10 Tips to Become a Successful Business Owner

10 Tips to Become a Successful Business Owner

1. Be passionate about what you are doing

Your daily grind should be one of passion and fun. My brother used to say, “If you do what you LOVE... you’ll always be successful at it."

2. Surround yourself with people that will challenge you, not “yes men”

You need to be able to listen to all sides (pro and con) before you make a decision. Listen to people who give their honest opinion--not those who tell you what they THINK you want to hear. You need to know where the landmines may be before you make a decision.

3. Appreciate your people

Your team can make or break you! Many business owners think I spoil my employees. The truth is that without them, we would never be where we are now.

4. Always consider your customer’s point of view

This is valuable for everything from marketing promotions to problem resolution. It’s not that the “customer is always right,” but it is important to put yourself in their shoes and treat them like you would want to be treated if the roles were reversed.

5. Be a value to your supplier

No matter what industry you’re in, it is important to establish bonds with those you do business with. Ask yourself what you are bringing to the table and remember that you both need each other

6. Appreciate your competitor

Seems odd, right? But our competitors keep us on our toes and inspire us to do better every day. Many of them I now consider my friends, and we formed a strong alliance with a common goal to keep industry ethics on track.

7. Have an exit strategy

Realize that at some point, you need to either sell your company or pass your business on to a loved one. Create a succession plan within your organization. You need to recognize that when the time comes, you must protect your legacy and maximize your years of hard work

8. Build a strong support system

Everyone needs a support system because you will have times when you just don’t see the light. Crap happens. So, you need someone there to pump you back up and give you renewed confidence.

9. Pick yourself up when you fall down

Use your support system from number eight! You WILL make mistakes. We all do. Don’t blame someone else for them. Own them. They are yours. Recovering from our mistakes quickly and learning a lesson makes us stronger and wiser in our decisions going forward. 

10. Whenever possible, pay it forward

It’s tough when you first start out to donate to charities or volunteer within your community because you don’t have money or time, but once you have some breathing room, it’s an important thing to do. Businesses are the pillars of their communities.