I will be sharing 7 essential business lessons that will help both the new and established entrepreneur. I would have loved to claim that all the ideas are mine but there is no use re-inventing the wheel when you find what works for others. I am a stickler for principles that have been proven over time. They may sound simple but as long as it works; they must not be ignored. In all this, you must be careful to find what works for you and keep using it to generate amazing results. Here are the 7 business lessons that you must know:
1. Never make money your priority: This sounds counter-intuitive but many wannabe entrepreneurs hurt their chances of success by making money their number one goal. Money is simply an offshoot or benefit that accrues to you when you render quality goods or service. The truth remains that the early days of your business may not generate a huge cash flow but your passion can help you stick through the challenging times.
2. Make money your goal: This may sound paradoxical when you compare it with the first lesson we just discussed. I must be quick to state that some individuals believe in driving their passion and forget that the bottom line of every business is to make profit. Money must not be the most important yardstick in rendering service or running your business but it must be considered a vital instrument if you will still be up and running for times to come.
3. Build a solid team: I remember when I started the All American Inspection (http://homeinspectionsacramento.org), I was asked by my mentor about how I intend to keep the business running for the next 5 to 10 years. I mentioned many laudable initiatives but I will never forget the stern look on his face as he told me that you cannot succeed in business without a team. With hindsight, I can also tell you that one of the most important business decisions you can make is to build a solid team.
4. Learn from the experts: In every business, there are people who should serve as a model. For home inspectors for example we have the International Association of Certified Home Inspectors. They have earned their stripes and are leading your industry in every range. It does not make sense to keep running counter to what they do. Success can be yours if you learn their management style, operating philosophies and blend it into a customized format that suits your business.
5. Take stock: When you set goals for each business year, set out a time to carry out reviews and assess how you are faring. Do not make the mistake of assuming that one month of bumper profits in a year means that you are doing well. It is important to have a holistic view in order to keep things in the right stream.
6. Have fun: Most business people are over-worked and stressed. This can take the spark out of what you do and put you under pressure. Make sure you carve out time to have fun in business!
7. Be grateful: Do not take the little things that happen in your business for granted. Appreciate your customers, thank everyone that supports your vision; reach out to those who have helped you become who you are. Business is a segment of your life and gratitude can set you up for greater things.