Entrepreneurs are different. We’re dream chasers. We desire creative freedom, time freedom, or financial freedom… or all of the above. We thrive on independence and have little to no desire to work for someone else as an employee.
But this life we choose is not always easy. In fact, the journey can be filled with neverending pitfalls and detours. I’ve found that there are certain beliefs that are helpful when I keep them top of mind… as gentle reminders that I’m on the right track.
Here are my top golden rules for entrepreneurs
Golden Rule #1 Do What You Love
This golden rule is applicable to every area of life… except taxes (you must pay your taxes). Life is limited. It’s up to you to make the most of it. Be sure to follow your passion and do what you love… especially if you’re starting a business.
When your business is based on something that you’re already passionate about things will be much easier on you. Think about it this way: when you love what you do… work doesn’t seem like work after all. It feels more like building your vision and making your dreams your reality – see the difference?
Tip: Not all passions translate into good business ideas. Be sure that you do your research to find the most viable concept.Not all passions translate into good business ideas.Click To Tweet
Golden Rule #2 Add Value
It’s not enough for you to have a good idea. Others have to find value in your offering. Your product, service, or knowledge have to provide a benefit to your customers.
The importance of this is two-fold.
1 – It’s much easier to market and sell something that resonates with potential customers – a product or service that they can see the advantages of, without having to have it broken down for them.
2 – When you provide a product or service that meets a need and is seen to have a high level of value for your potential customers, it builds customer loyalty. People value when something solves a problem, or makes life easier, for them.
Tip: Don’t spend countless hours trying to invent the next big thing. Start where you are. If you have had a hard time finding an easy DIY recipe book, create one. If you can’t find candle holders that double as room accessories, make them. Start with something you’re passionate about and then find a way to add value.It's not enough for you to have a good idea. Others have to find value in your offering.Click To Tweet
Golden Rule #3 Be The Best
If you’re going to do it, do it well. Whatever level of business you’re at right now, there’s always a way to do things better. Maybe you need to tweak your product’s performance before your next expansion. Or it may be time to consider offering customer loyalty perks like discount codes or fast and free shipping. Being the best doesn’t always mean that you have the best product or service… but it does mean that you put the quality of your product/process and your level of customer service first – and your customers will definitely appreciate that.If you're going to do it, do it well. Click To Tweet
Golden Rule #4 Have the right tools
One of the most important things that successful entrepreneurs always do is to choose the right tools for their business. They make sure that they have the right equipment, software, or resources on board to increase profitability and productivity. Think of it this way, you can have the most skilled and clever carpenter, but if they haven’t got the right chisels and hammers everything they produce will be substandard. It’s the same with any business model.
That means you need to do your research. Look for tools for your business that will set you up for success. These can include the physical tool needed to create your product, the software needed to write your next book or even the virtual tools, you may need to successfully run your online business.
For example, if you’ve decided to start a home-based bakery business, you will need all the basics: a sturdy hand mixer, well-equipped ovens, proper bakeware, and icing/pastry decoration tools, are just to name a few. If you’re a delivery service business you may need vehicle tracking software and enhanced car navigation systems for your employees. Or maybe you run a small inbound call center, providing customer service for larger companies, and you need pay per call tracking.
Tip: Don’t put pressure on yourself to have everything all at once. Understand what tools and resources you need to have to get started… add everything else to a wishlist and make plans to add or upgrade in regular increments.
Golden Rule #5 Self-Care is Important
Most entrepreneurs are guilty of working around the clock – but that doesn’t mean that it’s good for you. In fact, working nonstop can be counterproductive for you. You don’t want to lose enthusiasm for your ideas or lose the ability to make level-headed decisions, all because you’re overworked and worn out.
It’s important to have a self-care ritual for yourself.
Self-care means taking time out to rejuvenate yourself. Successful entrepreneurs regularly make sure that they take breaks, both throughout the day and as vacations. This allows them to take mental breaks, rest their bodies, and realign with their purpose in life – so that they can return to their businesses with refreshed and renewed.Self-care means taking time out to rejuvenate yourself.Click To Tweet
Golden Rule #6 People Matter
Last but not least, entrepreneurs that are able to create successful businesses always invest in people. In fact, it’s important that you put lots of energy into finding the best and most enthusiastic employees – the ones that fit the office culture and add value to the team dynamic. As you’re expanding your team look for people that care about your vision and are open and adaptable to change. You want your employees to grow with your business and be invested in the company’s success.
Tip: Hire people that have a track record of being problem solvers and easy learners. Employees that catch on quick and are eager to figure things out on their own will save you significant money in training and development costs. You want self-starters that don’t need a ton of hand holding or constant motivation from you so that you can focus on growing your business, not micromanaging others.