As the Managing Director and sole shareholder of a small boutique law firm, I am ultimately responsible for everything. Though my business is legal services, the same can be said of many other entrepreneur businessmen in the services industry. It is however true that the path of the entrepreneur is filled with a rocky road of challenges and disappointments completely unrelated to their core business. Most entrepreneurs are driven by the insatiable challenge of wanting to prove something, each personal and unique.
Excuse my tardiness but “ENTREPRENEURS BEWARE”:
- A good idea does not always translate into a good business but a good idea well implemented can solve a multitude of problems once you make a constructive decision, so take time out to think about what you are doing, often better than endless hours of hard work without purpose.
- Passion trumps knowledge because it takes time and effort time to build a business not capital.
- Banks are not in the business of supporting your business, they are in the business of supporting their business with other people’s money so do not expect loyalty as what is in your heart has no value to them.
- The easiest money to obtain often ends up being the most expensive, it could cost you your family even your livelihood.
- A growing business does not necessarily put more bread on your table, happiness is first, but you get paid last.
- While they say a good lawyer and a good accountant is fundamental to a successful business, a good bookkeeper with a good financial reporting system is better place to start.
- If you do not understand something, get others who do, don’t just sit there as cognitive dissonance has been the downfall of many a business.
- You will fail many times so get comfortable failing, you learn more from making mistakes and not repeating them than by sequential successes without struggle.
- People will let you down all of the time so expect it and protect yourself against it.
- Your competitor that has more capital and more cashflow can also close from implementing bad ideas except you will be gone first, so learn from and emulate the successes of your competitors and avoid their failures, you cannot have a better teacher and it costs you nothing.
- Many successful businesses failed by growing, the smaller your business the better you are able to adapt and change direction to meet new challenges.
- You cannot base your business on the philosophy that your customers will change and eventually see the value of your service; every day you have to change their minds.
- Always be learning and always be teaching within your business, employees will always want more for less unless they are committed to your vision and can see themselves being a part of it, so offer your employees value and a life.
- Celebrate successes with all that have contributed and always reward a job well done, more so if you are the recipient.
- A happy customer will recognise your value and will always pay on time; you cannot build a services business with unhappy customers, convert people to happy customers and they will remain but always have a binding contract as a backup.
Just a few thoughts for you on your road to success. Helping you to help yourself.
For further information, please do not hesitate to contact us.