Blog

Do you have the “Sweet 16” traits that top entrepreneurs have to start your own business?

Starting a business is complex and time-consuming; the factoring expert is here to help. The process can be frustrating, especially if you do not see an immediate profit. Successful entrepreneurs come from different backgrounds and start companies in varying industries, but they share common principals that are key in weathering the difficulties of running a successful startup.

1. Create a vision for your business, short-term and long-term, then have the confidence to meet and exceed your goals. You must be realistic and passionate about overcoming obstacles. Make the most of every opportunity to promote your vision and make sure others believe in it as well.

2. Be flexible with plans and ideas. You can toss out an idea that isn’t working and try something new. Be flexible with your schedule as well – be willing to put in some unconventional hours to get the job done.

3. Take ownership of what you do. The best concepts require the most serious steps to bring them to fruition. Cultivate your reputation in the industry so customers know and trust your company.

4. Be humble – assume some blame if things go wrong and share the credit when things go right. Also, no person is an island. Don’t try to take on too many responsibilities; instead, recognize your needs, strengths and weaknesses and build a team that fills those gaps.

5. Stay focused and organized. Write and follow a business plan, update your calendar, and create a clutter-free work space. Eliminate unnecessary distractions during your work time so you can devote your attention to setting and meeting goals.

6. Be financially responsible. Know exactly how much money is coming in and from where, and how much is going out and to whom. Avoid a financial surprise that could quickly tear your startup apart. Maintain organized records and customer files to help your business run smoothly.

7. Be decisive. Once you have a plan, make it happen! Don’t second guess yourself, or wait for “the right time”. The only strategy worse than a failed strategy is the successful strategy you never executed.

8. Be tenacious. You will encounter more than a few “No’s” in your pursuit of a “Yes!” Don’t give up. Follow up regularly with your contacts to keep their attention. You never know when a customer’s needs will change, or when a contact of theirs is looking for exactly what you offer.

9. Stay on top of latest technology, both in general and in your specific industry. Technology can save you time and money in performing essential business functions, use technology to help you stay organized, and pave the way for new solutions your company can provide.

10. Become an expert in your industry. Know everything there is to know about upcoming trends, popular competitors, and product or service developments that can help you gain an edge. Subscribe to industry magazines, write papers and articles, attend as many networking and training events as you can.

11. Be the consummate salesperson to prospective clients. Ask questions and pay careful attention to the answers. Show customers how your product or service can benefit them rather than rattling off a list of features. Make sure you play up your company’s advantage over competitors, especially if your price points differ*. Don’t be afraid to ask for the sale!
*Try not to compete on price if you can, but if your price is organically lower than your competition then it’s okay to say so!

12. LISTEN and ask for input. Others may have ideas or concerns that you haven’t yet considered, and your customers will tell you exactly what they want. You have the right to make final decisions, but if you can take their feedback into consideration you will build a loyal customer base and a committed team.

13. Always project positivity, “fake it till ya make it.” If your audience sees that you believe in what you are doing, they will have more confidence in your ability to do it. Maintain a professional demeanor with regard to your competition: it is perfectly acceptable to highlight your competitive advantage, but it is never acceptable to badmouth your competitors.

14. Get involved. Building community support is essential to driving future success, so demonstrate a willingness to give back. Participate in or sponsor local events and institutions, stay on top of local politics, and give your neighbors the chance to know and respect you.

15. “Know thyself.” While it may be tempting to throw yourself completely into building your startup, but if you don’t take “you time”, you will not be any good for anyone or your business. Make a conscious effort to step away from the business (or, better, set aside regular periods of work-free time). Exercise, read a book, hike a trail, or spend time with your family to recharge and regain the focus you need to keep going. Always strive for eight hours of sleep a night!

16. Understand the value of a strong peer network. In almost every case, entrepreneurs never get to success alone. The best understand that takes a network of contacts, business partners, financial partners, peers and resources to succeed. Effective people nurture these relationships and surround themselves with people who can help make them more effective. Any good leader is only as good as those who support him.

While it can be a challenge and overwhelming to build a business, thoughts become things and believe you can succeed!!
If you have the drive and determination to get your business up and running and need the cash flow to make it happen let us the “Factoring Experts” help you reach your goal. Contact us today to learn more about the Factoring Expert also sign up for a free estimate; we are here to help you fulfill your dreams!

Anita Hall