By David Hall, Author
How do entrepreneurs create great businesses? What do they do differently? What are the secrets of their success? Here are some of the insights from my book entrecode® - Unlocking the Entrepreneurial DNA, which provide some answers to these questions:
1. Find a business opportunity you are passionate about. Entrepreneurship is about passion, energy and commitment. Whenever I see anything accomplished anywhere there is always a turned on entrepreneur behind it. Without passion you will give up at the first hurdle.
2. Find a customer problem, solve it and sell the solution to everyone else. Entrepreneurs are problem solvers; they know that anything customers don’t want is expensive! This is called ‘customerising’, not marketing. In the history of mankind a market has never bought anything, customers buy things so focus on them.
3. Avoid the energy vampires. Stay clear of the bureaucrats and people who distract you from your main goals, the box tickers, the form fillers and the jobs worth’s. They suck the life blood from you so give them a wide berth.
4. Stick to what you are good at. Understand your strengths and weaknesses and get people around you who share your values but have complementary skills. Do not try to be all things to everyone or else you will end up being nothing to no one!
5. Develop your personal skills. Getting and staying in the zone is key to entrepreneurial success. Make sure you maintain a positive attitude, stay persistent, recover from setbacks and ensure you are action oriented. These skills are far more important than being able to undertake market research or write business plans.
6. Delight customers. Go the extra mile for your customers and try to put a smile on their faces. This leads to high levels of repeat business, new business from referrals and a lowering of sensitivity to price. Delighting customers is a great way to get and maintain competitive advantage. Most sane people would settle for these benefits.
7. Control the basics. Businesses go bust due to primarily running out of cash so your mantra should be ‘cash is king’. Make sure you understand and manage the five or six things that are critical to your business success.
8. Get your business’ DNA sorted. Good businesses grow and prosper by acting with integrity at all times and treating people with dignity and respect. This creates pride within the business and your staff and customers will want to do business with you and will support you.
9. Get a shared strategy. This will provide focus and direction for the business so everybody is clear what the priorities are and where the business is headed. Many businesses do not have a strategy so lurch from crisis to crisis.
10. Have fun. Make sure you get up in a morning looking forward to your day. When it stops being fun, go and do something else or you may well fail.
Obey these Ten Commandments and watch your business fly!
To find out more about David Hall and entrecode® - Unlocking the Entrepreneurial DNA please visit: