Successful entrepreneurs often earn their fortunes when there is a depression or economic downturn. Colonel Sanders creator of Kentucky Fried Chicken, base ball player Babe Ruth, and Monopoly game designer Charles Darrow earned the bulk of their fortunes during the depression. Here are thirteen ways that self-employed earners and business owners can be successful in any industry.
Solve Complex Problems
Being a natural problem solver makes it challenging for most business owners to fit into corporate America or a traditional 9 to 5 job. People who earn a higher than average income are those who solve the most complex or painful problems.
Do not Ignore Opportunities
Business owners must be able to view problems in the market as an opportunity. When a problem is identified within the business create a product or service to draw in people who are already buying in that particular industry.
Self Motivation and Determination
Determination is the only way to complete complex projects and to stick with things when things may not go as planned. Never expect others to be motivated about a business vision they did not create.
Many entrepreneurs fail to make concrete business plans. These plans need to be written and put into a printed document. Use this business plan to show the goals and structure of the company to potential investors.
Entrepreneurs must be action oriented, procrastination will quickly bring all potential progress to a halt.
Learning new skills to apply to the business is an ongoing tasks. Invest a portion of the profits into seminars, local continuing education classes, books, instructional videos, and audio trainings.
Embrace technology to keep current with how technology is used to attract new customers and make it easier for customers to interact with the customer service department of the business.
Entrepreneurs have to let go of activities that can be done by other professionals. Business owner must manage their business and spend their time on the proven activities that make money.
Reward Customers or Clients
Develop ways to interact with customers where they feel acknowledged and appreciated. Reward customers for being loyal through discounts, specialized products, or giving exclusive access to private sales.
Entrepreneurs by nature may have a healthy self-esteem. Never let the ego get in the way of making improvements that are suggested by a professional consultant or a colleague to improve the business.
Strive through daily actions to meet the business goals. Being successful is directly related to the habits done consistently, examples include marketing, creating new products, and reviewing the health of the business finances.
Thinking outside of the current business model is hard for entrepreneurs who have a clear vision of what they to offer to the world. Create idea streams that by encouraging customers to share their ideas.
Prevent burn out by learning how to stop working. Schedule time to work and time for relaxing and spending time with loved ones. Clear boundaries must exist between personal life and professional life.
Create passive income sources to experience true financial stability. It can take several months years before a business idea can completely support an individual or a household.
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