These are ten simple tips that will help entrepreneurs survive in today’s business environment. Are you thinking of starting a new business, or confused about what direction to take? This piece is for you. Follow these 10 tips to thrive in business:
1. Be very thorough with your research
Thorough research should precede any business you want to venture into. You must have an extensive knowledge about the industry, the target market and competition. This is the purpose of carrying out a feasibility study. You cannot take the leap without verifying if there is an available market for what you seek to offer, or if there are similar businesses offering your proposed product or service.
2. Engage your local business community
Familiarizing with the other entrepreneurs in your local community. Through the local community, you can receive appropriate advice and suggestions which can help you grow your business. Additionally, networking with other local entrepreneurs will help business owners stay informed about current trends in their sphere of influence. Current trends may include local laws that support businesses.
3. Be open to change
Embracing change is important because change is constant especially in business. Entrepreneurs must be malleable. When situations change, your ability to adjust to these new situations will determine if your business will survive. Do not always adopt a one dimensional solution to challenges. Be willing to approach challenges from different perspectives.
4. Save (Keep a rainy day fund)
As difficult as this may seem, saving is important for entrepreneurs and this habit must be formed early on. Cultivate the habit of living below your means. Put away and invest as much as you can while you are at it. There are times when things get unpredictably tough. Your savings will be the saving grace in those times.
5. Discover what truly works for you
What works for Entrepreneur A may not necessarily work for Entrepreneur B. Discover what works for you by trying every method you can. Discover your strengths, know your weaknesses. You must also be willing to delegate responsibility especially in areas you consider yourself weak.
6. Follow your instincts
Decision making is a crucial part of being an entrepreneur. The success of failure of a business comes from decisions you make. When things get tough and you are stuck, always follow your instincts. You must believe in yourself and trust your instincts since nobody knows your business more than you do. No one will believe in you if you do not believe in yourself, and your ability to overcome every challenge you encounter.
7. Master time management
A popular adage says “time is money”. Learn to manage time properly if you want to make the best out of your business. Planning your time, and organizing work based on this plan guarantees efficiency in business.
8. Be Optimistic
Keep a positive attitude to all things. The hallmark of entrepreneurs are the challenges they face and their ability to overcome these challenges. When situations present themselves, keep a positive outlook and face these situation with an optimistic mindset. You are what you thing you are (as a man thinkers in his heart, so he is).
9. Avoid unfounded comparisons
Unless you want to kill your vibe as an entrepreneur, avoid comparing yourself to others. As we stated already, what works for Entrepreneur A, may not work for Entrepreneur B, so avoid making these comparisons. If you compare your progress in business to that of others, it is easy to get discouraged or declare victory prematurely. Remember the race is never the same for every individual entrepreneur.
10. Maintain healthy business relationships
Do not burn your bridges as an entrepreneur. This is an advice for everyone. Even when business relationships have to end, they must always end in good terms because you never know when you will need the values such relationships offer. Maintain healthy relationships with former employers, and employees, and even customers.
As originally reported in (https://www.entrepreneur.com/growing-a-business/10-ways-to-thrive-in-business/433645)