They’ve created products we all know and love, turned whole industries upside down and redefined what it means to be successful. Their business advice is worth its weight in gold.
Despite having vast differences in backgrounds, product types and generations, all entrepreneurs share the same set of skills. They’re self-motivated, innovative and have a passion for their missions.
1. Invest in Yourself
Investing in yourself is a necessity if you want to achieve the success that you desire. It is a known fact that goals are reached far faster when you really put the time and energy into them.
A large part of investing in yourself is learning new skills and gaining knowledge that will benefit you both personally and professionally. This could include taking etiquette training or a course on emotional intelligence.
Investing in yourself also includes ensuring that you take care of your body. This means eating a balanced diet, sleeping on a quality mattress, and exercising regularly.
2. Be realistic
When starting a business, it is important to be realistic about your goals. Setting unrealistic, pie-in-the-sky goals will only lead to frustration and disappointment. Realistic, attainable goals will help you build confidence and stay motivated.
A good way to set realistic goals is by breaking down your long-term goals into smaller, more manageable goals. This will help you see progress and stay motivated along the way.
It is also a good idea to share your goals with others so that they can hold you accountable for them. This will help you stay on track and achieve your goals.
4. Keep your overhead low
Overhead costs are indirect business expenses that don’t directly contribute to the production of products or services. They include things like rent, utilities, equipment and supplies.
Keeping your overhead low is crucial to maintaining profitability and increasing revenue. This is why it’s important to comb through every expense and find ways to reduce it without negatively impacting internal or external quality.
One way to cut overhead costs is by hiring a professional accountant to handle your finances. This will help you improve accuracy, avoid costly financial mistakes and save money on taxes.
5. Network
Many entrepreneurs have a knack for self-motivation and creativity, but there’s also a lot more to running a successful business than just these characteristics. For one, it requires a structured approach to experimentation that involves testing each new idea for viability in the market.
This is why it’s important for first-time entrepreneurs to network with those who have experience in their field. Finding a mentor is one way to do this. Another is to attend a seminar or workshop hosted by an experienced entrepreneur. This can help you discover some valuable insights that will guide your business growth.
6. Maintain a professional LinkedIn profile
A LinkedIn profile that is professionally maintained is important for job hunters, business owners and those looking to network with like-minded professionals. In order to stand out, make sure your industry is accurately represented and that you update the section frequently to showcase new projects or skills.
Also, regularly post interesting content (think leadership posts or articles from influencers in your field) to keep the page relevant. This shows that you are active in your field and will make you look good when recruiters or prospective clients find your profile.
7. Be prepared for failure
Successful entrepreneurs often have colourful and illuminating war stories to share. They also know that failure is part of the journey.
Starting and running a business can be emotionally taxing. It is your “baby,” something that you have poured heart and soul into. That is why planning for and being prepared for failure can help you be more objective about the company.
Entrepreneurs like Elon Musk are living proof that failure isn’t a bad thing, as long as you learn from it. In fact, intelligent failure is what many entrepreneurs need to push boundaries and develop products and services that are more competitive in the market.
