How do entrepreneurs create great businesses? What do they do differently? What are the secrets of their success?
These are all questions that good entrepreneurs will ask themselves every day. But, in business there are a set of rules which help set the tone of your organisation and determine if it will succeed or fail.
While there is never a guarantee that a business will succeed, knowing these ten commandments will give you a compass to guide you through the good times and the rough times.
1# Start your career off in a sector that you love.
Gain at least 5 years’ experience within a sector and a company that you would like to own a business in and begin to build your knowledge of that sector.
2# Work to a list of what you need to do.
Put the hardest task at the top and ensure that the toughest is the first thing you do. If you complete your most challenging goal straight away, all the other tasks will seem easy in comparison and you’ll find yourself achieving much more than you thought you could.
3# Take advice from a trusted mentor.
They can be anybody, but make sure they have the relevant knowledge and can guide you through a tough business terrane. Owning a company is always fraught with problems but your mentor will already have surveyed that in their past business life and will be able to help you navigate through yours.
4# Always be frugal.
Don’t buy a large house, holiday home or a stupidly expensive car. Save your profits. I can guarantee that you’ll regret the money you take from your cash flow, as cash flow is even more important than profits. Owning your own business is like riding a Helter Skelter with amazing peaks and depressing troughs, but if you still have a rainy day fund to help grease the wheels through the tough times, you will live to fight another day.
5# Adopt the Warren Buffet system.
If you adopt this system you cannot fail. It follows the accumulative formula that 1+1 =2 2+2 =4 4+4=8 and so on. If you spend your funds outside of your business, then you will not have the funds to start your one plus one. This system was adopted by Warren Buffet and is what he attributes his $70 billion of wealth to.
6# Listen to everyone around you.
It’s always better to not tell them exactly how you’re feeling, as they will naturally align themselves to your thoughts. Instead, let them cascade their thoughts and ideas and take it all in.
7# Make sure you are connected.
The world we live in today is in stark contrast to the world that we knew 10 years ago, and it is fair to say our world is now based around connectivity. To be connected means you need to stand apart to be seen. Those who are seen, and to be seen I mean being shared on social platforms, will have a far greater chance of being successful.
8# Make sure you always operate your business from the outside.
When your business gets to a size where you are starting to employ people, it’s important to never get embroiled in the machine. Instead, stand outside of it and operate it efficiently. If you ever have to get back into the machine, it means someone within your team is culpable, by either not doing what they are employed to do, or don’t possess good enough skills.
9# Re-calibrate your business on a regular basis.
As your business grows you must raise your head above the parapet to re-align the direction you are going in. Dreaming is part of being an entrepreneur — imagining how different things will be for you, personally and professionally. There is nothing wrong with a flag in the sand set in the distant future, but that flag may not be there when you arrive. You must always cater for smaller footsteps.
10# Give back to your community.
Lastly, social responsibility is not just about writing a cheque, it is about getting involved with the area or country that you have derived your profits from. All companies and entrepreneurs should give their finely tuned knowledge and acumen to help people less fortunate than themselves.
Thanks for reading my 10 commandments for entrepreneurs, I hope you’ve enjoyed learning a little more about what I believe it takes to become a successful business owner. If you’re a budding entrepreneur and would like to get a kick start in a business like Signature Living, get in touch with our talented recruitment team and discover if you could progress within my business.
If you’d like to learn a bit more about me, I recently answered a quick fire 20 questions about my business, personal life and goals for the future.