5 Key Steps to Success For The Entrepreneur

Here are 5 crucial steps to enjoying both tangible and intangible success as an entrepreneur…

1-Visualize your success. “Visualize this thing you want, see it, feel it, believe in it. Make your mental blueprint and begin to build.” -Robert Collier.  A good idea is not enough to start a business. It is important to determine what success means to you and to visualize the road leading there. Perfect your vision.

2-Have a plan. “Vision without execution is hallucination.”-Thomas Edison. Planning ahead can help you overcome the difficulties that may arise in the future.  Your overall business plan must include what your product/idea is, how it is different from your competitors, your target market, and anticipated profits. Hammer out a specific list of goals, and determine the strategies you will implement to reach each goal. Form your team wisely.

3-Get to know your customer. “In business, you get what you want by giving other people what they want.” -Alice MacDougall. Know your customer. Understanding your customer’s needs thoroughly is the only way for your business to fulfill those needs. Remaining in-tune with your customers is the only way to remain profitable in the long-run.

4-Manage your money.  “Money is like a sixth sense – and you can’t make use of the other five without it.” – William Somerset Maugham. Money is spent on rent, inventory, marketing, services–it will seem to disappear. Every business needs cash flow to stay afloat, so be smart with expenditures. If you’re no good with numbers, add a mathlete to your team, or hire an outside professional.

5-Persevere. “Patience is a virtue” –Proverb. Every business idea needs time to develop and obtain results. Be confident that with the right tools, and sincere, long-term effort,  your business will become profitable start-up.

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