6 Tips for Running Successful Business

YOU DON’T START WITH 100 MILLION USERS. YOU START WITH FEW, SO STOP THINKING BIG, AND START THINKING SMALL.

REID HOFFMAN

Running a successful business often starts with the planning stage when you are deciding what you will sell, how you will sell and where you will locate your company.

In the majority of cases, start-up success or failure is all about knowing the both how and the why of taking action and always being clear about which steps to take next.

Be passionate about the goods or services that your business will provide, Seeking wealth as the only purpose of your entrepreneurial activity will not serve you or your stakeholders well.

Entrepreneurs are more concerned about changing the world. They want to pursue their passion and achieve an ultimate goal. They are not keen on financial returns, rather they are focused on what they can offer to the world. Their purpose for entrepreneurship is simply to make a difference in this world.

Here are 6 essential things you need to know about running a successful business.

1. When planning, always overestimate expenses and underestimate revenues.

There has been startup business where expenses were at least 30 percent more than initially planned or anticipated, and revenues are at least that much less. Things might never go as you have planned and especially with numbers. When you’re in a business you can’t expect the numbers to be on your side.

Being conservative in your numbers doesn’t mean you are willing to accept those numbers, it just means you are arming yourself with the information you can work with and work over.

2.Know what you know and know what you don’t know

As we all can’t be superhuman who knows everything and we can’t be too certain about what we know. Find people who have better skills than you in different fields, work with them, fill each other’s gap.

Attract the very best people you can, and empower them to add value by not instilling fear of failure. Instead, enable them to thrive by supporting their experimentation. Insist that they make new mistakes, not the same mistakes.

3.Don’t fear the void

The sensation Being aware of the void and possible failure forces us to keep moving forward. You should know where you might go wrong.

It’s really wonderful to be positive while running your business but sometimes you have to be realistic about your voids. It is the driving force convincing every business to take the next step in order to keep gaining momentum and grow.

4.Become the industry, don’t just exist within it

Consider this, being the best baggage maker in the world might be difficult to achieve. But being the best gym bag maker is probably much easier, even if it means having to create your own roadmap to success.

Try to focus on a niche and then draw a new line to it. We live in a time of shifting paradigms, so it would be a huge mistake to take advantage of an existing market rather than try to create a new one.

5.Accept that learning more equals earning more

lLarning always comes before “earning” (except in the dictionary). You’ll need to be committed to learning as much as you can about sales and marketing and operations if you want to have a true success business.

Running a company which is already a million dollar company is easier than building a million dollar company from scratch.  Knowing and applying the simple fundamentals in a highly leveraged way is one of the reasons many top executives and entrepreneurs earn so much.

6.Get a coach

Too often, we think we have all the answers and are the only people who can really get things done. The reality is that another set of eyes can work wonders for how you operate both on and in your business. Find a person who can actually ask for daily updates and put a check on you, so that you don’t loose the track.

Running a business will not be hard until you put all the information in the right manner.

 

 

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