Tips for Becoming a Successful Entrepreneur

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10. Invest in insurance.

Risk management is a major part of an entrepreneur’s work. Every decision carries its own risk, some of which are completely unpredictable. No one will ever be able to predict what could happen tomorrow, so you should spare no expense to keep your business and property protected. I've observed many business owners who regret not purchasing insurance, only after misfortune strikes and their bill comes due. Consult an insurer to find out how to protect yourself and your business. Your future self will be thankful that you did.

9. Be financially prepared.

Starting a business always costs more than anticipated. You can allocate part of your revenue into an emergency fund to prepare against unexpected financial emergencies. As a last resort, you might have to take loans or inject your own money into the business. However, always pinpoint the root cause of the financial problems and resolve them if they are within your scope of control.

8. Don't be afraid of networking.

Don't be afraid to seek help. Most of us have contacts who can contribute to our success. I’m not saying you should call them up and immediately start pitching to them, but you can always meet them to catch up over coffee or a meal and see if there is any way that they’re able to help.

7. Find a mentor.

Having a mentor you can trust is a valuable asset. Whether you’re in a mastermind group or have stayed in touch with your former teachers or other business associates, guidance is always valuable. Work with someone who has climbed that very mountain you are trying to navigate to shorten your learning curve.

6. Take advantage of free marketing tools.

Some free marketing tools such as Google My Business and social media can be used for marketing and promotion. Many businesses create Facebook peer groups to spread the word and interact with like-minded people.

5. Seek new ideas — especially beyond your industry. Don’t focus solely on your industry as a source of novel ideas. Think outside the box, venture in uncharted territory and expand your intellectual scope. For example, the drive-through concept commonly found in fast food was an idea borrowed from bankers.

4. Build long-term relationships. Relationships matter. People do business with companies they know, like and trust. Furthermore, while it’s tempting to stay on the hunt for new customers, your existing customers are your best source of repeat business and your most profitable customers. To win their loyalty, you must nurture a relationship with them.

3. Deliver value — not just quick profit. Ensure your company delivers real value to clients. Successful entrepreneurs are in it for the long haul. They are not after a get-rich-quick scheme. Ensure your business provides services and sell products that actually deliver a substantially better result for your customers.

2. Be open-minded. Know when to say “when.” Your idea of what’s right may actually be wrong. Be open to other suggestions and ideas. Remember, your business is actually not about you. It’s about delivering a good product to your customers and doing whatever it takes to ensure that your customers turn into repeat customers. In other words, be ready to embrace fresh ideas, even if they go counter to your own beliefs.

1. Position yourself as a leader. Entrepreneurs lead the way. But positioning yourself as a leader is not just about having the right answers – odds are you won’t have the right ones in every situation. It’s more about knowing where to find the answers. You’ll have to make a lot of tough decisions in your new line of duty, so you need to have confidence in the decisions you make on a day-to-day basis.