Five things every entrepreneur should know


It’s not enough to have a great idea. You have to bring many other skills and qualities to the table to be a success in the dog-eat-dog business world.

Many people fall by the wayside because they lack the drive and determination to make their business work, and get too easily disheartened when things don’t go to plan.

But if you do think you have what it takes to be an entrepreneur, here are five things you need to know to help you achieve your goals.

The customer is king

However good you think your product or service is, your venture will struggle to get off the ground if you don’t understand your target audience or do enough to keep your customers happy. Entrepreneurs who are full of their own self-importance and don’t listen to feedback from their clients will soon suffer, and any dreams of success will quickly evaporate.

Make sure you keep in touch with your customers through email and social networking sites such as Facebook and Twitter, which won’t cost you anything.

You must sell yourself

You might not consider yourself to be a great salesperson, but it’s nigh-on impossible to be a success if you can’t sell yourself. Being really passionate about your idea is a good start, as it conveys enthusiasm to potential clients, but a good entrepreneur will also be able to explain why their product or service is the best on the market, and persuade potential customers and suppliers that they must buy from you.

If you’re concerned about your communication skills, practise presentating in front of friends and family to begin with to give you more confidence.

Don’t get ahead of yourself

It’s only natural to have big ideas about where your business will be in five years’ time, but you need to rein yourself in a bit. Ambition is great, but set realistic goals, and take baby steps to achieve your objectives. Don’t necessarily give up your current job to get your business off the ground, as you may need something to fall back on in case you don’t make a go of it. Some of the most successful entrepreneurs started their own business from home or a virtual office while doing another job to pay the bills.

Finances should never be neglected

Accountancy is seen as a necessary evil by many entrepreneurs, but keeping on top of cashflow is an integral part of any business. Too little cash and you’ll go bust, while too much cash means you’re wasting opportunities to expand. You need to familiarise yourself with bookkeeping, tax returns, VAT, banking procedures and business documents.

If you need financial assistance to get your business up and running, there is lots of help available, from start-up loans to investment from business leaders in your area.

How to inspire and lead a team

If you’re the boss of other people, it’s your responsibility to recruit, motivate, lead and retain the best talent. You’re only as good as the people around you, so it’s important you create an atmosphere where they can flourish, come up with their own ideas to help grow the business and look forward to coming into work every day.


Posted by the Secret Businessman