13. Always Be Wise with Money
Today, entrepreneurs have unrestricted access to tools and other resources that can “improve” a business. Although these things may make your entrepreneurship life more convenient, it can also limit the funds you can use for other investments. Try to keep things simple and choose to do grunt work instead of spending money for quicker results.
14. Build a Positive Brand
If your primary enterprise is a home-based business, then building a positive brand image can be a challenge. To make a name for yourself and win the trust of your prospects, you can leverage the power of networking. Build your presence on sites like LinkedIn groups and other authoritative websites related to your niche. Also look for guest-posting opportunities if you run an official blog.
To make money as an entrepreneur, then you NEED to ask for the sale. There’s no other way but to be an effective self-promoter who actually believes in your own brand. To fulfil this role, you need to actively seek opportunities to give your brand exposure – from attending trade shows to sending cold emails – among other things.
16. Get to Know Your Customers
Entrepreneurs exist not just to make money, but also to satisfy their target customers. You need to offer value but understanding their needs. A good strategy is to build customer personas complete with details such as their age, occupation, hobbies, and location. Take note that these personas can be useful in marketing activities such as content development, email marketing, and blogging.
17. Identify Competitive Advantages
Aside from getting to know your customers, you should also get to know your own company. Identify your value propositions, be it in your product, service, or your business as a whole and make sure your audience finds out about them.
18. Listen to Complaints
If there are people out there who can expose the weaknesses of your brand, they are your unhappy customers. Regardless of your industry, there will always be clients who are unhappy with your company. You just need to heed their complaints and create actions that can help you improve.
19. Ask for Suggestions
You don’t have to wait for a complaint to receive valuable input from your customers. If you want, you can launch post-sales customer surveys or conduct in-store interviews. Just remember to turn their insights into plans of action. Doing so will help build trust and loyalty in your customers.
If exceeding the expectations of your customers won’t win their trust, then nothing will. With this practice, you are on the way to building a rock-solid reputation in your niche. Just be consistent and value the perception of every single customer.
21. Be an Industry Expert
According to Tony Hsieh of Zappos – “Don’t play games you don’t understand.” As an entrepreneur, you need to understand your industry from the inside-out. Always make time to build your knowledge and stay updated with the latest news.
22. Be a Master Negotiator
Throughout your entrepreneurship, you will be required to forge and maintain relationships not only with your customers, but with other businesses as well. However, negotiation doesn’t always mean you should come out on top. It should create a mutually beneficial situation that will encourage them to deal with you again.
23. Have a Mastermind Group
A mastermind group consists of people with similar drive and interests, yet having different specializations or professions. Every member is obliged to offer their skills and insights to help solve another member’s problems. To learn more about mastermind groups and how it can be used for your entrepreneurship, you can refer to this blog post in Lifehack.org.
24. Look for Character
When looking for potential business partners or employees, remember to prioritize character over skills. Bear in mind that everyone has the potential to acquire and master a skill, but no one can instill ideals and personal traits into someone else.
25. Learn How to Delegate
As an entrepreneur, you need to know how to recognize and leverage the skills of every person on your team. You can also leverage websites like StarOfService to look for professionals who can help you with certain tasks. If you know how to delegate, you can get back to more important tasks where you can apply your expertise. Just remember to learn methods and tools on how you can coordinate a remote team.
Regardless if you are an entrepreneur or not, the road to success is not an easy one. Remember these 25 tips to make the most out of every opportunity that comes along the way.