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Small Business Tips

The top entrepreneur tips for small business owners

Lisa Steinmann

An entrepreneur is a business owner that’s known for doing things their way and taking big risks. Entrepreneurs succeed because they are fearless in their approach to business

Entrepreneur tips and ideas for your business

Find an idea you are passionate about

Passion drives entrepreneurs. They don’t want a run-of-the-mill business, even if it makes them money. They focus on something that inspires them.

Bring something new to the market

Entrepreneurs focus on creating new goods and services or transform old business models. Sir James Dyson revolutionized the vacuum-cleaner business.  It wasn’t considered an exciting category. Dyson was passionate about improving it.

He did.

Be willing to risk

Entrepreneurs push forward with their ideas and are often willing to risk everything to make them happen. It’s not necessary to gamble everything. Incorporate the entrepreneurial spirit to push yourself beyond your comfort zone.

Accept losses to your social life

Entrepreneurs are willing to sacrifice time with friends and family to achieve their goals. Don’t lose touch with everyone you care for. Understand that you will need to make some hard choices to advance your business.

Put your health first

The science is clear. High performance requires a healthy lifestyle.
Some advice for entrepreneurs recommends limiting sleep to four hours and trying fad diets and cleanses. Get your health advice from experts in health with appropriate medical qualifications.

A handful of people can thrive with 4 hours of sleep, but most need at least seven hours.

Don’t look for approval

Entrepreneurs move forward based on their belief in their own ideas and products.

They know they are right.

Other people may not understand or grasp your vision. Be selective when asking for input.

Research your product idea

It’s not unusual to think that you have a revolutionary idea, and then find out the product already exists.

Other entrepreneurs may have previously tried and failed to bring the product to market. They may already know it won’t work.

Research patents and intellectual property

Find out if you can patent your idea or protect it legally. If your idea will not be easy to protect, consider its long-term potential. Could a competitor steal your idea and incorporate it into their existing established product?

This phenomenon has occurred recently with various mobile applications. Their creators have solved problems in innovative ways. However, larger competitors have incorporated their ideas into existing products.

Their ideas did not fall under any legal protections to prevent it.

Know your competitors

Some products are hard to bring to market because of existing competitors. Will you be able to carve out a niche? Is there any way to distribute it?

For instance, what if you developed a new soft drink, that was like Coca-Cola or Pepsi, but even better? Coca-Cola and Pepsi are so large and popular that Microsoft Word corrects the spelling of their brand names.

They have multi-billion dollar revenues; they own their own bottling plants, distributors and have major contracts with companies like McDonald’s and KFC.

Is your product special enough to take on competitors at this level?

Use other people’s money

Entrepreneurs and other business leaders always share this classic advice. Whenever possible, find investors to fund your ideas.

A truly great idea will attract investors. Using other people’s investment capital lowers your personal risk.

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Look for appropriate partners and investors

If you have a cutting-edge idea, don’t try to explain it to someone who doesn’t have an appropriate background. They won’t understand your idea and they may discourage you.

Support other entrepreneurs

When you support other entrepreneurs you build your network of contacts. Help them as you can without concern for immediate payback. The most successful entrepreneurs have an enormous reach through their personal and professional networks.

When you use a networking tool like LinkedIn, you can quickly grow your own network and join groups of people in your field. Their contributions to your growth could be invaluable.

Be the face of your company

True entrepreneurs are the face of their companies. They get in front of their product proudly and will talk to anyone and everyone about it.

If you aren’t outgoing, you can learn. Take courses in networking and public speaking and find a mentor to help you.

Networking tip:
Start any encounter by asking other business owners what they do and who they hope to meet. Help them if you can. This will lead them to ask you about your business too.

Remember, other people are also nervous in networking situations. Talk to another person who looks uncomfortable and you may make a friend for life. Most will appreciate you taking the first step.

Learn from screenwriters

Every screenplay has loglines for their screenplays. A logline is a one-sentence description of their screenplay. They use it in marketing materials and are always ready to share it.

A logline is even shorter than an “elevator pitch,” and often more effective. If people want to know more, they can ask you about it.

Examples from imaginary businesses:

Question: “What does your company do?”

Answer: “Tiny Lawn Inc. develops grass varieties that never need mowing.”

Answer: “Vital-O-Rama’s supplements restore gray hair to its natural color.”

Answer: “Cola-Wow! bottles delicious cola with zero calories, and 16 grams of protein.”

Write your logline using active voice.

Study and read about other famous entrepreneurs

Read or listen to audiobooks written by famous entrepreneurs. They’ve already won and lost thousands of business battles. Why not learn from them?

Many also have blogs.

Sir Richard Branson, the founder of Virgin, shares his insights for entrepreneurs on his blog.

Bill Gates, Microsoft’s founder, has a blog with many book recommendations and years of wisdom to explore.

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