Most of us have read about successful people that they
- Wake up early
- Eat break fast
- Build a network
But the following pertinent questions arise in the hearts and minds of each and every one of us
- How did they become successful?
- What are they doing on a daily basis that is making their business successful
Here are a few pointers
- Build your network by cutting great deals (Your network is your net worth)
Today’s successful entrepreneur does not just network by going to cocktail parties and business retreats, they use implied networking, effectively you are taking a slight financial hit in order to secure future business. Craft partnerships to create long-term loyalty and financial sustainability.
- Do away with a spend thrift behaviour
Particularly when you are just starting, you need to be careful how you spend your money. Only purchase what is absolutely essential to perform business. For a successful start-up do not purchase luxuries purchase necessities and no more.
- Know your Liabilities
A successful start-up Knows every single one of business liabilities. They know what they can and can’t be sued for …… it is this Knowledge that allows a start up to stay out of a legal storm. The reality is that green pastures do not always remain green, in business at some point the business is going to run into difficulties. It is at the crucial moment that you need to Know your liabilities.
- Delegate your Money
Every start up know they need to delegate but successful start-ups will tell you that you also need financial delegation. This implies who you should pay to accomplish certain tasks. To solve a problem, you must employ a combination of time and money to solve the problem. Every successful start-up will tell you that they looked at each problem and considered two things, the time required to solve the problem versus the cost to solve the problem. Know how much your time is worth.
- Learn from small financial risks
Modern start-ups now operate in dynamic markets; the successful ones have found a way to adapt. Rather than launching a pilot project with massive initial invest, run it as a test project putting forward financial action which will tell you how receptive the market is.
The financial investment is minimal, if the investment fails, it won’t sink the business. Take a small risk, learn from the risk and then scale up.
- Put the market First
The market is never wrong. A successful start-up needs to study the market, and put the market before the business. No matter how great an idea is it needs to be financially validated by the market to be worth pursuing.
Don’t put your ego ahead of the market …… or your business will suffer dramatically.
- Understand the dynamics of your cash flow
Before you launch your start up make sure you can cover all your expenses for as long as necessary until the business sees a profit.