Entrepreneurship Tips

By Justin Timory


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The speed at which the world produces entrepreneurs determines how well the general economy thrives. Entrepreneurs are the ones responsible for keeping our financial systems running despite the depression of currencies. Without entrepreneurs, without their businesses, without their products and services; there would be no market. Consequently, we wouldn't have any source of commodity or income. Hence, it is essential that we promote the creation and, above all, success of start up entrepreneurs. It's a good thing that entrepreneurship tips are available to nourish budding entrepreneurial aspirations.

Narrowing the search for helpful guidelines, here are some entrepreneurship tips that could help avert common entrepreneurship problems.

a. Do not underestimate what your employees can do for your business.

Maybe it's the position or a strong seniority complex that drives young entrepreneurs to neglect the vital contribution of their employees to their success. Yes, you created the company. Yes, you conceptualized the unique good or service being sold. And yes, it is your sound advice on marketing approaches that have attracted consumers to your company. But it is your employees that make sure your company is able to meet its obligations and provide the best goods and services to your clients. Without their talents and insights, you would not be able to maintain your obligations. So I am telling you to stop this practice and instead, constantly acknowledge your employees for their efforts. Give them proper incentives. Enroll them in trainings. Remember that your ultimate competitive advantage is the talent you are able to keep.

b. Do not abuse your workers.

Now, just because you pay them well, doesn't mean you have the right to control their lives. You can't force them to go on overtime every work day just so they can meet your expectations. You can't deprive them of holidays. You can't scold them for being absent because they are sick or because they had personal issues they needed to resolve. Recognize that your employees may have other priorities as well - a family, a second job, or school. Working at a start up company, which you've created, helps them get some additional cash. Whether it's more lucrative than their other priorities is another question entirely. Bottom line is, if you stress them out while working for you, then they might be forced to choose. This might just end badly for you.

c. Do not ignore what one customer says.

As a start up entrepreneur, it is natural for you to be obsessed with your customer's reactions. But when sales are going well and people generally have given positive feedback to your products and services, you will find your self less attuned to complaints and more so, to smaller client complaints. Don't! These people may not bring in the big bucks, but the can surely dish out comments that may very well pull down your credibility as a company. Whether big or small, ensure that you maintain the highest level of satisfaction for all your clients.

d. Do not oversell.

In hopes of impressing consumers, businessmen often promise more than what they can deliver. This puts them in a compromising position with clients and with their employees. The secret to selling is to be honest. Establish what customers can expect so that transactions do not end up in disappointments.

e. Do not neglect to keep record of all cash inflow and outflow.

The problem with start up entrepreneurs is that they are so caught up with the idea of profit. As a result they are deceived into thinking that they've earned more than they've spent. But the truth lies in the financial statements. Considered most vital among the entrepreneurship tips mentioned, start up entrepreneurs should be very vigilant at tracking their revenues and expenses. In addition, they should also be diligent at collecting payables. This is the only way they can confirm that their business is not losing.