For your small business to be successful, you need to apply both the knowledge and experience you’ve acquired on how to run a business. Many newbie entrepreneurs fail in their first attempt because they lack both the knowledge and experience needed. There are many pieces of business advice by successful entrepreneurs out there. That you have no personal experience on how to run a small business is no longer a problem.
Many of these pieces of advice are from the experiences of successful entrepreneurs. They are out there to serve as guidelines and help young entrepreneurs not make silly business mistakes. Their experiences are being shared to assist newbies in making the right choices while starting their small businesses.
In this article, you’ll learn 10 pieces of business advice by successful enterprisers for entrepreneurs like you who are new to the business atmosphere. Their advice will help place your small business on the right path to success.
10 Business Advice of Successful Entrepreneurs to the Newbies
A marketplace is a dynamic place with ever-changing nature. As a new entrepreneur planning to start a small business, you need to be ready to pivot. You have to be able to make the right decisions based on the changing nature of the market.
To understand the market properly and to be ahead of the competition, you can carry out surveys or organize online polls to discover the problems of the people and how to tackle them with solutions. By doing this your business will grow exponentially. –Rahul Varshneya, CurveBreak.
Learn to Market Your Business
Many small businesses go under shortly after their launch for a lot of reasons. One of them is the inability of the entrepreneur to take responsibility and ensure the company gets the proper attention needed for its growth.
As a young entrepreneur about to start a small business, the advice of a successful business owner for you is to learn how to market your business. This can be done by visiting different seminars, summits, and conferences to speak directly to people about your business and the services you render.
Know that your failure to market your business to the right audience can narrow your chance of success and put your business in jeopardy. Therefore, you need to learn and develop your face-to-face marketing skill to be a successful small business owner. – Andrew Schrage, Money Crashers.
Have Enough Knowledge of your Industry
One mistake you can make as a young entrepreneur is to start a business you know little or nothing about. Not only are you taking a dangerous risk, but you’re also planning to waste your funds ignorantly.
Don’t start a business because you see many people doing well in the industry. According to Tony Hsieh, as a new entrepreneur, don’t waste your time following others into a business you don’t understand. “Don’t play games you don’t understand, even if you see a lot of other people making money from them.” – Tony Hsieh, Zappos.
Don’t Expect Success Easily
The entrepreneurial journey is always a rough one. This is because there is always one problem or the other to solve at every stage. As a young entrepreneur, there will come times when your business has to face some difficult situations for it to become successful.
Your decisions and actions in those crucial moments will determine the fate of your business. As the saying goes, success doesn’t happen overnight. You need to be determined and consistent in your business dealings for success to happen. Consistency and determination beget success. – Chelsea Rivera, Honest Paws.
Have a Good Financial Plan
For your small business to be successful as an entrepreneur, you must have a good financial plan. This encompasses all your expenses and management fund.
As a business owner, you must have funds available to tackle unforeseeable expenses in your business. Like the repairing of your equipment or damage control. There should be enough funds available to sustain your everyday business operation.
You should have a clear knowledge of how money comes in and out of your business and be able to keep good track of every expense. – Blair Williams, MemberPress.
Solve your Problems One at a Time
Having your own business is a hell of a job because you’re always out there finding possible solutions to all your problems. This responsibility, often time, can be overwhelming as a result of figuring out ways to solve all your problems at once. Of course, it’s impossible to solve all your business problems at once.
Instead, the advice given by an expert is to solve each business problem one after the other. Don’t start taking more than what you can resolve at a time. This will not only help you to get the best idea to fix the problem, but it will also save you a lot of time. – Syed Balkhi, WPBeginner.
Deliver more than Expected
For your small business to grow faster and win the loyalty of your customers, you must learn to deliver beyond expectations. Your products must be top-notch, reliable, and worthy of every penny of your customers.
Your small business will grow quickly If you prioritize the demands of your customers ahead of your gains. Providing more than what your consumers expect or demand is one of those simple ways you can build a successful business in your industry. – Larry Page, Google.
Don’t Treat your Employees as Family
Many business owners have problems with their hired employees because they failed to set a clear boundary. As entrepreneurs, being too friendly with your workers may obstruct you from getting the best out of them, which can put your business at risk.
To run a successful business, you need to set some boundaries. Don’t treat your employees like your family. Understand that they are in your company to make money and you also need their complete devotion to your business.
We all have our problems, therefore, abstain from making your workers’ problems yours. That doesn’t mean you cannot help when it’s necessary, but don’t make it a compulsory responsibility. You can assist your workers in solving business problems but always hold them accountable.
If you discover that the actions of an employee can affect the smooth operation of your business, don’t hesitate in parting ways with such an employee and hire a new person with good, compatible qualities useful for your business. — Todd Ringler, TAB Suffolk County (Partner).
Have Competent Workers as Staff
You’ll do both yourself and your small business a lot of good by having competent workers as your staff. When you have competent people as your staff, solving business problems becomes easy for you.
With competent people on your staff, you don’t have to worry a lot about your business while you’re away, because these people will help you tackle every problem and provide you with innovative ideas on how to better your products and services. – Joe Farah, TAB Georgia Northeast.
Leadership Determines Success
For you to be a successful business owner, you must learn how to be a good leader. Without leadership, your business cannot be successful. Your workers must see signs of a serious entrepreneur and get motivated to do their best for your business.
Your customers must also perceive a good sense of leadership in you to trust your suggestions in purchasing your products and staying loyal to your brands. The truth remains; without good leadership, things will go wrong with your business. To avoid such a downfall, as a young entrepreneur, you must learn the act of leadership. – Daniel Wong, TAB.
As a young entrepreneur who has chosen what small business to start and the industry to venture into, taking advice from successful business owners, like the ones shared in this article, can hugely assist you in achieving your goal. Learn from these pieces of business advice by successful entrepreneurs and integrate what you learn into your business.