Being an entrepreneur or small business owner takes a certain substance of character, a tough skin, and a willingness to succeed no matter what. Not all of us are schooled to be an entrepreneur, and not all entrepreneurs are succeed.
But those that do work hard to become their own boss have learned tips and tricks to surviving in the wilds of a very competitive marketplace. It doesn’t matter if you’re operating a small web-based business, or looking to launch your town’s next hip bakery or coffee shop, entrepreneurship takes guts, willpower and a sense of doing what you innately know you were meant to do.
How Entrepreneurs Do It
Entrepreneurs running businesses are under loads of pressure to do a host of jobs such as to secure inventory, manage teams properly and build the right solutions. They need to rely on certain type of instinct and adapt to competitive marketplaces. Through this practice, the methods of survival can operate. It’s important to know how to craft strategy, implement it, be agile enough to pivot to a new angle when necessary and be hungry in your quest for survival.
Some excellent small business survival tips come from Bob Parsons, executive chairman and co-founder of Web domain registrar GoDaddy. Among some of the key notions from Parsons include:
- Making sure to keep your daily focus on what you want and EXPECT to happen
- Keeping your eye on measuring all aspects that are significant to small business operation… and
- Knowing that just when you think you’re ready to quit, you’re closer to succeeding than you think.
It’s worth the time to research Bob’s 16 Rules for Success in Business. Some business owners I know have printed them out and kept them visible in their work spaces.
Ready for More Small Business Survival Tips?
So you want to run hard with your entrepreneurial pursuits and your start-up? Here are the key elements that will help you not only survive, but thrive:
1) Stick to the Business Plan: You’ve spent months working on your business plan, a lot of sweat equity has gone into it. So stick to it. It represents many of your best ideas for getting your business off the ground. Don’t veer off course, unless it’s absolutely necessary.
2) Learn Resilience: Have your succeeded before? Have you failed before? If you’re seeking funding for your business, some investors like to see that you’ve attempted a few ventures that may or may not have gone exactly as planned. What’s more important is the lessons you’ve learned along the way and the resilience you’ve gained.
3) Learn to Sell: Entrepreneurs and small business owners simply have to sell. You have to tell everyone you meet about what they are working on, how it might benefit potential customers.
4) Know How You Will Make Money: Running a small business isn’t just something to do to fill your day. You may have started with a desire to change something, or achieve a type of work independence. However, at the end of the day, you have to know how your business is going to make money. Market your product or service every day, and cut deals when they make sense, financially.
5) It’s All Up To You: Remember, you got into entrepreneurship because you are highly self-motivated and know how to work on your own. So, no complaining when you’re finishing up a presentation at 3am for the next morning or setting up your e-commerce platform on your site. It’s all about pushing your business to the limit.
About the Author: Jason Stone is the VP of marketing at a small company in the Southwest. He studies marketing trends and writes about the future of the industry.