The Best Business Advice You’ll Ever Receive

Ask any group of entrepreneurs, “What is the best business advice you were ever given?” And they will readily admit that they’ve received valuable instruction along the way—from parents, mentors, teachers, or colleagues. What they may not realize is that it was their ability to recognize the value of the advice, internalize it by making it a personal mantra, and then put it into action in a constructive and positive way, that made the advice instrumental to their success.

Some examples of good business advice often shared with entrepreneurs include:

  • Be prepared and have a detailed business plan.
  • Surround yourself with knowledgeable team players who exhibit good work ethics.
  • Stick to your vision and follow your heart and instincts.
  • Never forget you’re in business to make money. That’s the ultimate goal.
  • Network and know your next investor or employee before they’re needed.
  • Keep an eye on industry trends. Don’t be left behind.
  • Be fearless when it comes to innovation. There is no market research on something that has never been done before.
  • Know and respect your customer, he’s the guy who puts food on your table.
  • Don’t fear failure. Every fail is a lesson.
  • Don’t rush big decisions. Determine how much time you have and use every second available to develop the best deal, prototype, or proposition.
  • Know when to cut and run. There’s no shame in admitting defeat and starting over.
  • Don’t let your ego get in the way. Sometimes you need to keep your ears and eyes open and your mouth shut.

Not a bad list, but, although you may not have been aware of it at the time, the best business advice you ever received most likely came from an authoritarian figure, the first time you tried to blame someone for something you did.

“Accept responsibility.” We’ve all heard it. Something goes wrong, some detail gets overlooked, someone wasn’t notified, and the result is a disaster. The last thing you want to do in a situation like that is step up and admit– “It was me. I did it. I’m responsible.” But, the only way to move forward from a disaster is to own it, and set about making things right, as soon as possible.

“Take full responsibility for every aspect of your business,” is advice more crucial to your success than just about any you will ever receive. As a small business owner or entrepreneur, your ability to accept responsibility for mistakes, failed ideas, or faulty products, without wallowing in guilt or despair, will serve you well; by enabling you to move quickly past any catastrophe, and stay focused on the business at hand.

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.

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