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6 Things Every Entrepreneur Needs to Know

If you’re thinking about entering the world of entrepreneurship, there is no better time than now. It has become so common that it seems like such an easy task. On the contrary, it’s a much bigger challenge than it appears to be. According to Forbes, 90% of new businesses fail. This is because the competition is fierce and one must have extraordinary skills in order to make it in the world of business. However, this doesn’t mean you should give up on the idea. If you are motivated, ambitious and willing to learn, you have a good chance of being in the 10% that actually succeed. So, roll up those sleeves and check out some of the most important tips for new entrepreneurs.

Related: NOT TO DO LIST: Factors which Leads you to Failure

Market needs

One of the biggest misconceptions about entrepreneurship is thinking that you need amazing new ideas. Sure, it can help, but it doesn’t guarantee success. Being a good entrepreneur is not about having ideas but about solving current market needs. If you are well informed, constantly evolving in the world of business and able to predict certain events, you can use that to your advantage. Ideas are good, but only if they satisfy a need that is great enough to maintain a business.

Give up control

If you want your business to be successful, at some point you’re going to need to let go. This is particularly hard if you have trust issues. However logical it may be for you to control everything in your company, eventually, it will become too much to handle. This is the point when you need to choose people you trust and consider capable and responsible enough to do your job. It will happen suddenly, and that is why you need to work on finding that person from the very beginning so you wouldn’t have a problem when the time comes.

Respect your employees

In order to run a successful business, it is essential for your employees to have the best possible working conditions and the respect they deserve. This is extremely important for you to provide, as happy employees will gladly give their full potential at work knowing that they are appreciated for what they do. One of the ways to achieve this, besides rewarding them whenever deserved, is by introducing a few personalized corporate gift cards a year or organizing joint barbecues and sport events that will show how much you care.

Observe and listen

Don’t forget what your main focus is – customers. Be attentive and know the general climate among your customers. Create a strong network on social media and make sure to keep track of it. Give your customers an opportunity to provide feedback and read every single one of them. Work on your flaws and make sure your customers know that you care about their experiences and suggestions.

Fail efficiently

Even when you fail, and you will, make sure to do it right. You cannot control how and when this will happen, but you can control your attitude about it. Be ready to fail. This means you should be realistic and objective when criticising your own company. Don’t sugar-coat anything, since this will prolong the whole process of becoming aware of the failure and make it harder to recover from. We all fail and this isn’t something you should be ashamed of. Know that every failure is also a chance to learn and evolve. Think of them as opportunities to improve yourself and your business.

Take care of yourself

One very important thing that we often forget is our health. It’s easy to get carried away since starting your own business demands time-consuming efforts and a lot of sacrifices. However, these sacrifices shouldn’t include your health. Not only will you not be healthy, but you will also suffer from sleep deprivation and a lack of physical activity. Moreover, unhealthy eating will make you less useful for your business, which will eventually lead to a significant decrease in the quality of your company’s work.

To sum up, there are rules in the world of business that need to be respected. Your attitude and will are the keys to your success. Having proper information, resources and motivation for work, good cooperation with your workers, as well as a functioning, mutually respectful relationship with your customers will enable you to quickly rise to the top of the charts in your competitive category.

Author Alex Williams is a regular contributor at

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