If You Don’t Do These 10 Things As a Business Owner, You Will Likely Fail

Written by Johnson Temiloluwa

September 29, 2021

Being a business owner is not a walk in the park, it takes a lot of intentionality, consistency, and information – just to mention a few. Before excelling at anything, it is only right to have enough information about it. Are you thinking of starting a business? Did you recently just start a business of your own? Oh well, you are in the right place because there are many things every new business owner should know. In this article, I’ll be sharing with you 10 tips for new business owners.

10 Tips for New Business Owners

1. Be Organized

It is easy to get frustrated at the beginning of a business as you have a lot of things to do. Being organized involves creating a to-do list. It greatly takes the pressure off and helps you see to the completion of your task for the day in their order of importance. Once you finish a task, tick it off the list and move to the next one.

Being organized is a cool thing to be as a new business owner.

2. Be an Informed Risk Taker

In every kind of business, it is inherent to take risks. It is important in business to take calculated risks in other to grow the business. However, it is wise to be informed about risk before jumping right into it as it can make or mar your business.

Being an informed risk taker is one of the many other tips that new business owners should know. “How large is the downside of this risk?”, “How does this risk impact growth to my business?”, “Would my business be greatly affected if this risk doesn’t favour me? These are the kind of questions you should ask yourself before taking a risk as a new business owner.

3. Always Be on Your Creative “A” Game

Things change. Time and circumstances change, but how would you change your business to fit the changes happening around you? Be creative.

Take the pandemic, for instance, it was a huge change for the world and it birthed new business owners. People put on their creative suits and came up with different ways of making the nose mask, the face shield, and every other protective material needed for the pandemic.

Always think of new ways to improve your business. Make it stand out, make a mark, and revel in creativity.

4. Be Dedicated

In the qualities every entrepreneur should have, I talked about how Rome wasn’t built in a day and how commitment is an essential quality for every entrepreneur. I am reminded of a phrase I got from my Secondary Computer class – “Garbage in, Garbage out” which translates to what you put in is what you have.

Being dedicated is an important tip for new business owners. Having a business is not a walk in the park. Frustration might set in but your dedication will give you the result you want. Be dedicated to making your business a success and watch it be that success you want it to be.

The price of success is hard work, dedication to the job at hand, and the determination that whether we win or lose, we have applied the best of ourselves to the task at hand.

5. Passion

I should ask first, are you passionate about your business? Do you love it? Is it a business that you are proud of? Is it a business that excites you while at it? If the answer to these is yes, then you are doing well. Passion is an intense drive and emotion. If you have this as a business owner, your business is set to be a success. The passion will show in every aspect of your business and it would interest people to want to patronize you.

On days when you hit the “business bottom”, the passion you have will drive you to not stay at that bottom but invent ways to make the business better. Remember, passion breeds productivity.

6. Provide Value and Solution

People would always patronize solution providers and value givers. It has been that way and it will continue to be.  So how about a few checks and balances on your business? What solution does it provide? What value does your business give off?

If your service is better than A’s, people will be excited to get your service. In addition, if your service is a solution to people’s needs, they’ll get it from you. In the long run, your productivity level as a new business owner skyrockets.

7. Be a Record Keeper

Record keeping is a key tip for new business owners. Record keeping has its part to play in managing the business; accounts, finance, interests, and growth. It also documents the success of the business and helps note places that should be fixed.

Who knows, in the long run, you can go back to those strategies you recorded that worked for your business and teach new business owners for a fee.

8. Make Good Customer Service a Culture in Your Business

Imbibe good customer service as a way of life for your business. How you respond to your customers says a lot about your business and it can affect the success of your business.

Be receptive to your customers and treat them well. Everyone loves to be treated well and with respect. Make your business stand out as the kind that has good customer service.

9. Have a Network

Be it a support network, building network, or even customer network. Have a network, meet new people and tell them about your business.

10. Manage Your Time Effectively

Saved the best for the last. As a new business owner, you should manage your time well and value time management. It is a skill that every business person should have. Talk more of a new business owner.

Effective time management will include prioritizing and setting measurable goals.

Conclusion

All of these are tips for new business owners and you should know. I am rooting for you and your business. Cheers.

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