Doing business not only involves a capital stake and make an effort to reap profits as much as possible. There are so many aspects that must be learned in starting and growing a business. And you do not have to experience it for your self to be able to know what points you should know in the course of business.
Here is an interesting exposure of Neil Patel, an online business entrepreneur who pioneered two successful online companies : Crazy Egg and KISSmetrics. Armed with entrepreneur career, Patel, who is a young boy in the mid 20s has cooperated with many world renowned corporations such as Amazon, AOL, GM, HP and Viacom to increase their profits in cyberspace. Patel influence the virtual world has even been recognized by the Wall Street Journal.
Point 1 : Take bigger risks when you’re young
When you are still young, your life is still relatively free and you have more time to do various efforts that you like. You have more chances to take risks and learn from failures you experience. Support for younger people is still relatively more because they are not expected to be fully self-sufficient so that when someone failures younger easier to get help and support from others in the vicinity, such as parents, guardians, or relatives.
But not so for the more senior generations. The more a person gets older, generally the more responsibility he had to endure and the less time he has. By itself anyway, the risk to be taken should also be reduced because if taken too great a risk to be managed so the stakes are not only self but others are the responsibility of the partner and the person, for example a spouse or children. Financial condition and life in general more stable is to be expected in a mature age and risk in this case would destabilize existing.
Therefore, if you are still in their 20s or even a dozen years, there is nothing wrong with taking risks start a business as much as you are able to manage because it is a time to experiment and learn with a free, no-load.
Point 2 : Keep the confidence of investors
Investors ( in the broad sense, can be another person, bank or his own family ) plays an important role in the course of a business. That he channeled funds to the body like the blood of your business. Fund investors entrusted to you also is a symbol of confidence in your integrity as an entrepreneur and your business prospects. Therefore, do all you can to be able to maintain the confidence of investors keep their money in a way that is always growing, remains minimal.
In the business world, trust other people to you and the business you run is an invisible asset that is more valuable than capital as much as anything. Therefore, if indeed they provide the funds have been lost due to any reason, look for ways to pay their funds originally provided to us in one piece. Thus, we demonstrate good faith in maintaining their trust ( in the form of funds ).
Point 3 : Spend 10 % of your time in the day to find new ways to make money
Set aside time in the day to be able to think of a new way of achieving more profit. You are required to be able to continue to be creative with all your mind and talents you have as an entrepreneur. Think out of the lane or the existing trends. Working on niche markets or untapped or under served by the maximum. Or you can take advantage of existing market trends in different ways so that people are more like what you handed to the market. Following the rising trend without making a breakthrough will only make you become a follower of the old trend, not the creator of a new trend. Avoid it as much as possible.
This point does not require you to open a new business but rather focus on how to optimize what you already have right now so that it can generate greater profits than before.
Point 4 : Use communication to the fullest
There is no other way of thinking that can connect one person with another person, in addition to communicating well and efficiently. Usually a bottleneck in communication can lead to other negative barrage, such as a decrease in profits or failure to achieve the expected target.
Perform intensive communication with all parties related to your business, such as customers, investors, co-workers, business partners, and so on. Here is a practical way to increase the applied Patel smooth communication with all parties related to its business :
- Be a good listener : The ability to listen to what the other person is the ability to express basic and vital in a communication process. Without being a good listener, a small possibility that we can respond to and understand, let alone take appropriate action or response. Here, our ego must be suppressed so as not to dominate the conversation.
- Communicate regularly : Meet and communicate with others on a regular basis so they know you care about their existence.
- Speak clearly and concisely : Use sentence polite, brief but solid when talking with others. Express their opinions, ideas or feelings very clearly so that people do not misunderstand. Misunderstandings often occur because of the way the mind is not in accordance with each other. In fact, if spoken clearly, this can be avoided.
- Avoid complaints : Complaints will only be clearly convey a negative message to the listener. Instead, use the fact that what you say does not seem emotional and personal. Blame anyone, including yourself let alone other people, of an event that is not expected will not provide a real solution to the problem you ‘re facing.
Point 5 : Maintain existing relationships
Maintain a relationship with other people just as difficult to build. Therefore, do not ever intend to cut ties with someone. Sometimes we have to suffer because others have made a mistake that harms and even they did not find any wrongdoing. However, do not be burning with anger and immediately cut ties that already exist. Be patient with the situation because maybe someday they will apologize, brings you the opportunity to succeed or even bring benefits to your business in the future.
Point 6 : Spend 10 % of your time a day to do networking
Patel believes that there needs to be one of the best in a field to make money. We just need to build a reliable network of relationships. This can be done by attending local networking events, blogging, and even participate in social networking sites are good ways to build relationships.
By building a network of relationships and extensive connections, you can cover your shortfall by asking for help from others. It would be much lighten your workload. Compare if you have to work alone and have no friends in running the business.
Points 7 : Do not let investor or someone you stranded
When you set up a business with other people or investors, trying not to leave them and established businesses with no good reason. Understandable if you go for no longer like what you are doing or feeling no longer be necessary to develop the business in the future. But if you are not in a situation like that, you should stay with them.