The successful entrepreneurs in history are go-getters, take on every opportune moment to change lives in a meaningful way. They are risk takers and are often visionary leaders. How did they succeed? Here are 5 game-changing entrepreneur facts everyone need to know:
The Devil is in the Financial Details
In order to optimize the efficiency of business, successful entrepreneurs often play close attention to financial detail. The most cutting-edge product without a strategy for monetization will leave the business in the red. Even if you are not an expert in financial processes, bear in mind these basic financial terms as they allow you an insight into the business.
ROI (Return on investment): measures the effectiveness of projects in achieving returns. The return is divided by the cost of the investment to derive a percentage.
Gross Margin: The difference between revenue and cost of goods sold. This shows the effectiveness of operational efficiency and pricing strategies.
Bottom Line: Measures any increase or decrease in the company’s profits
Entrepreneurship is Not a One-Man Show
In order to build a successful company, delegation is important. Whilst you, the CEO can effectively handle everything, the company can only progress as far as what one person can do. Hire people who are smarter and better than you; outsource specialized functions to the experts or make use of online resources such as Microsoft Project to plan, coordinate and stay on top of projects or Sway to create interactive presentations and reports.
“If somebody can do something 80% as good as you think you would have done it yourself, then you’ve got to let it go” – Sara Blakely, Founder of Spanx
Laws Can Make or Break Your Business
Stay abreast on laws and regulations that affect Small-Medium businesses; from labor to tax laws, licenses to notices and even grants or programs as meted out by the government. Keep up to date with sites such as SMEcorp Malaysia.
Also Read: Important Employment Laws in Malaysia
Your Website Can Make or Break Your Business Too
In today’s digital world, the virtual front is equally as, if not more, important as the physical business front. Design it well enough to communicate what the brand stands for, ensure a smooth user experience, make it intuitive as more people are accessing information from their mobile devices and lastly, host valuable and engaging content.
Die Die, Never Say Die
Entrepreneurs are people who enjoy solving problems and filling in market gaps. They work passionately and tirelessly to achieve their goals; they travel on the road of uncertainty, rejection and challenges and are required to adapt fast and well to changes.
Entrepreneurs are resilient; stay optimistic and have to bounce right back up after each and every failure. Taking a leaf from Thomas Edison, who “did not fail but found 10,000 ways that did not work”, when inventing the light bulb.
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