GOLDEN RULES OF ENTREPRENEURSHIP

First, what is entrepreneurship?

Entrepreneurship is the activity of setting up a business or businesses, taking on financial risks in the hope of profit.

Here are some rules that could help:

 Add Value: It’s not enough for you to have a good idea. Others have to find value in your offering. Your product, service, or knowledge has to provide a benefit to your customers. When you provide a product or service that meets a need and is seen to have a high level of value for your potential customers, it builds customer loyalty. People value when something solves a problem, or makes life easier, for them.

Tip: Don’t spend countless hours trying to invent the next big thing. Start where you are. Start with something you’re passionate about and then find a way to add value.

 Be The Best: If you’re going to do it, do it well. Whatever level of business you’re at right now, there’s always a way to do things better. Maybe you need to tweak your product’s performance before your next expansion. You may consider offering customer loyalty perks like discount codes or fast and free shipping.

Tip: Being the best doesn’t always mean that you have the best product or service… but it does mean that you put the quality of your product and your level of customer service first – and your customers will appreciate that.

Have the right tools: One of the most important things that successful entrepreneurs always do is to choose the right tools for their business. They make sure that they have the right equipment, software, or resources on board to increase profitability and productivity.

 Do your research, look for tools for your business that will set you up for success. These can include the physical tools, the software tools, your virtual tools needed to successfully run your business.

Tip: Don’t put pressure on yourself to have everything all at once. Understand what tools and resources you need to have to get started and make plans to add or upgrade in regular increments.

 Rest is Important: Most entrepreneurs are guilty of working around the clock – but that doesn’t mean that it’s good for you. In fact, working nonstop can be counterproductive for you. You tend to lose enthusiasm for your ideas or lose the ability to make level-headed decisions, all because you’re overworked and worn out. It is very important to have a self-care ritual. Self-care means taking time out to rejuvenate yourself. Realign with your purpose in life – and return to your business feeling refreshed and renewed.

Tip: Drink more water, get enough rest and, exercise. Regularly take breaks both throughout the day and on vacations. This allows your mind and body time to relax. 

 People Matter: Entrepreneurs that create successful businesses always invest in people. It is important to put lots of energy into finding the best and the most enthusiastic employee – the ones that fit the office culture and add value. As you’re expanding your team look for people that care about your vision and are open and adaptable to change. You want your employees to grow with your business and be invested in the company’s success.

 

Tip: Hire people that have a track record of being problem solvers and easy learners. Employees that catch on quickly and are eager to figure things out on their own will save you significant money in training and development costs. You want self-starters that don’t need a ton of hand-holding or constant motivation from you so that you can focus on growing your business, not micromanaging others. 

Apply these rules and watch your business grow…

“Don’t worry about being successful but work toward being significant and the success will naturally follow.” — Oprah Winfrey