A recent study by two economists from Stanford and the University of Michigan found that failed entrepreneurs are much more likely to be successful their second time around.
In short, new set of entrepreneurs can learn a thing or two from their already successful counterparts.
Below are some tips;
1. Have a servant’s attitude
To succeed in business, you must have a servant’s attitude. Most business owners think, ‘Finally, I’m my own boss!’ They relish the idea of being in charge. But that idea is false. In a normal job, you have one boss, but as a business owner, everyone is your boss: customers, vendors, even your employees. When you have a servant’s attitude, you recognize that it’s your job to make those three groups happy.
2. Network like crazy
As an entrepreneur, the value of networking can’t be underestimated. You can’t have a business without customers, so get out there and meet as many people as you can.
3. Be generous with your employees
Your employees are the face of your business. Treat them fairly, and your company will reap the benefits. It’s important to maintain an image of authority and generosity. You want to be the boss who rewards employees on good hard work. People will work harder for you and your business will be more successful.
4. Hire someone to do the easy tasks
This can’t be stressed enough and most people are totally guilty of doing this. We try to ‘save money’ by doing the small tasks that practically any untrained person can do – like going to the post office or packing orders, but we should be doing the stuff that doubles our business revenue and increases profitability.
5. Be better than your competition
Another tip for success is outing your competition. Respond to clients faster, work longer hours and take smaller profit margins.” To be in business long-term, you have to make sacrifices upfront.
6. Provide value to others
Being passionate about your business is important if you want to make it long-term. In addition to passion, you also have to identify something that provides value to others.
7. Stick to the business plan
Many new business owners underestimate the power of a business plan. Writing up the business plan, and making sure to get rid of anything vague was so helpful. Hammering this down to be as specific as possible with what I would do next helped me greatly.
8. Take care of your physical health
Surprisingly, many entrepreneurs mentioned how to be successful in the professional world, you have to take care of your physical health. Get exercise every day, meditate and eat healthy foods. Tasha Mayberry shares a few tips on healthy living: Drink two full glasses of water in the morning and always eat a healthy, clean breakfast. “By doing these things, I am laser focused all day long,” she shares.
9. Test your idea before launching it
You may think you have a great idea – but do other people? Many of the entrepreneurs we spoke with said you should always test your idea or product before going “all in.” Make sure you get a few second opinions on your business and have people that are interested in what you’re doing. The more you can test your business, the better chances you have of success.
The Bottom Line
To ensure success as an entrepreneur, learn as much as you can from other, successful entrepreneurs, test your product or idea before launching it, and never give up. Passion coupled with hard work and determination will lead to a successful business.