This is a guest blog from Daniel Offer, owner of the Facebook Application Chit Chat for Facebook
Starting a business isn’t an easy task, nor is growing that business. If you’re starting a business for the first time you’ll likely find it hard, however, don’t let me put you off.
There are, however, a few secrets that all successful entrepreneurs know consciously or embody. Knowing these simple ten rules could mean the difference between success and failure.
- Failure Is Feedback – Failure isn’t failure. It’s feedback, to help you reach your objective. It’s unlikely that you’ll get everything right first time, but through learning, trial and error you’ll eventually get there.
- Culture of Action - Nothing ever gets done without action, starting a business in any form means that you’re actually going to have to do some work. Without any effort, you’ll get know where.
- Know Your Limits – You need to be realistic about your skills set. What are you good at? If choosing between two ideas, choose the one where you can utilise the skills you already have. However, don’t be afraid to learn new skills. Be realistic.
- Outsourcing – Where you don’t have certain skills, and can’t afford to hire employees look into outsourcing. Outsourcing can be done affordably, and can fill a skills gap.
- Task List – Manage your work flow using a task list of some form. Set aside time which you need to work on your business.
- Have An Objective In Mind - Know what you want to achieve, and work towards that goal.
- Competitive Advantage - Know who your competitors are and consider how you are going to compete against them. Cost? Location? Niche?
- Become An Expert – Become an expert in your chosen market; know your product and market inside out. Simply put, do your homework. However, don’t do this at the expensive of getting anything done.
- Consider A Partner – Working with a business partner has the advantage of allowing you to bounce ideas off of each other, getting more done and utilising each other’s expertise. However, an ill suited partnership could be counterproductive to getting things done.
- Profit – Have a profit goal in mind. The objective of any business should be to make a profit. Set yourself realistic targets and aim to beat them.
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