Nowadays, many small businesses are set up. However, not all businesses are successful. The important factor that drive business to grow is having a good entrepreneur. Today, I would like to share how to be a good entrepreneur to push business succeed and grow in long run.
- Develop ideas for products and services that are practical, appeal to a large segment of the population, improve the quality of life of your customers, and are consistent with ethical business principles.
- Draw up clear and detailed business plans for each business idea to be presented to potential lenders and investors. You want them to see you as a serious business owner—a well-written business plan separates the serious entrepreneurs from the fly-by-nights and scammers.
- Do market research on your target customers and invest in advertising that gives you the most “bang for your buck.” When developing your marketing plan, don’t’ forget the four Ps of marketing–price, promotion, product, and place.
- Network and build business contacts. When you are trying to build up your business you need to have people around you who can help you achieve your goals. For example, real estate investors like to work closely with a mortgage broker and Realtor in order to help home transactions go smoothly. Connect with other people in your industry who can help propel your business to the next level.
- Maintain a positive outlook towards your business and treat both your employees, suppliers and customers with the utmost respect at all times, even when things aren’t going so well.
- Only take on debts that you are sure you can pay back. As a responsible entrepreneur you must pay back your obligations or at least keep your creditors informed about your intentions to make payments.
- Keep good records on your earnings. Some entrepreneurs discount the importance of keeping track of income and expenses but this is crucial. Keep all of your business related receipts and invoices in one location so that when tax time comes around you will be prepared.
- Pay your suppliers on time and in full. Your suppliers keep your business going. If you don’t pay your invoices to them in a reasonable time frame according to your contract terms, they have every right to start withholding goods from your business.