Thursday, December 17, 2015

Becoming a Successful Entrepreneur - Do's and Don'ts

 Entrepreneur's Do's and Don'ts by Jonah Engler
Entrepreneurial success comes down to one thing - the actions that you take. Effective actions will move you closer toward your goals. However, misguided actions may cause your business growth to stall.

Dos and Donts of Entrepreneurship Infographic by Jonah Engler

As a business owner, you should be taking actions that will help your business become wildly successful. Here are 7 do's and don'ts that will ensure entrepreneurial success.

1. Do get assistance. As an entrepreneur, you might be tempted to try to forge your path without help. As brilliant as you may be, you do not know everything. You should develop the habit of asking for help when you are uncertain about aspects of your business.

2. Do invest in your business. Sustained growth only comes when you put money back into your business. This means that you should not spend every dime that comes into your business on things that do not matter. Set aside money from your revenue to invest in technology, marketing and your employees.

3. Do define the reason you are starting your business. Being an entrepreneur can be challenging. During these difficult times, you will need to be reminded about the purpose of your business. Make a list of compelling reasons for starting your business.

4. Do market your business. Effective and consistent marketing will get your business noticed by your potential customers. If you are shy about marketing your business, you will miss out on potential customers. Find different ways to let people know about your business.

5. Do learn from your mistakes. Becoming an entrepreneur is a growth process. You will make mistakes. Some of the mistakes will be costly, and other mistakes will be minor. When you make mistakes, learn the lesson and quickly press forward.

6. Don't quit. Your entrepreneurial journey will be filled with close calls, mistakes, wins and losses. On some days, you will feel as if you are on top of the world. On other days, you will wonder why you even bothered to start a business. It is important to keep going until you reach your goal.

7. Don't lose your patience. The media glamorizes the notion of entrepreneurs that became successful 'overnight'. For every person that made it big on the first try, there are countless others who built empires over a long period of time. Be patient because building a successful business may take some time.

Jonah Engler is a financial expert from New York City.

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