5 Lessons Every Entrepreneur Must Learn
Entrepreneurs tend to follow their own path. Some rise and experience success. Those that do will often admit that it's a long, slow, pain process, while some might be seen to get the rub of the green, with things miraculously falling into place along the way. I believe that the latter isn't just a result of luck, however, but is a sign of an entrepreneur who understands the importance of learning and development.
These 5 lessons every entrepreneur must learn were important to me when building my own business, and continue to play a key role today in sustaining my healthy business.
1. Never be surprised. Everyday something new will occur. There will be a letter in the post, email or request that means that you need to consider and perhaps spend time or even change tack with a particular issues. So never be surprised with anything that occurs while you run your business.
2. Be conservative with forecasts. Forecasts should be prepared so that you know the direction on which you are travelling. However, do not over estimate the potential of sales or income, as it will continually disappoint. Equally, do not under estimate the costs that you may incur as it will lead to financing and cash flow difficulties. Forecast realistically and conservatively and they will become meaningful. They will be reliable and any variance will tell you more about your business than you realise.
3. Ensure you have adequate staff in specialist areas. This is not a recommendation to over staff, in fact far from it. But this is a word of advice to ensure that's where and when you have specific needs for specialist advice that you staff appropriately and organise back up and cover to cope with any request. Review where this may be in your organisation and encourage others to learn and develop their careers.
4. Over indulge your customers and clients. Your customers and clients are key to your success. Go the extra mile and indulge them with more time, free samples, a little extra and make sure they know it is an extra mile that you are travelling on their behalf. They will appreciate it and it is a differential to your competitors. This extra service should pay dividends.
5. Continually re-invent yourself. Go on courses, read the latest management books, review your trade magazines and continually review and analyse what you do. Re inventing yourself makes you keep up to date, do the right thing right and also allows those around you to realise you are not standing still. As a result you will get more out of your role and of course, your business.
These are 5 simple tips. Follow them and chances are you will be more successful.