Wednesday, September 30
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Strategies for Success – 7 Tips for First-Time Entrepreneurs

Business

According to marketing expert Neil Patel, the vast majority of new businesses fail. Such failures occur for many reasons, not all of which are under the direct control of failed enterprises leaders. Even talented entrepreneurs experience setbacks from time to time.

However, those who succeed time and again tend to equip themselves with certain advantages. These seven success tips are especially important for first-time entrepreneurs to pursue, even when they do not come naturally. How many have you tried already?

1.Create an Organizational System That Works for You

Start with a comprehensive organizational system that works for you. Creating such a system is a personal process because you are the best person to determine which strategies actually work for your needs. If you thrive on crossing items off a written to-do list, for instance, you should be sure to rely on such lists. 

2. Be Patient

Many entrepreneurs are too quick to jump at opportunities that prove disappointing with the benefit of hindsight. Miami-based entrepreneur George Otte counsels aspiring entrepreneurs to be patient, and to perform thorough due diligence on potential opportunities before committing.

3.Be Skeptical of Unsolicited Advice

Don’t assume that others know better than you. Unsolicited advice may come with a hidden agenda, or may simply not be the right fit for you or your organization. Before implementing advice from others, carefully consider the pros and cons of doing so.

4.Hone Your Elevator Pitch

Every company needs an elevator pitch. This is true even for startups with clear value propositions. If you can’t explain clearly and succinctly what it is that your company does, how will you convince investors and customers to support it?

5.Work Harder Than the Competition

Be willing to work harder than your competitors and maintain that work ethic as your organization scales. You’ll find that not everyone is as committed to the cause as you can be. If you find that you no longer enjoy the work you’re doing, it may be time to step back from your leadership role and let someone else take the reins.

6.Learn to Delegate Effectively

These strategies for an effective delegation from efficiency expert Jayson DeMers are essential for entrepreneurs who wish to grow their businesses beyond the early stage. No matter how hard you work or how efficiently you produce, you cannot do everything necessary to run your business. Finding others who can do so on your behalf is an important first step in scaling.

7. Hire the Best People You Can Find

Another important step in scaling is hiring excellent subordinates. Remember the old saying: “Be slow to hire and quick to fire.” It’s much easier to decline a poor hiring decision than to part ways with a problem employee.

8.Make Your Own Way

Taken by themselves, these success strategies for first-time entrepreneurs do not guarantee success. However, when implemented systemically, they form the basis of a well-run organization that is primed to scale.

Which tips have you already implemented in your own work? Which are on the agenda to implement in the months ahead? The sooner you act on this list of to-dos, the sooner your company will find itself in a position to succeed.

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