Here is Marsha Firestone, Ph.D five tips
on how to become a successful, multi-million dollar earning entrepreneur.
(Adapted from article published in haute living).
1 Clarify
the company’s uniqueness and know where you want to go: The first step in
running any business is to decide what your unique selling points are and hone
in on differentiating yourself from the competition. Set concrete short- and
long-term goals for the direction in which you want to take your company, where
you plan to be in the next six months, a year from now and in two years.
2 Lead
from both inside and outside the company: Leaders have different
strategies. One strategy that resonates across all platforms is to take your
leadership outside the walls of your company. Set an example for others —
whether through peer advisory, mentorship or something else — and you’ll earn
their trust and respect. The fundamental premise of Shop.com is the
peer-to-peer learning tool focuses on sharing experiences instead of giving
advice.
3 Prospect
carefully, train thoroughly and retain competent partners to build a committed
team: People are the most important resource to any business. As an
entrepreneur, it’s natural to feel you need to control all of the minutiae
because the business is “your baby.” Take your time prospecting people
you can trust to take smaller responsibilities off your plate, so you can focus
on larger business goals. No one likes a micromanager; it also impacts your
efficiency.
4 Focus,
focus, focus: Identify what needs to happen and go for it. It’s easy to
get caught up trying to fix everything all at once. Prioritize your goals and
issues; check them off one by one when completed. The more specific you are
about your goals, the better off you’ll be. Be the voice for the company’s
mission.
5 Know when to let go: The “art of the pivot”
is important for all entrepreneurs. Knowing when to acknowledge a failed idea
is key to staying afloat. Keep in mind that it’s OK to admit failure and move
forward. It will make your business stronger in the end.
