The word ‘entrepreneur’ is a bit of a catch-all term. In that bracket are people, like Steve Jobs, who transform the world, and others who never get their businesses off the ground. Therefore, in this article, we take a look at some great advice from pro entrepreneurs with a proven track record of success. Here’s what they suggest you do.
By Team Savant
Image: Jenny Ueberberg
Be Frugal To Save Your Business
Being frugal is critical in life, but when it comes to business, it really matters. The more money you can save for the things that you actually need long-term, the better.
To be more frugal, think twice before spending money on anything. Ask if you really need the convenience or whether you could live without it. Probe whether it will meaningfully contribute to your business success.
If you notice your costs rising uncontrollably, ask employers to personally forward any spending plans to you over a critical threshold. This way, you can keep track of your cash flow and eliminate waste.
Pick A Team That Will Win
Many entrepreneurs try to save money by picking average teams. However, this cost-cutting approach rarely works.
The reason for this has to do with the sheer productivity of people on the upper end of the distribution. They might cost twice as much as a standard worker in the role, but their productivity could be 10X.
Picking the best people partially explains why Elon Musk’s businesses have been so successful, contrary to expectations. He brought the best people in the world together to complete his projects, and they delivered, despite demanding higher wages than the industry average.
Start “Amazonizing” Your Industry
While Amazon brought the world of online retail squarely into the twentieth century, many sectors remain stuck in the past. They just can’t move forward and provide customers with the sort of experiences they’ve come to expect from their interactions with the online space.
Entrepreneurs, such as Brad Schaeffer of MedComp, argue that it’s time to bring the Amazon method to more industries, particularly the healthcare sector. Companies should aim to offer a “push-button” service that gives their clients precisely what they want, when they want it.
Balance Your Mind And Soul
Burnout is a massive issue among entrepreneurs. They go at it hard for eighteen months and then find themselves utterly exhausted by the end of it.
The problem usually isn’t the work itself, it’s how the entrepreneur is thinking about it. Leaders tend to attach too much importance to the cognitive aspects of their role, and not enough to their souls. Everyone needs to derive joy from what they are doing and recharge every now and then. If they don’t, they’ll soon burn out and won’t be able to serve either their team or their customers.
Use Free Marketing
Lastly, if you can master how to use free marketing tools, you automatically put your business at a massive advantage. You can do this from the smallest scale to the largest by starting with Google My Business and finishing with national TV appearances.