The question of how to grow a business has filled the mind of many a great entrepreneur. Luckily, many of them found the answer–though not without a few setbacks. Here we’ll share a few things that successful entrepreneurs we have worked with say they wished they had known sooner.
- Love What You Do. While there are many reasons to run a business, this one is pretty much a necessity. Knowing that you are doing your work because you want to helps you push through setbacks and difficult times, leads to more enthusiastic and creative work, and produces a higher quality end result than working at it just for the money.
- Focus on Providing Value. Many people–both experienced entrepreneurs and those beginning their first start up–become distracted with the complications of running a business. The complications are important to pay attention to; however, they often become the main object of focus. If you are providing something of value to people, they will want to pay you for it. The rest will fall into place with a little tweaking.
- Work With The Right People. Have you ever heard the phrase “You are the average of the five people you spend the most time with?” There’s something to that, especially when considering business. Your colleagues and partners will define the culture and energy of your business. They can either inspire you or bring you down, create a hive of creative interchange, or a culture of negativity. The right people will take your business to the right place.
- Change Your Perspective On Mistakes. They happen. A lot. And they will continue to happen, even at the highest level. The trick is to not become discouraged. Accept that making mistakes is, in fact, an integral part of reaching success. The key is to take responsibility for mistakes, learn from them, and direct your energy into positive action.
- Be Bold. The greatest successes come from those willing to be innovative and test radical ideas. Being innovative isn’t about being exceptionally creative. In fact, all of us have the type of ideas that we generally attribute to “ultra-creative” people. The only difference is that these people have the courage to follow through with their ideas and not dismiss them out of hand.
Growing a business is a challenging process, but if approached the right way, each step can be a joy as well. Look to the successful entrepreneurs around you and ask for advice on the things that you are not sure of. The best way to get your business to thrive is to make it an expression of all that you are–not what you think you should be.
Remember, running a business successfully does not need to be complicated. Keep it simple!
For more information on business analysis, business planning, and ways to grow your small business profitably, please check out our website www.portalcfo.com. Follow us on Twitter @portalcfo
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Manny Skevofilax is a consultant and speaker that helps his clients successfully navigate the challenges of growing their businesses profitably. Since 2003, Manny helps businesses enhance their results by using his experience in strategic planning, financial statement analysis, operations, organizational development, and team-building. His consulting firm, PORTAL CFO Consulting, Inc., has attracted clients from diverse industries in the United States and abroad.
Manny can be reached at 410-808-3441 or via email at manny@portalcfo.com.