In today’s current economic environment, entrepreneurs are challenged in new ways. Business is not what it used to be and is constantly changing. Buyer habits are more reserved. New strategies are necessary for success. This is especially true for small business owners. The eHub Nspire resident companies are continuously changing their plans and goals as the fast moving technology continues to evolve.
A recent article in Entrepreneur, written by Donald Todrin, outlines seven tips that will help to ensure your business is a success.
- Have a written plan – outlining specific objectives, strategies, financing, a sales and marketing plan, and a determination of the cash you need to get things done.
- Don’t marry your plan – Adjust, confront and conquer.
- Keep your ego in check and listen to others – Advisors are crucial because you need people to bounce ideas off, inspect what you’re doing, and push you to greater accomplishments,
- Keep track of everything, and manage by the numbers – Create written systems for everything, because you will reap benefits from them later on. One of the most important calculations is cash flow pro forma. Determine how much cash you need to do the business, and do not start without the required cash on hand.
To read all of the tips, see the entire article at http://www.entrepreneur.com/article/223390
These tips, along with key management traits such as tenacity, commitment and vision, and basic business skills are necessary for success, according to Todrin. Overall, he recommends that you have fun. If you follow the right path, all things are possible.
Donald Todrin is the author of Successfully Navigating the Downturn.
I think #2 is so important here. You have to be willing to change your plan if it no longer makes sense or becomes irrelevant.
Absolutely! You must be willing to adapt in order to succeed.