10 Gems for an Entrepreneur

1. Be Passionate

The biggest question any entrepreneur should ask themselves is: “Am I 100 per cent in or 100 per cent out?” There is no middle ground for entrepreneurs. I’ve never wanted “simple” or “easy”, because the challenge is what drives my hunger to learn more, do more and try more. 

Focus on what you really want and don’t be afraid to ask for it. If you only ask for what you think is realistic or achievable, you limit your own potential.

 #ifshecanican #smb #smallbusiness

(BFO from Jo Burston - rare birds )

2. Be determined 

Set very clear goals. Growing your business, increasing sales and hiring new employees need SMaRT goals. Be determined !!! You can't be half in or half out.

Once you have make your goals - work to achieve them with 100% commitment! 

3. Take action - don't be afraid to fail

Don't be afraid to make it happen - take action! 

There are 3 types of people!

1. Who make it happen

2. Those who wished they made it happen

3. Those who looked around and said "what the fuck has just happenned!"

If the upside is greater than the downside  - know this - don't be afraid to take risks- but make sure they are informed,calculated risks! 

- understand that big challenges can result in big rewards

- failure from action is a major part of being a success! It is how you deal with failure that sets you apart! Some of the best ideas arise from the ashes of a shuttered business.

- Be prepared to "pivot" - be able to adapt and change direction quickly! 

 (Spreets sold to yahoo for $40m - and stemmed from a failed business called Booking Angel)

If you understand that failure is part of being an entrepreneur, you will take those failures and use them as learning experiences. Real world experience, even failing, will teach you more than you would ever learn in a classroom.

However, failure from inaction isnot cool. Just as there is good debt and bad debt... There is good failure and bad failure! 

4. Chunk it

Break tasks down into bite size chunks! 

How do you eat an elephant? One piece at a time! 

5. Continual learning

-Invest in education and continual learning. Remember you are on a journey. 

- Get mentors and coaches and

- continually educate yourself

- failing is part of a learning process 

6. Build a great team 

- Focus on what you are good at, and outsource the stuff! 

- get a coach - hold you accountable and seating on right track

- build teams to help you expand your business. 

- surround yourself with talented, like-minded people to fill in the gaps. And realise that you can get your best ideas from team members.

7. Cash Flow 

- understand cash flow and where money  is coming from and going to

- be sure to budget

- make sure there is more money coming in than going out - whether money in is for capital it sales!

Cash flow  problems can ruin a business and a marriage!

8. Build strong valued relationships

- network 

- refer - see how you can add value to the other person - the law of reciprocation works!

- be trustworthy

Tip

being punctual is the most important habit for entrepreneurs. When tou are on time for a meeting, phone conference, or completing a deadline, it establishes trust and proves to partners, investors, and customers that you are someone they can deal with.

 9. Sell - and be great at it 

- you are always selling either

 to investors, employees, customers, suppliers and stakeholders

- know that people don't like to be sold to - but like to buy!

10. Be customer focussed 

- identify the pain - and provide a painkiller - not a vitamin!!!

-  it's the customer that's important - not your product - its about them, not you! 

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