Are you an entrepreneur? Do you run your very own business? Do you have goals to achieve this fiscal year?
It is the communal nature of small business ownership which keeps many entrepreneurs moving even when the going gets tough. There’s no roadmap to success, but you can learn a lot from the people who’ve come before you, stumbled and picked themselves up to soar high. Whether it’s devising a marketing strategy for your business or auditing the financials, every small detail can lead to the success or failure of your business.
As a small business owner who one day hopes to launch a business, there lies tremendous value in imbuing yourself in the small business community and regressively studying those who are already experiencing positive results.
Let’s dig deeper into 5 success tips from successful business entrepreneurs who have learned it the hard way and have safeguarded their principle of success:
Table of Contents
Success requires courage and perseverance. Somehow, starting your own business is often the most difficult part of the whole journey. Remember, courage is proportionate to have a goal in place that you believe in. The more deeply you believe in that goal, the more fear you’re willing to overcome to achieve success.
With the onslaught of the inevitable obstacles and setback that you’re bound to manage, doing something you really believe in is essential to finding the courage to continue.
Do it The John Ferolito and Don Vultaggio way
Back in the 1970s, a couple of friends from Brooklyn started a beer distributor from the back of an old VW bus. Two decades later, after seeing the growth of Snapple, they also decided to try their hand at soft drinks and launched AriZona Green Tea. Today, AriZona teas are considered #1 in America and are worldwide distributed.
#2 Build The Right Team
The second tip is to muster a team since you can’t do it all alone. As you continue to scale, you’ll need to hire and delegate. Remember, it’s better to choose quality over quantity. For instance, two staunch employees who share your vision, take responsibility seriously and are result oriented are any day better than five mediocre paycheque collectors.
To build a great company culture, you should first consider your own business values and then determine how these should match up with your potential employee’s own values. If there is a synchronized understanding, your team will feel more solid and unified, making it easier for you to reach your ultimate goals.
In 1995, Pierre Omidyar, a computer programmer, started auctioning off materials on his personal website-AuctionWeb. It was initially just a personal project, but, when the amount of web traffic increased double bounds, it became necessary to upgrade into a business Internet account. For that same reason, Omidyar had to start charging people fees. He actually hired his very first employee to manage his pay cheques.
Guess what? The site is now known as eBay.
#3 Reinvent yourself every day
You’ve got to be smarter every day. The world is fast, creative, innovative and moving rigorously towards setting trends, to start with. Technology is changing two-folds, as entrepreneurs you’ve to reach out, network and keep reinventing yourself to defeat one’s own ends.
No matter where you are, there is always a room for imagination.
Howard Schultz trip to Mila, gave this young marketer working for a Seattle coffee bean roaster, an insouciant idea for upscale espresso cafes like they have all over Italy. His employer agreed to finance Schultz’s endeavor, though he had no interest in owning coffee shops. Later, they even sold him their brand name, Starbucks.
#4 Trust your instinct
Your intuition, your first reaction to something is always right! Your idea, the very thing that inspired you in the first place to revel in the knowledge of your success, is powerful. Don’t let anybody sway you.
You immediate gut, which is honest and raw. Consider it you True North!
In Japan of 1917’s, a 23-year-old apprentice at the Osaka Electric Light Company, Konosuke Matsushita, with no formal education came up with an improved light socket. Due to his boss’ disinterest, young Matsushita started making samples in his basement. He later expanded in battery-powered bicycle lamps and a range of other electronic products.
Matsushita Electric, as it’s known until 2008 when the company officially changed its name to Panasonic, is now worth a total of $66 billion.
#5 Success Is Impossible Without Failure
Failure is the natural progression to success. Even when your business is on the right track, unexpected issues can pop up. There will come moments where you can get stuck, the only way out is to address these problems and take them as chances for growth and improvement which are critical for long-term stability and prosperity.
You should no longer be afraid of failure, but be keenly aware of what new opportunities arise because of it.