Nine Essential Lessons for the Entrepereneur
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Last Updated: 3/31/2010 11:42:53 AM
Summary
Having been an entrepreneur for a number of years I have frequently shared my experiences with a number of clients and collegues, sometimes to teach a point and sometimes to simply learn something new.
Article
Being an entrepreneur is a journey from starting up to
eventually achieving success. Along the way there are many lessons
to be learned.
All of these lessons are experiences on the way to success and
all experiences whether good or bad will help the entrepreneur to
achieve their dream. There are some lessons that have stuck with
me, so in no particular order here are the nine best lessons that I
have learned as an entrepreneur:
1. Make a Plan and Make it Great
Ensure that your plan is the roadmap for getting where you want to
go, those who fail to plan, plan to fail. Entrepreneurs who make a
plan are more successful than those who don't, unfortunately most
entrepreneurs neglect this essential part of putting a business
together resulting in ultimate failure.
2. Learn From Your Mistakes
If you make a mistake and/or make a bad decision, learn from it
and move on. Never allow yourself to get stuck in the errors that
you have made in the past. If you do get stuck you will undoubtedly
make the same mistake again.
3. Have a Great Relationship With Your Bank Manager
Despite what we may think a good bank manager is a pot of gold,
not only for funding as and when you need it, but as one of your
KEY person contacts, they know everyone. My bank manager gave me
loads of free leads and some outright customers, she was also great
when I needed a temeporary overdraft as all entrepreneurs do from
time to time, cultivate this relationship assidously.
4. Learn How to Understand Your Financial Information
The financial information that you have available to you is an
incredibly valauble tool that can be used on a day to day basis to
help you not only understand how your business is performing but
also enable you to plan for increased performance.
5. Never Stop Learning
No matter how well you or your business is performing, never stop
learning from other people and sources ways to make you and your
business perform better. Every single day spend a little bit of
time increasing your knowledge.
6. Cultivate Some Key People
Everybody knows someone who seems to know everyone, get to know
these type of people and include them in your network of contacts.
These people provide invaluable leads to even more people.
7. Admit When You are Wrong
It is alawys a surprise to customers when a business person admits
to them that they have got something wrong. Admitting to your
mistakes is a great way of keeping your customers on your side,
everybody makes mistakes, most customers will tend to forgive and
forget. Refusing to admit to mistakes can escalate a bad situation
into a worse one.
8. Not Everybody Will Like You or What You Sell
You are not in business to be liked, but to make a profit. If
somebody doesn't like you and you don't like them, don't do
business with them. There will be enough people who think you are
marvellous and that you can work with. If someone doesn't like you,
get over it.
9. Provide What Your Customers Need, Not What You Think They
Need
Find out exactly what it is that your customers want or need, then
provide them with just that. They will thank you for it.
Well, those are nine of the imporatant lessons that I have
learned during my time in business, there are hundreds more. Being
in business is a huge learning curve that never really stops, learn
a new lesson every day and let your business blossom.
The Author
Business coach, entrepreneur and dedicated blogger Michael
Jamison has dedicated his efforts to enabling entrepreneurs. For
more entrepreneurial advice visit http://www.arecessionprooflifeblog.com