We live in the era of entrepreneurship.
Small and medium companies represent, depending on the country 90% to 98% of the players in the market and yet only a small percentage survives!
It is very important that we understand what it takes to succeed as an Entrepreneur to make sure that we are one of the 5-10% of survivors.
The first golden rule is not to be a technician with an entrepreneurial seizure (as Michael Gerber calls it) because running a company takes a lot more than technical ability.
If you don’t possess the necessary people skills and management knowledge and skills it is very important that you seek the right training and get the help of qualified professionals.
Do not neglect legal aspects and contingency plans…
To succeed you also need to follow your passion, know what you want and where you want to be in 5 years’ time.
Then you need to plan accordingly and divide the plan in actionable steps.
Make sure you have the money necessary plus some more – lack of cash flow is one of the major causes for businesses to fail.
Remember it is all about the customer – it doesn’t matter what you think is best, you must anticipate your current and future clients’ needs and strive to always over-deliver.
Surround yourself with a top team – not the most intelligent or most knowledgeable necessarily, but the ones who will share your passion and your vision for the business.
Get to know your customers personally or through social media and never stop listening to them. Foster a relationship that will keep them coming back for more.
Keep-up with technology. Use it wisely and always perform a cost-benefit analysis.
Invest in training for yourself and your team.
Be consistent and reliable. Build a reputation for yourself and a brand for the business.
Surprise your customers.
Innovate, show them the benefits and involve them in making your products and services better.
Do not micromanage.
Set up the systems, train your staff and let them fly.
Follow-up continuously…
Measure everything against the Plan and adjust it whenever is necessary.
Look after your health and the health of your team.
Incentivize sports, networking and ‘family time’.
Evolve and adapt.
Always be flexible, passionate and never, ever rest on your laurels!
