What sets apart those entrepreneurs who experience great business success, compared to those who don’t? Before we get stuck in, try to remember that no matter how good you are at running a business, you can’t actually predict the future; a product which passed its market test with flying colours might not sell so remarkably when launched; unexpected policy changes can render your services suddenly obsolete; stuff just happens.
But today we’re not talking about avoiding catastrophe by making sensible, risk averse decisions. What makes entrepreneurial types do so well? Sometimes they have the sheer good luck of being in the right place, with the right kit, at the right time. Lucky them! There’s still hope and help for us mortals though.
Risk assessment for informed decision making
Being cautious isn’t always a bad thing and it pays to think through any business decision carefully (did we mention that we’re accountants?). That said, taking risks is somewhat inevitable for the entrepreneur who wants to grow their business. It’s how you make those decisions that can have some sway.
Now matter how well informed the decision making, some of those risks are going to turn into mistakes, but using all of the information and support at your disposal can dramatically improve your chances of making the right choices. In part this means keeping track of your business finances and getting to grips with what that information means for you and your business.
Avoid business stagnation
Don’t let too much knowledge keep you on the fence! Those who are too cautious and avoid taking any sorts of risks at all will find that their business reaches a point where it stops growing and starts to stagnate.
As an entrepreneur it’s tempting to maintain the status quo for fear of making the wrong decision, though avoiding the tough stuff can see owners struggle to grow their business further. Fine for those who just want to build a business that pays their way, but for those who want to build a business that becomes bigger than themselves, sometimes a little risk-taking is needed.
Take all the help you need to run your business
It’s natural that being responsible for more people (customers, staff, suppliers) can increase the pressure that decision makers put themselves under. As the boss of the operation you might feel the absence of a higher power to refer to for answers when difficult situations crop up.
This is the point at which it becomes essential to reach out for support. The most successful entrepreneurs build their empires by seeking help with the stuff they don’t know. Have you created a desirable new product? Get help with the marketing, logistics and customer service. You can still craft these to fit your vision for the brand (and if you don’t have a brand, you can get help with that, too). And yes, asking your accountant can be pretty useful, too!
Build powerful daily habits
Success is all about building powerful habits every day. Successful people chip away at their long-term goals by breaking them down into tiny steps. They will wake up early each morning to work on a side project, or schedule a few minutes per day to interact via social media to grow their online presence.
Building these habits can be difficult for anyone to stick with but they’re key to consistent success in all areas of your life. Try to set a regular schedule in order to cover all the things you need to do in the day. Once you follow a schedule for long enough, these actions will become habits rather than chores.
What are some common mistakes you see entrepreneurs make? Are there any bad habits you’ve had to overcome to succeed in business? Let us know your thoughts in the comments below.
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About The Author
A content writer specialising in business, finance, software, and beyond. I'm a wordsmith with a penchant for puns and making complex subjects accessible. Learn more about Elizabeth.