Tips and Advice from Successful Entrepreneurs
Are you thinking about becoming an entrepreneur? Have you already started down the path of entrepreneurship? No matter what stage you are currently in, tips and advice from millionaires, billionaires and CEO’s should always be welcome. Always. We have written several blogs to inform and inspire entrepreneurs in the past and today we have four more entrepreneur secrets to success to share.
Do yourself a favor and take some time out of your busy day to soak in this useful knowledge. Here are four entrepreneur secrets to success to live by:
Do Something You Love
Everyone knows the old adage: “If you do what you love, you’ll never work a day in your life.” This statement could be the backstory for hundreds if not thousands of entrepreneurs. Many entrepreneurs, before they became entrepreneurs, were very successful in their careers. But no matter how much they succeeded, they weren’t happy. The accountant who opened a surf shop probably made great money in finance, but if you’re unsatisfied every day, what is the money worth?
General Motors CEO Mary Barra is a major advocate of being passionate about your profession and added her thoughts to a Fortune Magazine Best Advice from CEO’s list:
“Do something you are passionate about, do something you love. If you are doing something you are passionate about, you are just naturally going to succeed, and a lot of other things will happen that you don’t need to worry about. There are so many opportunities and choices that women can make or anyone can make about what they do. Do something you are passionate about. Life is too short.”
One of our favorite pieces of this quote is when Barra says, “If you are doing something you are passionate about, you are just naturally going to succeed.” This is true for any entrepreneur in any industry. Your natural energy will fuel your drive and won’t allow you to stop until your business is a success. Tap into it and go!
Value Your Time
Most small business owners and entrepreneurs wear many hats on a daily basis. We all know that’s the nature of the starting your own company and a prerequisite for succeeding on a small budget. But what some entrepreneurs may not know is that by doing some things themselves, they may be hurting their productivity instead of helping it. All the while not saving the money they thought they were.
Joshua Reeves, the CEO of ZenPayroll, offered this insight on the matter in an Inc.com article:
“Small business owners often work with very tight budgets, which leads to a ‘do-it-yourself’ mindset. However, the most valuable resource is often their time. Entrepreneurs should constantly think about whether they’re spending time on the most important parts of their business. For instance, if a business owner is spending three hours a week running payroll manually, they may think they’re saving money, but they are actually expending time and energy that could be put toward growing their business.”
There are many free or inexpensive software programs out there that could save you both time and money. Even if the technology comes with a decent upfront cost, think about how quickly it will pay off and the free time you will now have for more important matters. Run a self-audit on a full work week and identify where you can start adjusting your routine.
Be a Good Leader
A promising startup will never succeed without leadership. There are many managerial styles and approaches you can take, but offering due praise is a necessity for any style. Chances are your employees took a paycut or do not have the typical perks their position would offer in a larger, more established business. One way you can return the favor in the meantime is to let them know you appreciate their hard work and sacrifice.
Billionaire entrepreneur Richard Branson fully believes in this ideology:
“As a leader you’ve also got to be extremely good at praising people. Never openly criticize people; never lose your temper, and always lavish praise on your colleagues for a job well done. People flourish if they’re praised. Usually they don’t need to be told when they’ve done wrong because most of the time they know it.”
Branson is not saying to you should never point out mistakes, but if you’ve hired the right people, they will know when a mistake has been made. A good leader will help solve a problem, not add more stress to the situation. And when a job is done well, a good leader will add more joy to the occasion, not let it go unnoticed.
Oversee All Expenses
Our final entrepreneur secret to success may not be much of a secret, but it worthy of mention. Entrepreneurs who do not keep a close eye on their expenses may find themselves in a hole they didn’t know existed before it’s too late. Most entrepreneurs are working with small capital so every penny matters. Even a slow leak of capital can take down an entire business so business owners must oversee and approve all outgoing money. Dorian Boyland, who started the Boyland Auto Group in 1987 and today collectively generated nearly $400 million in 2011, offers his advice on the subject:
“If you own and operate a business, you need to approve 100 percent of every expense that goes out that door. You should have the people in your operation know that they cannot, and doesn’t have the ability, to approve and sign any expense. At the end of the day it is your responsibility to control the checkbook. Every check that goes out that door, before it’s even cut or written, should be approved and understood what it is by the owner and operator of a business.”
We hope you enjoyed our list of entrepreneur secrets to success and learned something as well. Do you have any secrets to share with our audience? Please leave them in the comment section below!
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