Pieces of business advice from successful entrepreneurs

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Get ready for the challenges you face, by reading the best business advice and tips from experts and experienced entrepreneurs or starting and growing a small business

10. Evaluate your marketingDo you see results? Are you doing any marketing? It is essential to identify which marketing ...
21/05/2022

10. Evaluate your marketing
Do you see results? Are you doing any marketing? It is essential to identify which marketing channels work best for your business – maybe that is social media, local advertising, or direct mail – and then focus on the ones that bring results.

9. Foster good relationshipsAs Theodore Roosevelt once said, “The most important single ingredient in the formula of suc...
21/05/2022

9. Foster good relationships
As Theodore Roosevelt once said, “The most important single ingredient in the formula of success is knowing how to get along with people.”

From customers to suppliers, financial advisers to employees, you can develop a competitive advantage by merely fostering good business relationships. Social media allows us to keep in touch with each other 24/7, and it takes no time at all to send an email or Tweet to a business contact or potential lead.

8. Build a teamThis is the biggest lever you can operate in your business so you should be putting your weight behind it...
21/05/2022

8. Build a team
This is the biggest lever you can operate in your business so you should be putting your weight behind it. It is exceptionally easy to lose focus the faster you are growing. You have a million and one other things to distract you, your recruitment volumes are increasing, and you have more pressure to ‘fill seats’, not having enough people looks like one of the leading barriers to growth.

7.Don’t lose interest in the productMaybe you have seen a better product, or (more likely) because the revenue model is ...
21/05/2022

7.Don’t lose interest in the product
Maybe you have seen a better product, or (more likely) because the revenue model is taking longer than you initially predicted. Either way, this is NOT a good sign. A sense of resilience is one of the critical aspects of success. A pivot is needed drastically to turn the idea into something you want. Rarely (if ever) do financial forecasts for startups work; pushing through the negativity can make the difference between success and failure. Stick with it!

6. Don’t give upNo one likes seeing a startup fail. So why do most startups fail? Contrary to popular belief, most start...
21/05/2022

6. Don’t give up
No one likes seeing a startup fail. So why do most startups fail? Contrary to popular belief, most startups do not fail because they run out of money. Yes, cash flow is often the reason that the business ultimately closes, but the number 1 reason that most startups fail is that the founder quits. Be it a loss of faith, loss of interest, loss of innovation, however you see it; it is the founder’s mentality that almost always fails the startup.

5. Find a way or make oneI take this very literally. I even have a tattoo on my thigh that says ‘Find a way or make one’...
20/05/2022

5. Find a way or make one
I take this very literally. I even have a tattoo on my thigh that says ‘Find a way or make one’ in Latin. Nothing is impossible. You will never succeed in business if you do not feel compelled to work hard for your achievements. Doing anything by half measures will only get you halfway to success.

4. Be aware of the worst-case scenariosImagine the worst-case scenarios that could happen in your business and plan acco...
20/05/2022

4. Be aware of the worst-case scenarios
Imagine the worst-case scenarios that could happen in your business and plan accordingly. If you need funding, give yourself six months to find it. Schedule on your calendar the day when fund seeking needs to begin, put in enough time for a meeting and sufficient time to make a plan. Then let it go and relax. By giving yourself sufficient lead-time and scheduling the necessary amount of time in, you can take that fear off of your mind for the time being.

3. Outsource the tasks you canAn excellent way to retrench expenses and boost profits is to outsource a major portion of...
20/05/2022

3. Outsource the tasks you can
An excellent way to retrench expenses and boost profits is to outsource a major portion of your business. This can diminish the need to hire people on full-time and save time and money spent on recruitment. Outsourcing tasks to international companies with cheap labour can greatly trim down costs.

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