Who said running your own business or managing your own team would be easy? Most people I interact with, whether CEOs or managers, function in at least one role as an entrepreneur.
I compiled the top actions to which they credit their success, so that I can share them with you. You’ll notice that they are all actions because moving forward is the most important element of running a successful operation.
1. Take smart risks
Don’t be reckless, but you must make bold moves sometimes. Caution is important, but beware of too much circumspection. Any growing business will require risks on its path forward – make sure you choose the risks with the most potential for reward to cost ratio.
2. Hire wisely and accept that you won’t be able to do everything yourself
One of the biggest challenges leaders face is letting go of certain tasks they should no longer be doing. But tying your time up with things that others could do will only hold you back. Learn to delegate, choose the right people for the right positions and make it your personal challenge to train them well at the tasks you pass along.
3. Spend money on healthy business growth
Penny pinching seems to be a wide-spread attitude as well as a reality in the years since The Great Recession. It’s an admirable change in many ways, and I encourage you to be cautious financially and eliminate unnecessary costs. However, don’t be afraid of spending money on development. It takes money to make money – trite but true.
4. Learn from mistakes and don’t let them devastate you
Mistakes are a part of life and business, and you will inevitably make them. What matters is less the mistake and more that you learn from it. In addition, you have to learn to move on from your mistakes. Dwelling on the mistake will not make you a better businessman – dwelling on the lesson will.
5. Make ambitious goals
Some days you may want to conquer the market in your field, while other days you may feel burdened just maintaining the status quo. Set ambitious goals, share them with your team and use them to motivate yourself and to hold yourself accountable. You started a business to grow it – not to maintain it. Ambition does not mean outrageous. Make them possible, but make them ambitious.
6. Don’t box yourself (or others) into one role
When people find something they are good at (especially if others notice it and praise them for it) they tend to keep returning to the same activity. This is great for becoming a specialist in one specific area, but being an entrepreneur and business leader means doing much more than specializing. By the same token, let people try new things and experiment with new roles – you never know what hidden talents you’ll uncover.
7. Challenge your business model and operational plan routinely
Can you name a single business that was successful throughout the centuries without changing the way it operated? I can’t. Look at your business plan and the way you operate – find one thing that exposes you to a lot of risk and find one thing that may leave you behind if you don’t change it now. Brainstorm ways to improve these areas and see if any of the improvements are viable. Consider potential mistakes that could take a huge toll or technological advances of which you have not yet taken advantage.
8. Don’t be greedy
When business leaders taste the sweetness of success, they want more and more and more. This natural ambition is a fantastic catalyst for growth, so don’t lose it! But you must ask yourself if the actions you are taking now may only benefit you in the short term while proving detrimental in the long term. Don’t let the desire for instant gratification and visible success cloud your judgement.
What are some points you would add to these tips to help your fellow entrepreneurs run an even more successful business?