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Secrets of Success

Enterprising People

From: http://www.enterprisequest.com/

Here are a few tips and tactics that are typically followed by enterprising people who manage to start small businesses and survive without a great deal of fuss - either with, or without, external advice.

Start slowly: Get-rich-quick business opportunities are few and far between, if they exist at all. Too many enterprising people think their business will grow quickly and be profitable as a result. But for the vast majority of new businesses, the reality is that if you have managed to stick to your budget and trade at breakeven in your first year, you are probably doing very well. It's better to start slowly, learn and absorb as much as possible as you progress, and gradually get better at everything you are trying to do.

Look for customers, not success secrets: A lot of enterprising people get distracted digging around for the magic formula in 'secrets to success' reports or seminars that will supposedly catapult them towards fame and fortune. The reality, of course, is that the only consistent secret to success is hard work and being better than your competitors at finding busloads of customers.

Be obsessed with quality before you even get started: This is down to being confident that you have the best-quality products, resources, suppliers, people, customer service, etc. available to you when you start up. Your customers certainly won't ever accept second best, so why should you? Never compromise on this.

Avoid spending too much (and sometimes too little): Deciding on an expenditure budget in your first year can seem a little bit like walking blindfold on a tightrope. If you spend more than you can afford at the wrong time you could drain your cash too quickly and topple over. But don't spend enough on marketing, stock or getting basic systems in place and you could grind to a halt without having time to do anything about it. Plan your first year's budget carefully and realistically, with enough slack to allow you to deal with the odd dip in sales or other financial glitch that crops up along the way.

From day one, never take your eye off your cash position: Those business owners who always know how much cash they have available now, as well as how much they will have in one week, one month and up to six months down the line, are the ones who are in total control of their business. Unfortunately, they are in the minority - and you should be to.

Admit what you don't know and get guidance: Find a mentor, or an adviser that you can trust. Make sure you let them know your main concerns and worries and any areas where you're lacking in business acumen and know-how. Only then can they directly help or signpost you to where you can get the specialist assistance you need. 

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