Sunday, February 5

Habits of Highly Effective Entrepreneurs

Have you been running through the checklists for your new startup to make sure everything is going smoothly? Even if you have, is there a nagging feeling that maybe you’ve forgotten something? Nobody’s perfect, and it’s easy to miss one or two essential tasks when you build a company from scratch.

Take a step in the right direction and read about things that are among the most overlooked guidelines for entrepreneurs. If you’re like most startup owners, chances are that at least one that you need to start incorporating into your daily routine today.

Finding a Mentor

Independent-minded business people tend to be loners by nature. They believe in doing most of the work themselves, going it alone, and would rather not ask for help.

Indeed, the personality of people who own small companies is such that most have to be pushed into networking, joining chambers of commerce, and seeking community support for their ideas. Don’t fall into the “I’ll do everything by myself” rut. Understandably, it’s easy to let that attitude take control when things are going great. But once you hit a snag, the solo act can be a lonely way to fail.

The remedy? Get a mentor. Find a person you respect and who has enough relevant experience to point you in the right direction. Often, the best candidates are former co-workers or supervisors, college professors, friends who have built their own companies, church acquaintances you see every weekend and trust, and so forth.

Learning How to Save Time

Figuring out how to manage time will prevent all sorts of problems, from backlogged customer orders to late tax filings. Running a company means having plenty on your plate every week. Start out by avoiding having to travel to clients or other offices when you can take care of business online.

For example, you can get your medical marijuana card in Florida in less than 15 minutes when you apply online. The process is quick and simple. There’s no need to make an appointment and, even better, you need not pay the $99 unless you’re approved.

In addition, you can file for all your startup certificates and legal documents via your city’s website in most cases, pay online, and receive hard copies in the mail within a few days. Remember, your computer can save you plenty of time, which means you’re free to focus on building your enterprise and earning a profit.

Establish Your Credit

Treat your company’s credit rating as you would your own in that you know what it is, check it regularly, and work hard to continuously improve. For some mysterious reason, many people forget about attending to this vital task. What’s the best way to get started? Open checking and savings accounts in the company name.

For now, use the savings account as a tax escrow set aside into which you make weekly, estimated tax payments. When the quarterly filing date comes along, there won’t be any surprises. After a couple of months in operation, apply for a business credit card through the bank or from another lender.

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