5 Tips from Successful Entrepreneurs

Posted by Factor Funding Co. on September 28, 2012

Entrepreneurs who are just starting out on their own may be a bit overwhelmed by the thought of navigating the modern business environment by themselves. While starting a company from scratch poses many risks and concerns, there are ways to make your new business successful. One way to increase the likelihood that your small business will do well is to listen to the advice of other self-employed individuals who have found success of their own. Here are five tips from successful entrepreneurs that may be of benefit to your small business.

1. Don't underestimate the importance of networking.

Some small business owners get so caught up in the feeling of working for themselves that they forget about making connections with other entrepreneurs in their fields. Networking with other company owners, though, is a valuable way to find out about industry trends, new vendors, and advertising campaigns. Most successful entrepreneurs remain in regular contact with people in their fields and they're unafraid to ask for help.

2. Ignore the doubters.

When you're opening up your own business, you will likely hear plenty of negative comments from people who don't understand your company or your goals. These people may also make suggestions based on their own feelings that may not be a good fit for your business or they may respond negatively when you talk about your plans for your company. Don't let the advice of these doubters keep you from following the business plan you have in mind. You know your business better than anyone, especially those who are not in your industry.

3. Embrace calculated risks.

You've already taken the biggest risk of all simply by opening your business. If you want your company to grow, you'll have to continue to take calculated risks. These may include investing a bit of money into advertising or expanding into new product areas that have demonstrated a potential to be profitable.

4. Choose business associates who can add to your strengths.

No matter how experienced you are, there are going to be areas of running a business that you'll need help handling. Look for business partners or employees who can shore up your weaknesses and help your business be well-rounded.

5. Open yourself up to suggestions.

Even though it's a good idea to keep your product development details under wraps, don't feel like you have to keep all of your business ideas to yourself. Find a few trusted associates in the industry that you can ask for input on your proposed business ideas.

Starting a business is one thing, maintaining it is another. Making your business into a successful enterprise takes time, patience and perseverance. By following these five tips from thriving entrepreneurs, you may find that your company continues to grow for years to come.

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