From speaking to many people, reading books and listening to others I have come up with some Golden Rules for Success for Entrepreneurs.
The list is not exhaustive but it covers off on some very important things:
1. Constant Learning
Attend training sessions, network with people, travel and seek out other experienced entrepreneurs. The great entrepreneurs are all about:
-Constantly asking questions
-Always willing to look at other solutions and if they are better they will change direction
-They are constantly looking for habits to adopt and systems that will help them run a better business
2. Ability to Communicate
You must be able to sell your ideas or have others buy into your ideas. Effective communication is one of the most important skills you can have. You should always be looking to improve this skill.
You need to be able to communicate to all stakeholders to get to where you want to get to. For example – in regards to your team. How do you get them to buy into your business mission, core values and vision. You must be able to communicate and engage your team.
3. Build a Fantastic Team
The business is not just you, the owner the entrepreneur. It is all about a group of people all working together and all working for the common goal or purpose. The really good entrepreneurs know what they are good at and know and understand their weaknesses. They then work to their strengths and delegate to others the things they are not good at. So the key is that the very succesfull entrepreneurs involve other people in the business. From my recent blog “Stay ahead of the Pack” you would have noted that I mentioned the importance of having an open environment and constant feedback.
4. Business Skills
Every entrepreneur must learn the basics of business. In most instances people get what Michael Gerber says is an ‘Entrepreneurial Seizure’. They look at what they are doing for someone else in business and think this is easy I can do this for myself. What they do not realise is all of the other things that come with a business.
Some things you you must know:
– Cash flow and cash management and profit and loss – There is a difference and if we do not know this we can be in very serious trouble. You must understand that CASH IS KING.
– People management and human resource management – Teams dysfunction, that is a fact of life, we must know why and what to do about this.
– Marketing – We are in business to market the services or products that we have available. We are not in business to be an architect, hotelier, retailer and so forth. If we cannot market what we do and people do not buy from us we will be out of business before we know it. We may be the best at doing what we do, but that will not help us.
– Performance evaluation – You must evaluate how your team is going and you must provide them with constant feedback. A feedback performance evaluation system is a main part of any great business.
5. Build Strategic Relationships
Networking is a major differentiator of good entrepreneurs and great entrepreneurs. The great ones perform this function very well. Not only does this bring in new work and new opportunities it also assists with ongoing development. There is awesome value in speaking and sharing with other entrepreneurs. Many get involved in groups (some of the groups are formed from conferences and events) so they actually then have a board type of relationship. Under this arrangement they get together regularly and brainstorm to solve their issues and problems.
6. Work with Technology
Technology is all about productivity and promotion. Not only is there technology to run better processes in your business but there is the added benefit of promotion now. With social media and websites there are so many chances now to promote your business, to promote yourself and inturn promote your overall brand.
7. Share the Rewards
As we know and understand the success of all entrepreneurs does not just come from themselves but from all of those around them. It is therefore very important that results and rewards are shared with the team. By sharing the rewards it encourages – motivation, innovation, team work and overall business success.
8. Assess and Manage Risk
The more you delve into issues the more you can assess and manage risk factors. Sometimes you can get caught where you feel something is a great idea and you can’t lose. But that is the time where you most are in need of a fresh set of eyes. Someone independent looking at the situation with no pre conceived ideas will be an invaluable asset. This could be the board per 5 above, your advisers or someone else. Entrepreneurs are positive people and will always look at an opportunity as just that. Sometimes however they can miss things because of their optimism. Trust me I know.
Here I have highlighted 8 key rules or golden rules for any entrepreneur. As I stated at the outset they are not exhaustive and by no means are they complete. All I have done is bring to light things that you must know more about.
To succeed in business in 2022 and beyond is all about straying away from the traditional path and doing something different because the worldwide situation is anything but ordinary, so why should what you do in business be the same?
Instead, take the chances to learn from those who’ve walked the unconventional path, and start leading your industry rather than following the norm.
We work through all of the above in detail at the Global Business Camp event coming up from the 17th to the 19th of October 2022. You should be considering coming along with as many of your key team as possible and working on your business for the 3 days.
Find out more – www.globalbusinesscamps.com.au
Register and receive VIP rates by using this special code and entering that in the coupon code area of the registration form – “SMITHINKMEM”. Full rate is $3,300 pp but VIP rates are ONLY $1,980 pp. This could well be the best investment you make for your business. Also, pay before 30 June and get a 100% tax deduction in your 2022 tax.
Registration link – https://globalbusinesscamps.com.au/register-now/