5 business tips every entrepreneur should know - clay serenbetz

3
5 Business Tips Every Entrepreneur Should Know The ďiggest proďleŵ fouŶders aŶd sŵall ďusiŶess oǁŶers haǀe is that theLJ’re edžperts iŶ their field and ŶoǀiĐes iŶ ǁhat it reallLJ takes to effeĐtiǀelLJ ruŶ a ďusiŶess. That’s ǁhat usuallLJ trips theŵ up, sooŶer or later. The problem is probably you. When I was a young manager, my company sent us all to a week of quality training where the most important concept we learned was that 90 percent of all problems are management problems. When things aren’t going well, the first place to look for answers is in the mirror.

Upload: clay-serenbetz

Post on 24-Jul-2016

217 views

Category:

Documents


2 download

DESCRIPTION

The biggest problem founders and small business owners have is that they’re experts in their field and novices in what it really takes to effectively run a business. That’s what usually trips them up, sooner or later.

TRANSCRIPT

Page 1: 5 Business Tips Every Entrepreneur Should Know - Clay Serenbetz

5 Business Tips Every Entrepreneur

Should Know

The iggest pro le fou ders a d s all usi ess o ers ha e is that the ’re e perts i their field and

o i es i hat it reall takes to effe ti el ru a usi ess. That’s hat usuall trips the up, soo er or later.

The problem is probably you.

When I was a young manager, my company sent us all to a week of quality training where the

most important concept we learned was that 90 percent of all problems are management

problems. When things aren’t going well, the first place to look for answers is in the mirror.

Page 2: 5 Business Tips Every Entrepreneur Should Know - Clay Serenbetz

Listen to your customers.

It boggles my mind how little most entrepreneurs value their customers when, not only are their

feedback and input among the most critical information they will ever learn, but their repeat

business is the easiest business to get.

Trust your gut.

This phrase is often repeated but rarely understood. It means that your own instincts are an

extremely valuable decision-making tool. Too often we end up saying in retrospect and with

regret, “Damn, I knew that was a bad idea.” But the key is to know how to access your instincts. Just sit, be quiet, and listen to yourself.

Know your finances inside and out.

If you don’t know your revenues, expenses, capital requirements, profits (gross and net), debt, cash flow, and effective tax rate – among other things – you’re asking for trouble. Big trouble.

Learn to say "yes" and "no" a lot.

The two most important words business owners and founders have at their disposal are “yes” and “no.” Learn to say them a lot. And that means being decisive. The most important reason to focus – to be clear on what your company does – is to be clear on all the things it doesn’t do.

Why Attitude Is More Important Than Intelligence

Page 3: 5 Business Tips Every Entrepreneur Should Know - Clay Serenbetz

People with a growth mindset believe that they can improve with effort. They outperform

those with a fixed mindset, even when they have a lower IQ, because they embrace challenges,

treating them as opportunities to learn something new.

Common sense would suggest that having ability, like being smart, inspires confidence. It does,

but only while the going is easy. The deciding factor in life is how you handle setbacks and

challenges. People with a growth mindset welcome setbacks with open arms.

According to Dweck, success in life is all about how you deal with failure. She describes the

approach to failure of people with the growth mindset this way,

Regardless of which side of the chart you fall on, you can make changes and develop a growth

mindset. What follows are some strategies that will fine-tune your mindset and help you make

ertai it’s as gro th orie ted as possi le. E po ered people pursue their passions

rele tlessl . There’s al a s goi g to e so eo e ho’s ore aturall tale ted tha ou are, ut hat ou la k i tale t, ou a ake up for i passio . E po ered people’s passio is

what drives their unrelenting pursuit of excellence. Warren Buffet recommends finding your

truest passions using, what he calls, the 5/25 technique: Write down the 25 things that you care

about the most. Then, cross out the bottom 20. The remaining 5 are your true passions.

Everything else is merely a distraction.

It’s ot that people ith a gro th i dset are a le to o er o e their fears e ause the are ra er tha the rest of us; it’s just that the k o fear a d a iet are paral zi g e otions and

that the best way to overcome this paralysis is to take action. People with a growth mindset are

e po ered, a d e po ered people k o that there’s o su h thi g as a trul perfe t moment to move forward. So why wait for one? Taking action turns all your worry and concern

about failure into positive, focused energy.

Everyone encounters unanticipated adversity. People with an empowered, growth-oriented

mindset embrace adversity as a means for improvement, as opposed to something that holds

them back. When an unexpected situation challenges an empowered person, they flex until

they get results.