The Most Successful Entrepreneurs Do These Daily
Of course, there are hundreds of things you can do to become a successful entrepreneur, but these 5 things will make the biggest difference.
Here they are in no particular order:
1. Measure everything: My good friend and VERY successful entrepreneur once told me, “You cannot expect what you do not inspect.” You need to measure the success (or failure) of each advertising campaign. You need to know how many calls you get per day. You need to know how many calls get answered by your sales representatives (even if it’s you). You need to know how many people buy vs how many incoming call. You need a list of their objections if they do not buy. You need to measure your expenses. You need to measure (and reduce) your taxes. You must measure employee or contractor costs vs the revenue they produce for your company. An employee (or contractor) must ADD revenue to your company, not be an expense. EXAMPLE: The “costs” of your employee (weekly payroll) must be less than the value/revenue they bring to the company. Are they taking up space, or are they making your company moolah? You only know this when you run the numbers. Measure everything in your company.
2. Keep it lean. In the past, I was WRONG when I thought that owning a large office building filled with employees meant I was successful. What it meant is that I wasn’t efficient, and I burned through way too much cash. I now operate a much more simplistic operation, and my expenses have dropped. I’m working on dropping monthly expenses another 10% over this year. You need to review item number one above. Once you know your numbers, it will be painfully obvious what/who to cut. It’s this simple: Does it increase your company revenue? Yes – Keep it (and optimize). If it doesn’t add value or revenue – cut the cord. If someone can do a better job because the numbers lead to this conclusion, get the new person. Let math guide you, not emotions. Keep it lean. Be smart.
3. Don’t get too attached to your idea. Just because YOU think something is cool or worthy, doesn’t mean that it is cool or worthy. You are not your customer. This is often the death of a start-up. The founder is determined to make their “idea” the next great thing, when all the data, feedback, focus groups and experts say it stinks. Yes, there are a few exceptions, but they are 1 in 10,000. Are you ready to take that risk? Entrepreneurship is about risk. Yet, it should be intelligent risk.
4. Get into the flow. Recently I’ve been doing research and practicing “flow state.” I’m sure you have experienced flow. In sports, the term is “In the zone.” In music, it’s called, “Being in the pocket.” If this can be done unintentionally, it can be done with intent and purpose. It takes time to master, and lots of practice to fine tune. It starts with setting aside the time needed to allow flow to happen. It also requires the right environment.
Each of us will have a different environment to create flow. For some, it’s quit walk. For others, it’s a busy coffee shop. Others need to meditate first. What is it for you? How can you elevate and fine tune your flow state? This is when you create your best work, and get more work done.
5. Out hustle everyone. It’s this simple….. out work, out think, out perform, out do EVERYONE who may be competing with you. If that means get up earlier, do it. If that means hire a coach, do it. If that means sending another email, do it. If that means learning something you previously feared, do it. You simply do what ever it takes – AND NO WHINING EVER!
If you just do these 5 things, you will be 500% more successful than people who do not. Yes, it is this simple.