Are you building a temporary business or one that’ll be around for the long haul?
If you’re not comfortable answering such a question without taking a second to think, perhaps it’s time to revisit your principles and practices as an entrepreneur.
Let’s be honest: few entrepreneurs are willing to take a step back and face the uncomfortable reality that comes with looking at their business objectively. We get so attached to our companies that it’s often difficult to acknowledge where we’ve gone wrong and what we can do to improve.
That said, building a business that survives for the long-term means having the right mindset. By following these four tips and forming the habits associated with them, you can go through your entrepreneurial journey with a renewed peace of mind.
Ask More Questions
The biggest mistake that so many entrepreneurs make is that they tend to become more passive as they become more successful. They started accepting the advice and recommendations of others as gospel or they stop taking the time to ask the sort of questions that got them to where they are in the first place.
Think about it: did Steve Jobs get where he was by resting on his laurels? Absolutely not.
Entrepreneurs need to be willing to question just about everything before making any significant financial decisions. Trading guru and entrepreneur Tim Sykes is the perfect illustration of this point. In his checklist for choosing penny stocks, he outlines a list of must-do’s and must-ask questions before giving any stock his valuable attention. Likewise, entrepreneurs should come up with their own sorts of lists for making important decisions.
Stick to What You’re Good At
This may seem like an obvious tip, but so many entrepreneurs sink their success because they can’t seem to nail down their strengths. They either spread themselves too thin by wearing multiple hats or take their product or service so far beyond what makes it compelling in the first place.
Let’s use Steve Jobs as an example yet again. Jobs saved Apple by downsizing their product line in the 90’s as the company had way too many products and totally unfocused marketing. Apple has seen success because they’ve honed in on a few select products at one time: entrepreneurs should stick to the same principle themselves.
Be Kind to Clients and Customers
Offering service with a smile is more than just a cliche: it’s crucial toward leaving a lasting impression on your clientele. After all, your business is more than its products and services: your reputation matters more than ever as your company scales. If you want customers to have a positive notion of your company, you need to present yourself as a helping hand. A great place to start is with a good and professional web presence and website design are industry leaders you can trust.
Seriously, though. Stellar customer service and rapport with your clients is one of the most overlooked aspects of doing business. By paying attention to such minor details, you can soar above your competitors.
Learn to Say “No”
Finally, “no” is one of the most powerful words in an entrepreneur’s vocabulary. This especially rings true in regard to hiring, marketing and expansion. There will always be opportunities out there and the “next big thing” seems to loom at every turn, right?
However, it often pays to say “no.” By following the previous tips of asking questions and focusing on what you’re good at, you’ll often find that such “opportunities” weren’t as enticing as they seemed.
Sometimes it’s what we do as entrepreneurs that have the biggest impact on our business’ ability to grow. These four principles and habits can be potentially transformative for your business, especially if you want to build a company that’ll be standing years from now.
