Effective business networking is the linking together of individuals who, through trust and become walking, relationship starting, talking advertisements for anyone.
Small Business Owner Definition:
Entity or Individual who owns a business entity of the company in an attempt to profit from the successful operations. Generally has decision making abilities and first right to profit.
As the business owner for this local store, no further changes will be made to the storefront without requesting personal permission from me.
- I was a proud business owner and everyone else could tell because it was pretty evident in the way I carried myself.
- Robert quit his job because he wanted to start his own company, make his own decisions, and have first right to profit– he wanted to be a business owner.
1. Know what you do. Do what you know:
Don’t start a business simply because it seems sexy or boasts large hypothetical profit margins and returns. Do what you love. Businesses built around your strengths and talents will have a greater chance of success. It’s not only important to create a profitable business, it’s also important that you’re happy managing and growing it day in and day out. If your heart isn’t in it, you will not be successful.
2. Focus. Focus. Focus:
Many first-time entrepreneurs feel the need to jump at every “opportunity” they come across. Opportunities are often wolves in sheep’s clothing. Avoid getting side-tracked. Juggling multiple ventures will spread you thin and limit both your effectiveness and productivity. Do one thing perfectly, not 10 things poorly. If you feel the need to jump onto another project, that might mean something about your original concept.
3. Act like a startup:
Forget about fancy offices, fast cars and fat expense accounts. Your wallet is your company’s life-blood. Practice and perfect the art of being frugal. Watch every dollar and triple-check every expense. Maintain a low overhead and manage your cash flow effectively.
4. Say it in 30 seconds or don’t say it at all:
From a chance encounter with an investor to a curious customer, always be ready to pitch your business. State your mission, service and goals in a clear and concise manner. Fit the pitch to the person. Less is always more.
5. Learn under fire:
No business book or business plan can predict the future or fully prepare you to become a successful entrepreneur. There is no such thing as the perfect plan. There is no perfect road or one less traveled. Never jump right into a new business without any thought or planning, but don’t spend months or years waiting to execute. You will become a well-rounded entrepreneur when tested under fire. The most important thing you can do is learn from your mistakes–and never make the same mistake twice.
6. Don’t fall victim to your own B.S.
Don’t talk the talk unless you can walk the walk. Impress with action not conversation. Endorse your business enthusiastically, yet tastefully. Avoid exaggerating truths and touting far reaching goals as certainties. In short, put up or shut up.
7. Be healthy:
No, I’m not your mother. However, I promise that you will be much more productive when you take better care of yourself. Entrepreneurship is a lifestyle, not a 9-to-5 profession. Working to the point of exhaustion will burn you out and make you less productive. Don’t make excuses. Eat right, exercise and find time for yourself.
8. Know when to call it quits:
Contrary to popular belief, a smart captain does not go down with the ship. Don’t go on a fool’s errand for the sake of ego. Know when it’s time to walk away. If your idea doesn’t pan out, reflect on what went wrong and the mistakes that were made. Assess what you would have done differently. Determine how you will utilize these hard-learned lessons to better yourself and your future entrepreneurial endeavors. Failure is inevitable, but a true entrepreneur will prevail over adversity.
9. No one will give you money:
There, I said it. No one will invest in you. If you need large sums of capital to launch your venture, go back to the drawing board. Find a starting point instead of an end point. Scale down pricey plans and grandiose expenditures. Simplify the idea until it’s manageable as an early stage venture. Find ways to prove your business model on a shoestring budget. Demonstrate your worth before seeking investment. If your concept is successful, your chances of raising capital from investors will dramatically improve.
10. Know what you know, what you don’t know and who knows what you don’t.
No one knows everything, so don’t come off as a know-it-all. Surround yourself with advisors and mentors who will nurture you to become a better leader and businessman. Find successful, knowledgeable individuals with whom you share common interests and mutual business goals that see value in working with you for the long-term.
Success—it’s why owners do what they are doing. And one amongst the extremely cool things concerning success is that you simply have the liberty to outline what success suggests that for you and your business. sadly, that freedom is additionally a entice. The entice lies in this if you don’t outline success for yourself in monetary terms and design however you may succeed that success, the percentages of your business failing or having restricted success square measure considerably higher. That’s simply the method it’s. however it’s your selection.
Success, in my mind, is created from 2 macro realities. First, having outlined what success suggests that to you, you wish to possess the spirit and drive to commit yourself to achieving it. Second, so as to boost and grow your business, you have got to be willing to do new and completely different ideas and take additional risks. It’s true that after you try this, mistakes—and even failure—will typically result. however failure are often a bittersweet pill as a result of by learning from your mistakes and understanding why they occurred, you’ll be able to flip them into opportunities you’ll haven’t accomplished existed if you hadn’t tried to stretch and improve your business.