5 Helpful Tips For Every Entrepreneur

5 Helpful Tips For Every Entrepreneur

You will likely need employees that can help you turn your business vision and plan into reality. As such, you should hire people with the relevant skills and education qualifications. Moreover, candidates for senior positions should have a reasonable level of work experience. For instance, most businesses require chief operating officers (COOs) to have an MBA because it equips one with the skills required to run an organization professionally.

Nevertheless, some companies prefer experience rather than educational qualifications when hiring staff to fill certain positions. A good example is Facebook, which hired George Hotz alias geohot in 2011 – an American hacker renowned for unlocking the iPhone – because he has unique IT skills that few people in the IT community possess.

Organization

You should be well versed in organizational management best practices including data driven decision making and six sigma principles. The beauty of these practices is they have been market-tested by both big and small businesses and proven to work. In addition, they enable businesses to reduce wastage of resources, enhance supply chain cycles, and improve business-consumer relationships. At the same time, you should keep abreast of new developments related to such practices and implement them where necessary.

Marketing

When developing marketing strategies, you must consider your target audience, message, marketing timeline, marketing channels, and marketing message format. For instance, most businesses develop marketing strategies that include a social media angle because social networking sites including Facebook, Twitter, and LinkedIn attract more than a billion visitors every day. What’s more, marketing on these sites is cheaper compared to advertising on traditional platforms such as TV, newspapers and radio.

Budget & Tracking

Lack of proper financial planning is one of the leading causes of business failure according to the US Small Business Administration (SBA). As such, it is wise to follow acceptable budgeting practices such as separating business and personal finances. At the same time, track and keep records of all financial transactions to make preparation of tax returns easier and error free.

Conclusion

Entrepreneurs typically face numerous challenges when starting and running businesses. Luckily, you can make this process much easier by turning your entrepreneurship vision into a detailed plan, building the “Right” team, adopting solid organizational management best practices, developing well thought-out marketing strategies, as well as following acceptable financial budgeting and tracking principles.

How to Succeed in Business

A good business starts with a great idea. It can’t be just a vague idea but a dream that can be adapted into solid reality. The most successful firms start with a plan before anyone ever tries to put that business into practice.


Business-Success-Andrew-Dorko


Start with a Plan

No investor or lender will supply money without seeing spreadsheets that show anticipated overheads, capital expenses, and projected income. A written outline describes assets of location, advertising ideas, employment requirements, supply chain details, plus many other facets of business planning.

Investors want an outline of your career and education as proof you are the right person to start this company. A personal outline would show your studies and accolades related to business and marketing. Investors want to know why you chose a particular product or service to sell. Are you especially skilled in this area or inspired by market research?

Setting Goals

Even the employer of a minimum-wage grocery clerk would like to know if employees aspire to enter university or rise through a company. This helps them to determine who will stick around for the long haul, who is suited to a position with the public or in stock-taking, and who might be potential management material. Investors, lenders, and potential partners will ask why a person would want to start a firm and also his or her plans for the future. Does this person have aspirations to grow and change with the evolving commercial scene? Is he or she confident and aiming high or perhaps aiming too high? If someone is going to become financially involved in this concern, the firm’s founder has to be realistic but also show potential for growth.

Building Relationships

You can come at a commercial enterprise as a professional who knows business or as an expert in some field. Each type of business owner will need to work with the opposite sort of individual to create something successful. Although the trained business person understands the needs of investors and how to conduct and use market research, the skilled artisan or chef knows how to provide a service effectively.

Investors are keen to know where partners got the idea to work together and what will help them to gel. A strong team will work through difficult times, finding creative solutions to problems and raising a struggling new business to its feet. If you want to start a firm, make sure you can speak honestly to team members and that you have a plan to build relationships which are based on trust and integrity.

Implementation

If you did everything above and made sure the supply chain operated smoothly, your professionalism will be apparent. After setting an opening day, be ready to give customers what you promised from the start, no excuses. Be ready, also, to roll with a few minor hiccups.

Continuing the Dream

It’s tempting to take a break when the hard work has finished, but don’t get lazy. Follow up with social media, find ways to connect with customers, and nurture this budding business. Continue to foster a strong team and watch the numbers carefully, but allow the dream to encourage you through the long days of business ownership.

A Review of Blink by Malcolm Gladwell

Blink: A Timeless Review Of Malcolm Gladwell’s Timeless Book On Thought Processing And Decision Making

We have all been bombarded with endless clichés about action and thought at least once in our lives. ‘Think before you act’, ‘actions speak louder than words’, and as the philosophical playing field widens, one wonders what the newest adage will be. However, amidst all the smokescreen of clichés, there has finally risen a voice that makes more sense than what has been said over the centuries. It was with this in mind that Malcolm Gladwell penned his newest release, Blink, a novel about how decisions made ‘in the blink of an eye’ are perhaps the defining difference between success and failure. The author invites us to think about how we think, a challenge that most of us actually think twice about considering the somewhat apparent double negative.

