cash flow you need to run your business, pay all your employees, pay taxes, etc. It’s important to know exactly how much and where the cash flow is going. How long will it take to get to this point. Do you have a business plan and a mission statement?
2. It’s important to prioritize the behavior which gets you to your goal. It’s vital to know what your bread and butter activities are. Once you discover what they are, it’s important to do those activities as much as possible. If paperwork doesn’t make you any money, don’t do it. I’m not saying let your paperwork reach the ceiling or sit unattended on your desk. What I’m saying, is it might be more cost efficient for you to hire someone to do it which will free you up to do the bread and butter activities of your business.
3. Set effective goals. It’s very important to set goals with time frames. A goal without a time period attached to it is only wishful thinking. Goals will need to be long term and short term and broken down into the daily activities. The daily activities should encompass the bread and butter activities that make the money, or you won’t be in business very long, or successfully.
4. Have rewards and punishments in place. Everyone likes the rewards, but where people fail is they don’t punish themselves if they haven’t accomplished their goal. I’m not suggesting flogging oneself with the cat o nine tails. I’m suggesting that if you haven’t met your weekly production goals, make yourself work on your day off. Rewards and punishments are important for keeping yourself motivated day in and day out. This step takes self discipline. If you don’t have self discipline, you probably shouldn’t be working for yourself.
5. Fall in love with your future outcome, Sell yourself, everyday, on how wonderful it’s going to be when you succeed. Use all your senses to sell yourself your dream life. Put pictures of your dream life and dream business where ever you will see them every day. Many cell phones are capable of taking pictures. Take pictures of where you would like your office to be, what car you are going to drive, what school your children will go to, etc. Put them on your computer. Tools like mindmovies can not only build your perfect life movie, but the workbook helps you become clear on what it is you really want.
No one wants to become a statistic of another failed business. You have control of what you do, everyday, to succeed. Businesses succeed or fail because of daily habits. Master your destiny by mastering your success habits.
- Are Entrepreneurs Born or Taught? (jamessiminoff.com)
- Ten things top entrepreneurs do differently (theglobeandmail.com)
- How to Overcome Startup Fears (entrepreneur.com)
- Top 5 Things to Know to be a Successful Entrepreneur (drdianehamilton.wordpress.com)
- 3 Common Lessons Entrepreneurs Learn in Their Journey (zanesafrit.typepad.com)
- Small Business Startup Suggestions (thinkup.waldenu.edu)