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Dec 23, 2019 · 8. Cognitive Leadership. Vulnerability, self-awareness, curiosity, humility, great courage, discipline, adaptability and thoughtful communications—these are just a few skills and characteristics ...
- Forbes Coaches Council
- Overview
- Focus and Mindset
- Efficient Operations
- Marketing and Growth
Owning a business involves keeping tabs on and managing lots of aspects, from finances to customer satisfaction to employee performance. But millions of people do it every day, and now it's your time to shine! We'll help you get into the business-owner's mindset, optimize your operations, and successfully market and grow your business into the gig of your dreams.
Jump into a business you're both passionate and knowledgeable about to ensure you have the motivation and smarts to keep it running.
Get your basic operations, like commerce and customer service, running smoothly before you focus on turning a profit.
Limit your expenses as much as possible to get your finances in order, but don't cut corners when it comes to basic quality.
Start a business that you're passionate about and knowledgeable in.
That knowledge can come from either prior work experience or a personal hobby that you're ready to turn into a career. Even if a business idea seems highly profitable in theory, don't start that business unless your heart is in it. While profit is important, it likely won't keep you coming in early every day and driving growth.
For example, imagine you have experience making coffee as a barista or waiter and want to turn your passion for good coffee into a small business. You would already know a good amount about the industry and be able to apply not only your knowledge but your passion to your work.
Start with a well-defined purpose.
Focus only on your primary operations at first.
That is, avoid being caught up in every business opportunity that comes your way. It's better to be perfect at one thing than mediocre at five. This applies as much to making decisions to diversify your business as it does to deciding to take on additional projects for yourself outside of your primary business. Focusing on one thing will allow you to commit all of your resources there and be more productive in that endeavor.
Continuing with our example, imagine that you see another coffee shop making money by selling customized coffee-related merchandise. This may make you want to jump into this market as well. However, doing so before establishing your primary objective, making coffee, would introduce significant risk, and may detract from your ability to focus on coffee quality.
Focus on cash flow, not profit.
Have a 30-second speech ready that explains your business as briefly and efficiently as possible, including information about your purpose, your service/products, and your goals. Having a practiced pitch that you can rattle off to anyone can help you in situations where you're trying to make a sale to a customer as well as it can when you're trying to bring an investor on board.
If you can't explain your business in this short time, your business plan needs refining.
For your coffee shop, you'd want to explain what you do (sell coffee), your services (the drinks you offer), what makes you special (maybe the coffee you serve is rare or locally roasted), and what you plan to do next (expand to another location, new products, etc.).
Earn a reputation for good service.
Earning a positive reputation is like free advertising; your customers will spread the word of your business to friends and come back frequently.
Treat each and every sale like the success or failure of your business depends on it. This also means that you should be consistent with every action your business takes and every interaction with customers.
- Sammi Caramela
- Willingness to take chances. Business owners who are willing to take chances tend to achieve more than those who play it safe. “Successful businesses may be established enough to follow stable business processes, but they’re also bold as well as risk-taking,” said Jake Smith, managing director of Absolute Reg.
- Unique value. Providing customers with unique value helps businesses stand out from their competitors, said Reda Elmardi, CEO of Strong Chap. “We can’t all have the cheapest prices, but you can surely emphasize other aspects of benefit,” Elmardi added.
- Tenacity. To both reach and retain success, businesses must have tenacity, or determination, and persistence in the face of conflict. “Tenacity will allow you to withstand the toughest of times and also fully embrace the best of times,” said Christopher Grozdon, CMO of DASH-SEO.
- Customer-centric approach. Many businesses get swept up with their own personal goals and lose sight of those who matter most: their customers. “One thing successful businesses have in common is … a strong customer focus,” said John Stevenson, marketing specialist at My GRE Exam Preparation.
Feb 1, 2022 · He shared four key skills that he credits to his success. Interpersonal skills. Interpersonal skills, also known as people skills, are the foundational skills that all business owners need to ...
- Ashira Prossack
Sep 15, 2024 · To be a successful business owner, you must create a thorough financial plan, including forecasting, cash flow management, and budgeting. All types of businesses must develop realistic, implementable budgets that maintain the financial stability of the foundation they have worked so hard to lay. Leadership is a vital component of this.
- Shaurya Bedi
Jul 7, 2020 · 4. Decisiveness. To be successful, an entrepreneur has to make difficult decisions and stand by them. As a leader, they’re responsible for guiding the trajectory of their business, including every aspect from funding and strategy to resource allocation. Being decisive doesn’t always mean being correct.
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Nov 12, 2024 · Here are my top 10 tips that can help you succeed as a business owner: 1. Be passionate about what you are doing. Your daily grind should be one of passion and fun. My brother used to say, “If you do what you LOVE... you’ll always be successful at it." 2.
