7 Business Lessons to Share From 10 years of Entrepreneurial Journey
Rick Meekins
I work with driven individuals, providing guidance and support to move their vision, create impact, and build a legacy of excellence.
Written By Roberto Garvin
Nobody can teach you how to be an entrepreneur. Becoming a successful entrepreneur is only something that can be achieved through hard work and learning from your mistakes.
However, advice from other successful entrepreneurs can definitely help you along the way. Here are seven business lessons to share from 10 years of entrepreneurial journey.
1. Cash (Flow) Is King
It may surprise you that in 82 percent of cases where small businesses failed, poor cash flow management skills or a lack of understanding of how to properly manage cash flow contributed to the failure. In many cases, businesses started out without enough cash in the first place.
The reality is that without proper funding, you won’t be able to get your business off the ground. There is a lot that is involved with starting a successful business.
Don’t launch your business before you have adequate funding. Besides taking into account things such as marketing and advertising, you also have consider emergency expenses and unexpected losses. Your initial funding should be able to carry you over until you start making profit.
Besides having enough initial funding, it is crucial that you start generating a positive cash flow as soon as possible. Poor budgeting mistakes, not pricing your product correctly, not scaling your business enough, and other mistakes lead to entrepreneurs losing money and going out of business.
2. Stay in Touch With Your Audience
It’s easy to get lost in your head when you’re an entrepreneur. You can get caught up with new product or service ideas, new features, new business plans, new marketing promotions, etc. while slowly losing touch with your customer base and what they really want.
Make sure that you stay in touch with what your customer base wants and strive to provide them with it. You can do market research, conduct focus groups, ask for feedback, send out surveys and polls, read consumer blogs and blog reviews, monitor your social media accounts, and read online forums (including Quora and Reddit) to stay in touch with your audience.
Read on to know about further business lessons - https://aepiphanni.com/blog/7-business-lessons-to-share-from-10-years-of-entrepreneurial-journey/