Page 12 - The Notice Board NOVEMBER 2020 edition 64

Page 12 November, 2020
How to Be a Successful Business Owner

ost business owners
keep you coming in early every amount of startup capital and
will tell you that
day and driving growth. investors. However, successful
Mstarting a business is
both one of the most challenging businesses will have a model
Start with a well-defined that can be used on a smaller
and most rewarding ways to earn
purpose: While the financial scale. This proves to potential
a living. Being a successful
benefits of business ownership can investors that your idea is a valid
business owner requires a large
be great, most successful business way of making money, and
amount of hard work and
owners don't start with money in increases your odds of ever
dedication, but also generally
mind. To get your business off the getting investment money (if
ground, you'll need a clear that's what you're looking for).
purpose. This purpose should be
something more intangible than Create a support network:
money, like giving back to your One of the most important parts
community by creating jobs, o f s u c c e s s f u l b u s i n e s s
solving a problem that you see in ownership is getting over your
your daily life, or pursuing a own ego and seeking help. Your
passion. This doesn't mean that biggest sources of advice are
you shouldn't also strive for going to be your group of
profitability, just that your primary business associates and other
goal should be the achievement of professionals that share your
a greater purpose. goals. Surround yourself with
knowledgeable and successful
people and feed off of their ideas
relies on a set of personal and enthusiasm.
qualities and business practices
that are common characteristics Find a mentor: A good mentor
of successful entrepreneurs. in this case is someone who has
These characteristics lie as much already run or is running a
in a business's founding successful business of their
principles as in its day-to-day own. A good example would be
operations and dictate every a family member or family
decision the entrepreneur makes. friend that has been successful
By following these guidelines, Understand your customer: in business. This mentor can
you can up your chances of Before you get started, take some help you with anything from
founding a successful business time to do market research and get knowing how to manage your
or getting your existing business to know your customers and your employees to properly filing
back on track. industry. The U.S. Small Business your taxes. Because their
Administration provides a great
· Finding the Right deal of information on which
Mindset services and products are in
demand. You will also want to
Do what you know: That is, you think about who will be buying
should start a business that your product or using your service
focuses on what you have and learn the best way to appeal to
experience in. That experience this population.
can be either prior work knowledge comes from direct
experience or a personal hobby Find a first step instead of a experience, they're able to help
that you're ready to turn into a destination: You should always you more personally than any
career. Even if a business idea start with a business model that can other source could.
seems highly profitable in be up and running quickly on a low
theory, don't start that business budget. Too many small · Running Your Business
unless your heart is in it. While businesses start with grandiose Efficiently
profit is important, it likely won't goals that will require a large
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