This is the age of Entrepreneurs; building new enterprises that add to the market. Unfortunately, while there is much talent out there, with great ideas to launch, most fail. One of the main reasons attributed to this is their lack of planning.
So we went straight to the experts- the business leaders and successful entrepreneurs- and asked them to share their best advice for any entrepreneur looking to make it in the business world and achieve financial success.
1. Develop As A Leader
When you overcome your anxieties and take the jump to establish a business, you’ve already begun your road toward leadership. Many of us consider successful entrepreneurs with the same reverence as football fans regard a brilliant quarterback or wide receiver. However, these individuals are always part of a team that contributes to their success. You must have some level of leadership skills to persuade others to join you in your enterprise, believe in your message, or pay you for a product or service you offer.
“Simply having leadership traits does not imply that everyone who succeeds in business must be the CEO, face of the company, or person in charge. When Google began to grow significantly, the business’s founders hired a successful CEO, Eric Schmidt, to lead the company; they were engineers, not CEOs. The ability to lead a team or the masses can often come down to simply having the proper charisma and message to persuade the correct people to do the things that need to be done for the whole thing to function.”
Naomi Stone, Development Manager at Room Service 360
2. Never Give Up
“It gets hard, very hard! Even when you grow the challenges keep coming, just larger and more complicated. Successful entrepreneurs have learned to embrace these challenges and even welcome them.”
3. Get Help and Support
“There are no successful entrepreneurs I know that haven’t got some kind of support network. Be that mastermind groups, peer accountability networks, or simply a mentor or coach. I’d go as far as to say that business success is impossible without some sort of support network. Usually friends and family are not a good support network for this.”
4. Learn the Fundamentals of Finance
“A lot of entrepreneurs shy away from this. But it’s critical. Good financial controls have not only allowed my business to thrive during the largest economic crisis in history but also allowed it to continue growing.”
Ed O’Neill, UK Language Project
5. Create Realistic Goals
“To achieve business and financial success, I would advise entrepreneurs to set realistic goals. Often, we entrepreneurs make the mistake of wanting to accomplish many things in a short amount of time, resulting in burnout. It is more important to create realistic goals in order to be sure that you can achieve and accomplish them successfully, rather than trying to cover everything in the shortest time possible.
“Instead of trying to cover all social media platforms at the outset, focus on one or two main ones and create meaningful content. Or instead of contacting every lead instantly, focus on answering a few each day but offering a much more personalized proposal. By doing this, you will avoid being disappointed by not receiving the results you expected.”
David Adler, Founder and CEO of The Travel Secret.
6. Pay All Your Regular Debts
“You must pay your power or gas bill as soon as you get it. Don’t let bills pile up on your desk; you’ll pay them anyway; the question is whether you want to pay two or three per month and spend a lot of money, or simply one per month and save the rest. When it comes to budgeting, planned spending is one of the most crucial factors to consider. You should pay your rent, bills, and debts first so that you don’t have to incur late penalties.
“Then, get everything you’ll need to get by, such as food, cosmetics, cleaning supplies, hygiene items, monthly bus passes, and so on. You’ll always know where your money goes if you’re organized. You must pick which expenses are most important to you and which must be paid right away. This may seem perplexing at first, but after a few months, you’ll have a solid financial routine in place that will help you achieve true success in this field.”
Tommy Gallagher, Founder at Top Mobile Banks
7. Learn How to Budget
“Budgeting is an important – but frequently overlooked aspect of effective personal finance, since if you constantly spend more than you earn, you will never be financially successful. In reality, this type of activity will almost certainly land you in financial trouble.
“The best method to ensure that you don’t spend more than you earn is to plan ahead of time, which is exactly what a budget is for. A budget lists all of your costs and the amount of money you can set aside for each one. If you’re spending more money than you have, a budget will show you where you need to cut back.”
Sep Niakan, Managing Broker Condoblackbook
8. Start Small
“You will want to set attainable goals instead of trying to take on too much at once and failing miserably. This is a journey you will have for the rest of your life, so you must start out with achievable tasks to build confidence and continue moving forward without feeling uncertain of everything.”
9. Don’t Allow Failure To Discourage You
“Expect to fail, and don’t let it discourage you from trying again. Achieving success takes time, effort, and perseverance. So if you’re not expecting failure at some point in your journey, then you are setting yourself up for an even harder fall when things get tough because the risk will be more significant as you proceed.”
10. Take Care of Yourself First
“Take care of yourself first before you start taking on other tasks that require a lot of your time and attention. You won’t have energy if you don’t take the time to eat well and sleep enough, so find ways to do those things for success to be more attainable than it would otherwise be.”
11. Keep an Open Mind For Feedback
“Keep an open mind to feedback from others and consider it as you’re evaluating your work. It’s important that you assess what would be best for the business, so if someone else has constructive criticism, listen and try out their suggestion to see if it improves your product or service.”
Megha Gaedke, Founder KetoConnect
12. Prepare For the Future
“There are many peaks and valleys in life. We can’t always be ready for the emotional or physical obstacles life throws our way, but we can make sure we have a financial safety net in place and that our family and all of our assets are safe.
“Start saving for an emergency fund as a method to start planning for the future. Emergencies will arise, whether it’s a sickness, a job loss, or costly home repairs, and you’ll want to make sure you have enough cash on hand to assist you to get through them. If you don’t have an emergency fund, you’ll probably turn to credit when things become bad, which could lead to financial problems down the road.
“It’s also essential that you have enough insurance coverage, as you never know what the future holds. Accidents happen, job injuries happen, and natural disasters can potentially cost you thousands of dollars in repairs. Make sure you have enough insurance for your house and lifestyle to prevent any, or all, of these scenarios from depleting your savings.”
Eric Carrell, Chief Marketing Advisor SurfShark
13. Acquire Partners
“Putting together a solid team of partners is critical to every successful organization. Multiple people begin by working alone and wearing many hats, but a company can only grow so far if there is just one source of energy, inspiration, and the actual sweat equity required to keep the lights on.
“A genuine business owner is someone who does not need to be involved in the day-to-day operations of the company in order for it to function smoothly and profitably. The famous book The E-Myth tells the narrative of how many people try (and fail) to manage a business on their own. Instead, you should use your leadership abilities to inspire people to use their own unique skill sets to work as a team for the greater good of the organization.
“This involves not only workers but also understanding who to shake hands with, how to form strategic alliances, and how to utilize the power we described before to persuade people to be interested in your business. And after you’ve achieved a certain degree of success, you’ll feel even better when you get to share it with everyone who helped you get there.”
Becky Ronalds, Owner at Ranking Mom