How to succeed as an Entrepreneur – 8 steps to keep you on top!
Fourteen years ago, I said goodbye to my last boss and launched my first business. I’ve owned 3 businesses since then. I’ve gone through booms and recessions. I’ve hired, I’ve fired. I’ve loved it – though, I confess not every minute. Looking back on 14 years, I believe these are among the most important lessons (and you will encounter many lessons) I’ve shared with and learned from other entrepreneurs:
1) Memorize your Mission Statement. This is your organization’s purpose, the reason for your existence. This statement should guide the actions of the organization, spell out its overall goal, provide a sense of direction, and guide decision-making. Know it by heart and have your employees memorize it too.
2) Embrace change and be flexible. Successful entrepreneurs understand that change is inevitable, so build change into your business plan and into your outlook.
3) Be Positive. Your attitude affects your ability to respond to opportunities and challenges. Even when times are hard, look for ways to make the best of it.
4) Treat your employees well. Your employees are your company, especially in a small business. Your employees are behind the scene but they are the front line of your company. Hire well and pay fairly; give employees respect and authority.
5) Develop and maintain good credit. Your ability to borrow money for your business depends on your personal credit. Establish procedures to pay your bills on time every month.
6) Get things in writing. I’ve made handshake deals, but I’ve also seen clients change their minds and people I’ve trusted turn 180 degrees when unexpected things occur. A clear written document is critical with any important business deal.
7) Establish personal savings and a retirement account. Like most entrepreneurs, I’ve given virtually every dollar earned back into my business. But unexpected things happen so you need to be prepared for the future as well.
8 ) Develop a business plan. Now here is the secret, you need to develop or reassess your business plan every year. This will help realign your vision on where you want to be so you know where you are going.
These past 14 years, it hasn’t always been an easy ride, but at least I’ve always been in the driver’s seat. Being an entrepreneur has been great, and I’m looking forward to so much more to come!
Until next time, enjoy the ride in the driver’s seat and continue to discover your full potential and live the life of your dreams!
Love & Light
Debi
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You forgot, “buy a motorcycle”.