Fighting Stereotypes

Blink attempts to fight stereotypes about thought processing that have captivated the minds of humanity for centuries. In a world of depleting resources it is only natural for humanity to think ‘preservation’, ‘caution’, ‘conservation’ and to direct thoughts in a guided manner that shuns impulse. Now, this is where things get interesting. Based on observing society, world trends and the opulent lives of the successful, rich or famous, the book takes a peak into how thinking ‘in the blink of an eye’ has been the a consistent mark in most success biographies.

A well thought of catastrophe, Or Not?

The book sifts the air and allows the eager eye to notice how decisiveness is key to making decisions that have an impact. So when one thinks about how some well thought of decisions end in catastrophe or disaster, the lingering question is why? Well, the answer is well-reasoned in the book as being simple: there is no guarantee that when you think before you act the result will always be in your favor. There are times when day-long thought processing is a waste of time. With the right intuitive skill one can learn how to streamline possibilities quickly and come up with a decision that will be to everyone’s benefit, for instance.

This is not to say that one must not think, no! In Blink Malcolm Gladwell is basically telling us to learn how to think fast, as some decisions do not require a harsh stretch of one’s imagination that extends farther than is absolutely necessary. The authoritative evidence of a leading psychologist mentioned in Blink who mastered the art of predicting future events based on a moment’s glance, is testament to the fact that sometimes the truth is right before our eyes, and if we ‘blink’ for too long, it might fade into falsehood and pretentiousness.

Healthy Eating While On A Business Trip

Although business trips come with plenty of perks, they have common pitfalls in terms of poor food choices people often make. One often finds themselves rushing to eat between meetings or unable to find healthy choices at travel hubs. Nevertheless, healthy eating while on the road doesn’t have to be difficult with the help of a few easy tips.

Pack Some Snacks

When packing, it would be worthwhile to carry some snacks like granola, pretzels, popcorn, or even chopped vegetables and fruit. These are great for curbing hunger while one is still in transit, thus enabling them control their diet better. If one is in a rush, they could also serve as a quick breakfast while on-the-go.

Adhere to the Schedule

It would be hard to stick to a regular meal schedule when things like cancelled/delayed flights or long car trips get in the way. This is why carrying healthy snacks is so crucial. Frequent travelers also have to face the challenges posed by jet lag. A routine would be of great help here in regulating what one eats and the portions as well.

Stay Hydrated

Quite often, people mistake thirst for hunger. Regular hydration is thus vital in preventing overeating. It is recommended that men drink about 13 glasses of liquids daily, while women should aim for about 9 glasses. But as is the case with diet, one needs to watch out for unhealthy drink choices. Instead of high-sugar, high calorie soft drinks, one should opt for water, tea or coffee.

Ditch the Menu

When most people visit restaurants, they yearn to eat what they can’t eat at home. This is often in the form of sodium-packed foods. Ignoring the menu would help in avoiding such unhealthy choices, because it removes the temptation.

In the recent past, many eateries have become increasingly sensitive to various dietary needs. Even fast-food outlets and chain restaurants will have healthy meal options. Instead of chips, one could select options that have lots of fresh vegetables and cereal.

Order First

On most business trips, one often finds themselves wining and dining clients and colleagues. One may feel pressured to visit outlandish restaurants in order to make a good impression. To avoid disrupting one’s routine, it would be prudent to take charge of the situation.

Ordering first helps greatly with this. By being the first to order, there’s no obligation to order a meal similar to anyone else’s. It also sets the tone of the meal.

A hectic schedule combined with limited meal options while travelling would be enough to derail even the most determined. But there are still ways to maintain a healthy lifestyle while on the go. Planning ahead could go a long way in not letting other things get in the way of healthy eating.

So, You Want to Be an Entrepreneur?

One of the most commonly asked questions that I hear on a weekly basis is, “I want to start my own business, do you have any advice?” I often laugh because it would take years for me to go through all of the lessons that I have learned as an entrepreneur.

Being an entrepreneur can mean many things for people. For some, it represents freedom to answer to nobody but themselves. For others, it’s a chance for them to earn a living doing what they are most passionate about. Others utilize it as a chance to give them total flexibility. There are so many benefits to owning your own business, but it’s not for everyone. I’ll explain…

Discipline

One of the most difficult things to grasp for someone who doesn’t have a boss is the necessity to get things done in a timely manner. When you don’t have a boss hovering over your shoulder, it’s easier to slack off a bit more than you normally would. One-hour lunch breaks turn into two and three hour affairs. You don’t have a boss, heck, you ARE your own boss… What’s the harm, right?

It takes incredible discipline for someone with no boss to keep plugging away at doing those tasks that are revenue-generating. It’s easy to get sucked into doing “busy work” to simply feel like you’re accomplishing something, when in reality you’re just wasting time. Without discipline, it’s difficult to succeed as an entrepreneur.

Passion

Without passion, things die. We see it with people whose entire identity is wrapped with what they do for a living. Once they retire, it’s as if their life purpose no longer exists. In many instances, sadly, they pass away not long after their retirement.

Find something you’re passionate about. If you were independently wealthy, would you still want to work on your “thing?” If not, maybe it’s time to do some soul-searching and find something that you would LOVE to do.

I have more thoughts on the subject that I’ll share over the next few weeks.

-Andrew