Welcome to Golden nugget Friday episode 26…. I’m very excited to share some news!
We have hit 10,000 downloads!
I would like to thank all our listeners. Thank you, Thank you, Thank you from to bottom of my heart! I encourage you to please give us feedback. What do you like, what topics would you like us to cover on Golden Nugget Friday? What can we change to make every episode better? message us on Inspiring Greatness Facebook Page.
Today episode where we will talk about 5 very important tips for start-up Entrepreneurs plus lessons learned from myself, an entrepreneur of +20 years. Lastly, you will hear a short audio snippet from a Ted Talk that has had more than 27 Million views on YouTube. Make sure you listen to the end to get our free resource- 50-best-startup-tools & Resources for 2016
This episode was inspired by an amazing lady from Canada Shashi Behl. Shashi recently sold a chain of retail stores, Twisted Goods, and now launched a new company, JoyDrop. Listening to Shashi's amazing Story I was inspired to develop 5 vital tips for startups.
Take a step back and identify all the varied aspects of your business that you currently have to manage. This includes both income-generating tasks as well as operational responsibilities such as accounting. (accounting, customer service, etc.). Getting these lists on paper and compartmentalising tasks will allow you to set a schedule for the coming weeks and identify the time and resources needed to successfully manage your business.
It can be easy to get lost in the daily grind of your business and put off the long-term strategic planning. Dedicate some time in your calendar each week or two and step away from operations to spend some time thinking about potential opportunities and big-picture planning. Document your goals and find ways to hold yourself accountable.
When resources are tight, entrepreneurs and business owners usually try to fill the gaps themselves. Under resourcing can hinder your business’ ability to grow, support customers and take advantage of new opportunities.
At times it might seem like hiring staff or contractors may not be financially practical for some businesses however it is vital to also consider your energy levels and personal capabilities, and what may happen to your business if you weren’t well enough to do the work.
Before looking to bring on help, you should sit down and objectively assess your own strengths and weakness. What areas of your business fulfil you most? What areas do you need more discipline and development? Who do you know that can help you with these aspects of your business? How can you help them in return.
While you may feel the need to micromanage all aspects of your business, remember it is also critical to let go. Empower your contractors and employees operate areas of your business for you and give them freedom to make decisions and adjustments to their roles. Yes, some mistakes may occur along the way but in the long run, you’ll have a wiser, more confident, more effective and more capable workforce. And you’ll be free to focus on the higher-level strategic aspects of your business.
An oversight, poor judgment or an unsuccessful attempt are the best takeaways from failure because the give you the wisdom to succeed next time around. Be aware of your failures and learn quickly from them. The faster you learn from your failure; the sooner you can apply those lessons towards the next great idea.
All entrepreneurs and business leaders face similar frustrations—personnel conflict, profit woes, and inadequate growth. Decisions never seem to get made, or, once made, fail to be properly implemented. In Traction, you’ll learn the secrets of strengthening the six key components of your business.
I would like to share some of my most important lessons during the start-up phase.
Prioritise time in your calendar to strategize and think long term. Keep the end in mind or exit strategy. I love the saying, “I am where I am today from the choices I made yesterday” As my older brother Rick always says measure twice cut once. If you get the strategy wrong it can be very expensive and a waste of precious time.
Setting goals and monitor them daily, weekly, monthly, quarterly & Yearly. When you reach your goal set new ones and reward yourself.
I highly suggest you look for a mentor and it does not have to be a paid coach. Look for people that are in your industry that have had success and ask them for a coffee. 9 times out of 10 they will say yes. Go to the meeting prepared with the right questions.
Join a peer to peer networking group like the Entrepreneurs Organization accelerators program that will teach you a proven framework for getting positive results. They provide modules in managing people, developing strategy, provide templates and accountability with execution and lastly, worth on cashflow projections, driving profitability and monitoring KPI’s.
Lastly, I just spoke Ray White on the importance of culture and the importance of starting with you WHY instead of your what when you are thinking your marketing strategy. “People don’t buy what you do, people buy why you do it.” Simon Sinek. Have a listen to what Simon has to say during his Ted talk.