5 Rules to Make You a Better Entrepreneur

At this point we are assuming that you were successful with getting your business off the grounds – you have a product that people need, you’re selling that product for a profit and now you’re looking for more ways to increase that profit. 

The days following your startup launch are probably those days that you’ve work the hardest and you may be thinking that the worse will be over soon. Ooops! Not too soon. You've still got a long way to go. There is still so much you have to learn, so much you have to do and so much you have to overcome if you really want to become a successful entrepreneur. 

Following are 5 rules to help your journey to success a bit more effective:

1.       Take time to know the people working for you and with you. You can’t build an empire without a team of equally passionate and hard working employees. Know what makes your team tick and give them responsible freedom to do it within your company. Understand what your employees want, and as long as it is in line with our organization’s vision and your business goals, you should encourage them to do it. You’ll have happier employees this way which can translate to motivated and productive employees.

2.       Know who to hire and who to fire. Never make a bad hire and never hesitate to fire anyone when necessary. Having employees that do not perform well will have a significant negative effect on the performance of your entire team. 

3.       Associate with people who have the same drive as yours. Don’t associate with people who always try to discourage your ideas and your plans to be successful. If they don’t have the drive to work hard and make sacrifices to be able to achieve success, then they’ll never get to understand you no matter what. 

Join business events and entrepreneurial gatherings where you can meet entrepreneurs just like you. You’ll be amazed at how much you have in common when it comes to life’s philosophies, interests and personality traits!

4.       Hire out your weakness. Every smart entrepreneur does this. You can’t be wearing multiple hats all the time and even if you do, there are some tasks that you can’t just do well on your own. If you’re a genius when it comes to software coding but don’t know a thing about marketing, hire a sales and marketing person. Be honest about your weaknesses and your business will benefit in the process.

5.       Know where your money is going. This doesn’t mean that you have to be your business’ accountant. At the very least, you should at least keep track of where your money is going. Money is the oil that keeps your business running smoothly, if you lose track of it you’ll be more likely to find yourself down the trenches.

Over to you..

So, what are the top rules you are sticking to as an entrepreneur. Any golden rule you want to share with our community? Please share them below.