Tips

1. Work “on” your business every day

Try to work “on” your business as well as “in” it. In other words you need to make sure you do not get completely bogged down in day-to-day activity and take time to look at the bigger picture and strategise, for instance, on where you want your business to be in years to come.

 2. Don’t be a busy fool

Entrepreneurs want to please everybody. This can be impossible and so you need to determine where your profit is really coming from and concentrate on this part of your business.

3. Sack tricky customers 

Let’s face it there are some customers from hell. They can’t be pleased. In my view recommend them to your competitors and get rid of them as soon as possible!

4. Don’t be a prima donna

We know you are the best person for the job and no one can do it like you. That’s why you are the boss. But if you want to grow your business you will need to bring others on board and give them their head. Otherwise your business will always be a one person show and have no capital value.

5. Be testy

It is always a good idea to test your new business concept before going for the Full Monty launch. Test the concept in your friends or do a small mailshot. If you think about it you will find lots of low cost ways to test your concept.

6. Steal good ideas

Look out for good ideas and make them your own. RyanAir didn’t come up with the idea of launching an airline; they just figured out a profitable way to use someone else’s idea. You can do the same.

7. Questions

It is crucial to ask lots of questions. It doesn’t matter if you look stupid. It is far sillier not to ask the hard questions. It is also good to ask plenty of questions before you say anything yourself so engage your ears first and then your mouth.

8. More than a once off

Create a business that is built on repeat business rather than once off events. Businesses with repeating income are far more valuable.

 9. Keep the books

Make sure you don’t ignore the book keeping and compliance as this will inevitably come back to bite you. Most entrepreneurs hate this kind of work and so if you can’t or won’t do it yourself you need to hire someone to do it for you.

10. Be positive

Have some fun. John B Keane said if you find a lost shirt button you should throw a party. I agree. Likewise in your business; find something to celebrate every day. Be positive and don’t dwell on the negative as it can have a nasty habit of self-fulfilling.

Now, have a good day! 

 

The Accidental Entrepreneur is published by Orpen Press, Lonsdale House, Avoca Avenue, Blackrock, County Dublin, Ireland
© Gerry Murphy, Market House, Churchtown, Mallow, County Cork, Ireland.