4 Must-Have Entrepreneurial Survival Tips
Posted October 20, 2010on:
As a small business advocate always on the lookout for new advice for how to start and run a successful small business, I have found several “formulas” and “checklists” that promise the budding entrepreneur success and financial rewards.
However, there is no set path to financial freedom. Small business owners need to be creative, put pressure on the guidelines, and strive to be different from competitors.
I found an article on PowerHomeBiz that describes some survival tips for entrepreneurship, here are a few of the ones from the article I found to be the most helpful:
1. Follow Opportunity Instead of Savoring Security.
This is the hardest one of all. Most of us were brought up to seek out and cling to the security of the 9-5 job. What happens when you mention to your family that you want to leave the security of your pension and go out on your own. They will probably advise you to be sure, to step carefully, to take your time. Some may even advise you against it completely. Are they financially independent? Did they have what it takes to go out on their own?
Are they living the life that they want? One way to avoid getting caught up in this security trap is to set a confirmed time that you will leave your job. Real worth and wealth is generated from within you. It comes from being prepared, knowing how to spot, act upon and capitalize from opportunities.
2. Making a Profit, Not a Living.
If you are still an employee, you probably know how much you will be bringing home next week. But with your own business, you have to remember to focus on making a profit and that means high sales and low overhead. No one signs your check now. To survive you must be focused on how you will make a profit today, tomorrow and next week. You must find ways to keep costs down to the exception of affecting your profit making capabilities.
3. Look For Opportunity, Not Mistakes.
Success is the result of making good decisions. Good decisions are made from good judgment. Good judgment comes from experience. Experience comes from bad decisions. This doesn’t mean you should try to make mistakes for experience. The key is to gain experience from the mistakes and success of others. Seek out others in your field. Study and understand why they are succeeding or failing. Don’t expect to make all the right decisions and don’t let the fear of making mistakes inhibit you from pursuing new opportunities. Those who never make mistakes are probably working for those who weren’t afraid of making them.
4. Know What People Want, Instead of Wanting What You Know.
What it all comes down to. Knowing the who, what, where and why of your target customers. The success of your business is not the sum total of the knowledge you have gained, it still is and always will be, the “sale”. Success is determined by what products sell and how well they sell. It isn’t what you know that counts, it’s what your customers want. If you lose sight of this fact, you are doomed to failure. Never lose sight of the fact that marketing your customers’ wants is your number one priority.