Regardless of where you are on your entrepreneurial journey, this post remains valid. These seven things you must do as an entrepreneur are universal truths that you need to know and act upon.
Let's get to it!
1. Conduct Research Consistently
Before getting into any industry it is imperative that you do in-depth research so you know what you’re getting yourself into. Many entrepreneurs bypass research because they don't understand its value, neither do they realize its part of investing into yourself. Well…research doesn't end in the beginning phases of business development. To be acknowledged as a knowledgeable entrepreneur, you must be up-to-date with business trends, innovations, growth opportunities, and how they impact your business.
Learn today.
Learn tomorrow.
Lifelong learning will help with positioning you as an expert.
2. Familiarize Yourself With Business Terminology
You can't hang if you don't know the lingo. There are basic terms that every entrepreneur should be familiar with because it improves communication and enriches your understanding. Prepare yourself in advance for complex dialogue by incorporating business vocabulary into your day to day activities.
This is the part where I tell you, if you can’t incorporate business terminology in the conversations you're having with friends… it might be time you focused on connecting with people who are also developing their business acumen.
POP QUIZ - what is net profit?
3. Create a Business Plan
I think I've said this a billion times, but I'll never stop! Business plans are the driving force of your decisions and the foundation of everything you want to do. Having a business plan proves that you're committed to reaching the milestones you've set in place.
At least start with a draft.
Many entrepreneurs struggle with writing a business plan because it forces them to think critically and analytically. It puts you in a position where you have to answer questions you might not have answers for. I get why that might be overwhelming or intimidating, but that's why there are resources out there for your use and benefit. Whether it's an editor to ensure your writing technique reflects your vision or a financial expert to perfect your projections; the support you need is out there. If you're serious about having a sustainable and profitable business, you'll write your business plan.
4. Nail Your Pitch
Sometimes executing a business idea requires funding. In circumstances where you'll need to raise funding through the support of investors, you'll need to captivate the attention of the investor through purposeful pitching. Part of knowing how to properly pitch is recognizing the value of your business idea and being able to communicate the value persuasively.
After hearing your pitch, an investor should be convinced and interested. As your formulating your script make sure it covers the main takeaways you want your audience to remember. There are tons of examples on the internet of what should be incorporated into your pitch, but remember to execute it in a way that aligns with who you are.
The last thing you want is to sound like you're reading a script. YIKES!
5. Know Your Numbers
This is an absolute must! Knowing where your business stands financially demonstrates whether or not you know your business thoroughly. No one should care about your business more than you. You can display that uttermost care by monitoring your business operations intimately.
As you're tracking your financials, don't forget to measure other meaningful metrics such as retention, customer growth, etc. Indeed, you'll be capable of identifying issues early on and make wise decisions.
6. Get a Coach
The best investments always circle back to the ones you make in yourself. Seek out professional support from a coach who can identify areas of self development and business advancement. A coach should be an accountability partner who monitors your progress while bridging any gaps between where you are now and where you aspire to be. Save valuable time and limit the mistakes you make, by leveraging your coach's experiences. Be mindful of the expectations you set because working with a coach does not mean all of your problems and weaknesses will magically go away. You still have to do the work. You should be leaving your coaching sessions empowered to accelerate your business success.
7. Network
In the world of business, you must be intentional about networking. For some it comes natural, but for others it's a skill that requires extra attention. To build a solid network you'll need to connect with people whose values align with yours. As you're making new connections guard the relationships you choose to open yourself to. The beauty of networking is access. You'll gain access to opportunities, partnerships, and resources.
Diversify your network with established entrepreneurs in the industries you’re trying to tap into and others who are also on the journey to entrepreneurial success.
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