Anyone can risk money, the real issue with being a successful entrepreneur is having real world knowledge, the right people at your side and a good product or service that is in high demand all of which is simple a summary of what truly important. MINIMIZING THE RISK OF LOSING YOUR MONEY.
So many things can affect a business;
- Quality of Product
- Staff (Good People Are Hard To Find)
- Location
- Marketing
- Sales processes
- Returning Clientele
- Making sure you keep most of your profits (Merchant Services)
All of this is just the basics and is where most people make mistakes by spending to much or not enough money. You could have the best product or service on the planet that everyone wants, but if you have bad staff handling things or paying to much or not enough on the marketing and turnaround time takes way to long then you will end up losing everything or making a lot less that you should!
Over the last 11 years as a small business counselor I have noticed the following difficulties occur the most frequently among my clients:
1.Promising what they cannot deliver
2. Overextending resources and getting a reputation for poor performance.
3. Telling the customer what he or she wants to hear instead of what they need to know.
4. Not knowing the value of networking constantly on professional sites such as Alignable and accumulating an "Expert" rating from peers
5. Not understanding the value of blogging. A blog is quite different than a web site. Provide good, solid information free of charge and use blog searches for synergistic businesses to team with. Teaming is an absolute necessity these days.
6. Lack of preparation to provide information, samples and valuable service gratis as a marketing tool; introducing oneself and then immediately engaging the client with presentation tools available to bring expertise to whatever topic they are interested in.
7. Quoting and billing what the client cannot afford and not growing with him (in content and resources).
8. No dedication to working oneself out of a job with a specific customer and having the client take over by training him, thereby having him remember you and recommend you to 10 others.
9. Not remembering that growth is a function of persistence and foresight. Know where your market is headed and get their first - then write and speak about your success indirectly by helping others. Demonstrate humility and a satisfaction in helping others succeed. They will find ways to give you credit. There are ways of tooting your horn without making peoples' lights go out.
10. Not keeping in mind that word of mouth advertising from pleased clients is a sure ticket to success.
From experience, I think that discipline is more important than motivation.
If you have to do something, let's say wake up early, just set up your alarm and get off your bed within 5 seconds, don't think ! Just do what you have to do, when you have to do whether you want to do it or not.
That said, you also need to have goals and execution plan. One this is done, it's easier to get there !
figuring you are no GOD except the one that will cause your very doom; be assured it is a lonely root and sharing shall not be helpfull at all as others cannot feel you pain. Be strong, make every move count double ;-)
Answers (1-7)
Anyone can risk money, the real issue with being a successful entrepreneur is having real world knowledge, the right people at your side and a good product or service that is in high demand all of which is simple a summary of what truly important. MINIMIZING THE RISK OF LOSING YOUR MONEY.
So many things can affect a business;
- Quality of Product
- Staff (Good People Are Hard To Find)
- Location
- Marketing
- Sales processes
- Returning Clientele
- Making sure you keep most of your profits (Merchant Services)
All of this is just the basics and is where most people make mistakes by spending to much or not enough money. You could have the best product or service on the planet that everyone wants, but if you have bad staff handling things or paying to much or not enough on the marketing and turnaround time takes way to long then you will end up losing everything or making a lot less that you should!
Over the last 11 years as a small business counselor I have noticed the following difficulties occur the most frequently among my clients:
1.Promising what they cannot deliver
2. Overextending resources and getting a reputation for poor performance.
3. Telling the customer what he or she wants to hear instead of what they need to know.
4. Not knowing the value of networking constantly on professional sites such as Alignable and accumulating an "Expert" rating from peers
5. Not understanding the value of blogging. A blog is quite different than a web site. Provide good, solid information free of charge and use blog searches for synergistic businesses to team with. Teaming is an absolute necessity these days.
6. Lack of preparation to provide information, samples and valuable service gratis as a marketing tool; introducing oneself and then immediately engaging the client with presentation tools available to bring expertise to whatever topic they are interested in.
7. Quoting and billing what the client cannot afford and not growing with him (in content and resources).
8. No dedication to working oneself out of a job with a specific customer and having the client take over by training him, thereby having him remember you and recommend you to 10 others.
9. Not remembering that growth is a function of persistence and foresight. Know where your market is headed and get their first - then write and speak about your success indirectly by helping others. Demonstrate humility and a satisfaction in helping others succeed. They will find ways to give you credit. There are ways of tooting your horn without making peoples' lights go out.
10. Not keeping in mind that word of mouth advertising from pleased clients is a sure ticket to success.
Being an Entrepreneur is not Easy.Successful Entrepreneurs have Thick Skins.You must be Persistant.You must be Aggressive.
You must carry a Self Confident Message to your Clients and Prospects.Developing a Sense of Trust or an Honest Business Approach is
Important.At the End of the Day.Your Creditibility with your Clients and the Public is of vital Importantance to your Success and Survival
Discipline !
From experience, I think that discipline is more important than motivation.
If you have to do something, let's say wake up early, just set up your alarm and get off your bed within 5 seconds, don't think ! Just do what you have to do, when you have to do whether you want to do it or not.
That said, you also need to have goals and execution plan. One this is done, it's easier to get there !
Good luck ;)
Being willing to risk your money, and probably all of it, on something you know is right but cannot be certain will succeed.
figuring you are no GOD except the one that will cause your very doom; be assured it is a lonely root and sharing shall not be helpfull at all as others cannot feel you pain. Be strong, make every move count double ;-)
Another one of the challenges is that if you are the 100% owner then the only one who truly cares about the service etc.. is you !