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Business Tips Every Entrepreneur Should Know

Business Tips

 

The problem is probably you

When I was a young manager, my company sent us all into a week of high 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.

Take care of your stars

This applies to every company, large or small. The cost of losing a star employee is enormous, but business leaders rarely take the time to ensure their top performers are properly motivated, challenged, and rewarded.

Your people are not your children, your personal assistants, or your psychiatrist.

If you use and abuse them in this way, you will regret it. Capiche?
Learn a lot to say “yes” and “no” The two most important words entrepreneurs and founders have at their disposal are “yes” and “no”. Learn to say it often. And that means being determined. The most important reason to focus - to be clear about what your company is doing - is to be clear about all of the things it doesn't.

Know when and when to not be transparent

Transparency is sometimes as harmful as it is beneficial. There are times when you have to share openly and times when you have to zip them. You have to know when and with whom you can do one against the other. It comes with experience.
Trust your gut feeling

This phrase is often repeated but rarely understood. It means that your instinct is an extremely valuable decision-making tool. Too often, in hindsight and with regret, we say, “Damn it, I knew this was a bad idea.” But the key is knowing how to access your instincts. Just sit down, be still, and listen to yourself.
Protect and defend your intellectual property.

Most of you don't know the difference between copyright, trademark, trade secret and patent. That is not acceptable. If you don't protect and defend your IP, you lose

Your only competitive advantage

Learn to read and write effective agreements.
Do you know the expression "good fences are good neighbors"? It's the same in business. The more effective your agreements, the better your business relationships.

Run your business like a business

Far too many entrepreneurs run their business like an extension of their personal finances. Bad idea. Very bad idea. Build the right business entity and keep it away from your personal life.

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