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10 Things Every Entrepreneur Needs To Know

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10 things every entrepreneur needs to know
In today’s article we are focusing on entrepreneurs. The 10 tips I compiled are advice I wish I could have given myself when I first started my own business. It’s becoming a very competitive world out there and a business has to excel in a few important area’s to do well. Here are some of the area’s I found the toughest or mistakes I have made when I first started out and I would like to pass them on to you so you can avoid them when you start your business.

Here Are The 10 Things Every Entrepreneur Needs To Know:

1. Get your product to market
2. Accounts receivable
3. Learn from other peoples mistakes
4. Define a target audience
5. Fail quickly
6. Case studies/testimonials
7. Focus on execution
8. Test everything
9. Prepare for opportunity
10. Create values and people who believe in them

1. Get Your Product To Market

To many entrepreneurs try to have a perfect product by the time they launch it. This is a very common mistake for new entrepreneurs. The most important thing for any new business is to start collecting data and making the proper adjustments. You can collect more data faster the sooner you launch your product.

Ultimately, it’s the customers who will define whether or not your product will be successful. If a product doesn’t test well with it’s initial market you will have wasted a ton of time making it perfect instead of adjusting your product to meet the needs of your consumer. Internal tests can only take a product so far and real world applications are going to expose the strengths, weaknesses, potential, ad threats. By launching your product earlier you can start to collect data in these key area’s to make the proper adjustments or decided if the product was a bust.

2. Accounts Receivable

get paid
In the beginning every dollar of revenue is extremely important. After all money is and will always be the life blood of your business. An unpaid account can cause serious strain on a new business and prevent the company from moving forward. Many new business owners underestimate the difficulty of collecting accounts receivable from clients. When I first started in business I would spend a quarter of my month chasing down delinquent, passed due, and unpaid accounts. Looking back I wish I had taken the time to put a strategic plan in place for collecting accounts receivable. It’s important you focus most of your time and energy on growing your business and not trying to contact clients for payments.

3. Learn From Other Peoples Mistakes

Do you remember being a teenager and your parents constantly tried to give you advice? This was also accompanied by the statement “I’ve already been a teenager.” It didn’t really matter, however, as a teenager you a just starting to take interest in the world and explore the possibilities for yourself. During your adventures you would make the mistakes your parents warned you about, because you had to learn for yourself.

In business it’s critical that you listen to your “parents” and learn from their mistakes. New business owners need to find a mentor. Someone who has already been successful and can lead you in the right direction. When you find a mentor make sure to really listen to their advice. Being in business for yourself takes a special mindset. A mentor can help you overcome some of your shortcomings and lack of experiences if your will to let them make suggestions and you actually listen to their advice.

4. Define a target audience

target audience
Possibly the most common mistake is not defining a target market. We don’t want to limit ourselves to just one market so we are going to target everyone.

You cannot be everything to everyone. Anyone who has tried has failed miserably. The list of reasons is enormous. The most important are pricing and quality. You can’t have the cheapest product on the market and it’s also the highest quality. Without defining your market you will fall short on the price for the people who don’t need quality, and you will fall short on quality with people who aren’t concerned with price. Clearly picking a market will help drive your business in the right direction. It will also give the rest of your staff an idea of where the business is going and how its going to get there.

5. Fail quickly

Going back to the principals in step one, it’s important that you fail early as a new business. Every month wasted on failing is a month your wasting on not creating the next great thing. Get your product to market, find its potential, test, and decide to make it better or start over. Don’t be ashamed of failing either. It happens all the time to even the smartest of entrepreneurs. The only bad thing that comes from failing is not learning from your mistakes and wasting your time on a product that is bound to fail.

6. Case studies/testimonials

case studies
Case studies and testimonials are critical for new businesses. The hardest thing for a new business to create is trust between potential clients and the business. Testimonials and case studies are great ways to show leads and prospect clients that you are able to help them and you have the proof to show you can.

The very first customers (especially for a service company) are going to be the toughest to get. Your brand new and you don’t have any success stories yet. An easy way to get case studies or testimonials is to give out free service or products to clients. Admit to them that you are using them as a case study and that as a condition of the free service you are to get a case study or a testimonial. Getting that little bit of proof will help get the best compensation for your service or products on future clients.

7. Focus on execution

If you have a great idea chances are hundreds if not thousands of people have also had the same idea. The difference between the successful and unsuccessful businesses is the execution of that idea. Take your time in carefully planning all the key components of your business and how you can be successful.

8. Test everything

Get your product or service out and test it every way you can. Sometimes the slightest change in color can make all the difference with a successful or unsuccessful product. Test audiences, advertising strategies, sales processes, distribution channels, production operations, and everything in between. Little tweaks here and there make huge differences in overall numbers. Testing is something you will be doing throughout the life cycle of your business if you plan on being successful and containing to improve your offering.

9. Prepare for opportunity

oppertunity and preparation
Success is when opportunity meets preparedness. Prepare for all situations. As a new business owner it is crucial you are fully prepared for every scenario you will find yourself in. Whether its a list of services you can offer to a particular client or a big opportunity in a new market being prepared is what will make or break your business. The business owner who is prepared for the situation and can bring the best solutions is the one who is going to get the client.

10. Create values and people who believe in them

This tip embodies many of the tips mentioned above such as defining target markets, testing, focusing on execution, and more. You don’t want your employees and subcontractors running around in circles and becoming unproductive. Make sure to clearly state your values, mission, and goals so employees can remain productive. Set a standard and expectation in the workplace. This will help keep your employees focused on the task at hand.

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