‘Nothing succeeds like success’
The best way to learn about starting and establishing a successful business is from the experts.
Here are 10 important lessons shared by successful top entrepreneurs for aspiring enthusiasts still in the trenches:
It can take time to organise funds or finance
If you’ve invested your best efforts into making a king-sized sales pitch, it does not follow that you will have investors queuing to lend you money.
Learn to maintain a healthy work-life balance
When you are a beginning investor, you have to invest your hard work, effort and time into your business. Relaxing will help you feel refreshed and improve your thinking and decision making ability.
Work hard on having a business plan and be prepared for the plan to fail
According to Chris Goward, Founder of WiderFunnel, no start-up can be successful without a business plan in place. You must plan for every conceivable setback.
Be transparent and approachable
When you start a business, prospective customers/suppliers etc are more interested to know you as a person along with what your product can do for them. Learn to be upfront and transparent.
Test your strategies or designs
Laura Klein, Founder and CEO of UsersKnow, stresses the importance of testing your ideas/designs before you invest money into a product.
Always apply for more funding than you think you’ll need
Adequate funding is crucial for any start up business. ‘Undercapitalisation’ or inadequate funding is one of the most common reasons for businesses to fail in the initial stages.
Invest all your time into knowing your target market and customer
Knowing your target market well will set you ahead of the pack and will help you establish a success business.
Be a good role model for your employees
Archie Archer, one of UK’s top female entrepreneurs and founder of Contraband International Ltd suggests that being a good role model sets a great precedent for your workers and minimises workplace politics.
Deliver on your promises
Melissa Burton, Founder of UK based ‘Goody Goody Stuff’ says that the ability to deliver on your promises and offering more than expected gives you an edge over your competition.
Exude self-confidence in yourself and your business
According to UK entrepreneur Alyssa Smith, Founder of Alyssa Smith jewellery, it’s important to exude confidence in your abilities as well as your product. After all, if we don’t have faith in ourselves, how can we expect to convince customers to buy our products?
Taking useful business tips from top entrepreneurs can help you establish a successful business. Do you have a favourite piece of inspirational advice? Please share it with us in the comments!