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5 Commandments for the Small-Business Entrepreneur

5 Commandments for the Small-Business Entrepreneur

By    |   Wednesday, 27 December 2017 11:26 AM

The will to keep a business running is far greater than the will used in starting it up. I have started a few businesses in my time as an entrepreneur and I have discovered that more than ideas and knowledge rule the entrepreneurial life.

What keeps a business standing is the pursuit of knowledge, or, for example, the wisdom the owner has at his disposal. In this case, wisdom isn’t just what you do, but how you do it. It is not enough to cut off excess spending; the money must also be channeled into more profitable investments.

The more you know, the healthier your business gets.

Here are 5 profound wisdoms for the small-business entrepreneur:

1. Frugal Spending Will Help You Survive

It’s clich√© but only because it is true: How you handle your personal or corporate finances will determine how long your business will last. You can learn valuable lessons from Apple’s story.

Apple currently has more cash reserves than two countries - UK and Canada - combined. Apple has more than $250 billion in cash reserve. This money reportedly has helped the tech giant survive during lean times and flourish amid new product booms for decades.

If Apple officials hadn’t been saving and optimizing the cost of production while still having quality products, they wouldn’t have such a big financial safety net. It takes frugal business dealings and shrewd spending habits to keep a business buoyant. A cautious approach will force you to save cash and only spend money on the right things.

Learn to buy only what your business needs. Even if you use the best credit cards on the market, it’s a frugal and budgeted approach to business that will guarantee success. Detail your company’s expenses and later examine the numbers to know where to cut in the future.

2. 'Singular Focus' is Your Business-Engine Fuel 

Learn to be in one place. Being everywhere and trying out everything doesn’t determine success. Staying focused on initiatives guarantees business success.

Mark Zuckerberg, the founder of Facebook, has one vision — to bring the world closer together — and he’s been focused on that for years now. Jack Ma, the richest man in Asia, made $25.4 billion in a day just by focusing on one thing — Alibaba.

Become known because of your focus. Lots of people in business hardly have any focus at all. Focus on one thing. During the initial stages, it’s always tempting to want to do everything.

Then there is "the shiny object syndrome." Don't fall victim to this syndrome because it is one of the reasons why most businesses fail.

Paul Kraus' story reminds me of what singularity of purpose can cause. He was diagnosed with mesothelioma (also known as asbestosis) in 1997. It is a rare type of cancer and very deadly, most people die within the first 5 years of the disease taking hold of them.

While others would give up and prepare for death, Paul’s focus was singularly on “surviving it.” His dogged focus led him to dedicate his entire life to study and understand the deadly disease. It's more than 20 years now since Paul was diagnosed with mesothelioma and he’s still standing - making him the longest-surviving person with the cancer.

What kept him alive was his dogged and singular focus in finding ways to survive and beat the cancer. You can do likewise in business. Develop a singular purpose for business. Stick to one focus until you see results.

3. Grow Your Team Through Network Marketing

Marketing is an essential part of business success. Having more customers translates to increased sales. An increase in sales don’t just happen, it requires marketing strategies.

Ray Higdon, a Network Marketing Expert, in an email interview said: "You need to have a culture inside of your team that welcomes, embraces, high-fives, and take selfies with people of all different levels. You want to maximize your income, your impact, and the possibility of having someone that stays around the campfire long enough for them to increase their desire. I’m a big fan of inspiring and you inspire people through your actions. If you want to get your people doing more, you need to do more."

Grow your team by adopting network marketing. A larger customer base is key to increased sales and business survival.

4. Value Will Always Outweigh the Thirst for Money

Your customers respond to value. The reason why a customer comes back to purchase your product again is the value you offer. When you lose focus of your business value, you instantly begin to short-circuit the quality of your brand.

It’s the right focus - the one that is set on value - that lasts. The irony of the situation is that focusing on value brings money. But a focus on money can never bring value. Focus on value first and money will surely follow.

5. Business Perfectionism Slows Down Innovation and Limits Business Impact

As a young entrepreneur, limit unnecessary analysis at all cost. People get beaten by their competition simply because they spend too much time perfecting products before they launch. The best way is to simply launch and be ready for improvement as customers give you feedback.

Simply launch and rework the product on the go. You can’t possibly finalize the products before launch because they’ll always have flaws. For example, Mark Zuckerberg started Facebook at a stage with limited resources but he didn’t stop upgrading Facebook. He took the risk of coming into the market half prepared but the story have changed because he kept on perfecting the product as it grew.

Richard Agu is a researcher, entrepreneur and freelancer, passionate about entrepreneurship and self-development. Currently, Richard writes for Entrepreneur.com, Goodmenproject.com, among others. Follow him on Linkedin.com by clicking here now.

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Here are 5 profound wisdoms for the small-business entrepreneur.
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