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As a business owner and successful entrepreneur, I’ve learned many valuable lessons in the last few years. I’ve learned lessons from my own experiences, from other successful entrepreneurs, and from reading a lot of great material.
After implementing hundreds of business tips, I learned that some pieces of advice were far more important than others. In this blog article, I’m going to share my top 10 tips for first-time business owners:
1. Men Lie, Women Lie, Numbers Don’t.
Don’t make decisions based off what people tell you. I made that mistake long ago and suffered terribly for it. Always use data and metrics to make the best decision for your business. It’s always great to get advice from others, but at the end of the day numbers tell the real story.
2. Be A Leader, Not A Boss
If you want the most out of your team or employees, you must be willing to fight the battles with them. Instead of telling your company what to do, show them what to do. You don’t need to hold authority over others to get things done. Be yourself and try to eliminate superiority out of the picture to get the best results possible.
3. Money Doesn’t Grow On Trees
Many small businesses get excited with a few sales and begin to grow rapidly. They invest in fancy infrastructures and offices without ever realizing how bad of an investment it is for a business. Whether or not you are a startup, act like it. Value every dollar and bootstrap your way to the top.
4. Focus, Focus, Focus
Creating a business requires a lot of persistence and commitment. In order to be successful, you have to be dedicated and locked on to your goals and vision. Don’t let other opportunities or business ideas distract you from focusing on the one you have at hand.
5. Know What You Do & Don’t Know
Sometimes it’s very tough for a business owner or entrepreneur to admit that they don’t know something. However, to build a sustainable business, you must maneuver through numerous obstacles. If you don’t have the skills or experience doing something, be honest about it and find someone who does. You and your business will be thankful for it in the long run.
6. You’re A Rookie, Keep Learning The Game
When you start out as a first-time business owner, you must understand that you’re a rookie at this. In order to become a veteran and be the best you can be, you must constantly learn. Self-education is extremely important if you want to gain the knowledge and skills required to build a successful business.
7. You Control Failure
The biggest piece of advice I often share with business owners is in regards to failure. Many people let the fear of failure stop them from pursuing your dreams. However, failure does not define you or your business. It’s simply an event, something that happens on a given day. If you don’t want to be known as a failure, learn from your mistakes and continue improving until you achieve success.
8. Learn To Listen
As entrepreneurs and business owners, we often get excited at the opportunity to speak and share our ideas/thoughts. However, over the years I have learned that you build the best relationships with people by listening to them. Not only do you learn so much, but also people love someone who can genuinely listen to them for hours.
9. Don’t Take No For An Answer
Never take NO for an answer. If you need something, go out and get it. Don’t let the word NO stop you from getting what you need to make your business successful. You have to keep hustling and trying to do whatever it takes to get that yes. Persistence does pay!
10. Learn To Make Friends
Many people say business isn’t about what you know, but rather whom you know. I agree with that statement because both are equally important. If you are in business, you need to get connected with people from all walks of earth. By having friendships with all different kinds of people, you never know who can bring value to you or your business.
Conclusion
From starting numerous businesses to helping other entrepreneurs launch their own successful startups, I have learned a lot. In this article, I shared 10 things that first-time business owners should know!
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Jeet Banerjee
Founder at JeetBanerjeeConsulting Jeet Banerjee is a serial entrepreneur, digital media consultant, author, blogger, and college student. He has numerous startup companies and loves to profit from purpose. He creates innovations and startups that help others or solve problems in the world.
Latest posts by Jeet Banerjee (see all)
- 10 Tips for First Time Business Owners - 07/04/2013
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- 5 People Every Successful Startup Needs - 12/03/2012
