If you are looking for the best entrepreneurial tips, you are in the right place. Here is a collection of 10 smart tips every entrepreneur needs to know —to have exponential success.
I’m extremely passionate about supporting, helping, empowering, and creating entrepreneurs – the drivers of a new and bustling economy.
To help you succeed, I’m going to share some advice that I wish I had followed early on in my career, something that I now share with entrepreneurs from all over the world.
#1 Start a Business You Enjoy and Are Knowledgeable About
Bottom line is to pick something that excites and motivates you.
To start a business it is not necessary to wait for inspiration to arrive or to present a great idea. Actually, the pioneers, the first to launch great ideas to the market, do not have to take the win (and most don’t).
The most important thing is not good and bad ideas but the good or badly managed businesses.
The key is what is known to be done and what is known to be done well. On this basis, you recognize that you must be open and innovate.
“The secret of success is to do the common thing uncommonly well.” — John D. Rockefeller Jr.
Be sure to avoid businesses or industries that you don’t already know a good deal about, as the steep learning curve may hamper your success. Unless you are passionate about it… then go all in!
#2 Make a Solid (Business) Plan
Planning plays an important role in any business success.
Having a solid plan is a good place to start – kick it off by defining your skills and weaknesses, what value you can offer, how it can stand out, and how you plan on growing long-term.
It’s important to have a plan in order to serve both the entrepreneur and the partners. To do this, it’s convenient to make numbers and paint several scenarios.
The next step is to make a summary of one or two pages. This summary has to be clear to others and very visual, as it will help to find partners and investors.
What’s more, try to prepare yourself mentally and practically for anything that could go wrong and how you would deal with it.
For example, what happens if you get ill? What if a weather disaster affects you? Or a trusted partner ghosts you on something?
Be prepared and have a plan ready!
#3 Improve the Lives of Others
Delivering real value is super important, however, you should also always look for ways that you can improve the lives of others. Sure, you could sell anything to anyone for a brief period. But, if you’re not improving the lives of consumers, you’re really wasting your time.
By building products, services or information that improves the lives of others, you can quite literally transform your business and catapult it into the stratosphere. We’re talking long-term exponential growth. Beyond anything that you could quite possibly dream of.
That doesn’t mean you can’t profit from your efforts. It simply means that you have to focus on improving the consumer’s life first and foremost. That’s the key or the secret to success here. Focus on that and watch as your business takes shape and reaches new heights. Ignore it, and watch it crash and burn.
Check out this interview for more entrepreneurial success tips.
“If you can change people’s lives, you have a business.” —Richard Branson
So far, these three tips are probably the most important from the list of smart tips every entrepreneur needs to know… but keep reading for more life-changing advice.
#4 Measure the Risks
By definition, an entrepreneur is a person who is willing to take risks to make a profit. Therefore, acknowledging risks is a fundamental aspect of starting a new business.
There will always be a certain level of uncertainty that you will have to prepare for and deal with when you work on establishing a startup business.
It is convenient to think well how much time and money you want to risk and draw a red line, as well as take out civil liability insurance, in case you are autonomous to the administrator of the company.
#5 Establish a Dream Team
Great partnerships mean great money.
Whenever you want to take your income up to a higher level, look for a higher level partnership. A radical idea becomes fairly plausible when you have the right partners.
Not much happens when you work in isolation; however, with the right partners, anything is possible. —Kevin Harrington
The most rewarding part of building a business with the spirit of partnership in everything you do is the unexpected rewards that show up.
You know you’ve built solid partnerships when you’re constantly surprised by how things turn out better than you expected.
Great partnerships have allowed me to make progress in ways I would have never imagined.
As a result of partnerships, I’ve seen my businesses go global, I’ve received investment at the valuation I wanted, I have earned a high income, and I’ve been given shares in growth companies,
I have had a lot of fun, been invited on unique trips away and met my entrepreneurial heroes.
None of these things would have happened if I hadn’t built strong relationships that turned into strong partnerships.
#6 Develop a Great (and Perfect) Pitch
It’s important for entrepreneurs to understand the importance of knowing how to communicate and successfully pitch their products before approaching investors. There is an easy-to-follow formula on how to pitch your product in 3 steps.
After taking numerous pitches (over 50,000 in about 30 years), the best advice for entrepreneurs is that you have 6-8 seconds to grab my -and other investors’- attention. Make it powerful and attention-grabbing!
Every entrepreneur must have their “Elevator pitch” ready because you never know at what time an opportunity may appear. This is a brief but well-structured speech that serves to convey a business idea at any opportunity that arises and arouses the interest of those who are in a position to finance your project.
Making the perfect pitch is one of my favorite tips from the list here of the smart tips every entrepreneur needs to know. I teach entrepreneurs from all over the world on how to pitch their idea, product, or service.
#7 Protect Your Business and Assets
The best entrepreneurs seek to mitigate risk —rather than seeking risks.
Do not complicate with complex legal formulas unless necessary. The most common is to establish a limited liability company or register as a freelancer.
Small business insurance is also one of the best ways to look after your livelihood, and it’s more affordable than you think.
Make sure that your stock and premises are covered in an emergency such as a fire or theft.
#8 Become The Key Person of Influence
“Your ability to succeed depends on your ability to influence.” —Kevin Harrington
In business, I value relationships the most. The many relationships gained throughout this entrepreneurial journey have helped me grow year after year!
In fact, I have a “Golden Rolodex” that I’ve built over 35 years. This “Golden Rolodex” features the Key People of Influence (KPI) in their chosen niche, aka, experts in their profession.
These KPIs are the people I call and ask for help —whether it be for finance, operations, manufacturing, e-commerce, etc. It’s because they know their stuff! They are the expert in their chosen field.
So ask yourself: “What is my strength, expertise, or key influence?
My most recent book is called “How to Become a Key Person of Influence” and it’s a step-by-step system that will help you become the go-to-person in your field.
Your business will grow exponentially just by becoming one of the key people in your industry.
Become that person who gets the phone call from big listings or celebrities who need expert help.
#9 See Yourself as Already Successful
Start visualizing yourself as a successful person in the business. Create a clear mental picture of how you will look, walk, dress, talk, act and live with the success you intend to achieve in the future.
Combine your visualization with the action. Do something positive and constructive daily toward your goal of business success.
Psychologists have found that you can direct your actions to believe in your ability to win.
Have the success mindset that you have already achieved the desired success.
The more you walk, talk and act like a successful person, the more you will feel and believe, and the faster it will become a part of your personality.
“Whatever you vividly imagine, ardently desire, sincerely believe, and enthusiastically act upon… must inevitably come to pass!” —Paul J. Meyer
#10 Be Generous to Everyone
It is a principle for life. Being generous is a virtue and an amazing character trait.
Generosity helps entrepreneurs build trust with their customers. Making people matter more than money will catapult you to the top —every single time.
Some of the most awesome, rememberable and successful Entrepreneurs are known for their generosity.
Kindness is a huge part of the winning game!
“Generosity is giving more than you can, and pride is taking less than you need.” —Khalil Gibran
Whether you want to start a business for the first time or you’re an experienced entrepreneur, you’ll find incredible value from these smart tips every entrepreneur needs to know.