5 proven best practices successful entrepreneurs follow

by Francesca on 25/06/2018
As is commonly observed, experience is the best teacher. The adage rings true in case of entrepreneurship. So let’s get down to the grassroots of some of the world’s most influential and successful entrepreneurs to take home actionable insights that you can employ in your daily routine.

Maintain a to-do diary

Bill Gates and Richard Branson, personalities that need no introduction are active note takers. With so many decisions to make and actions to take, a tangible amount of the diligence invested in your business’ activities will depend on how well you keep a track of routine. It may seem boring and time consuming, but trust us, it’s a practice that will help you see the light of success sooner than you imagined.

Have a goal

A tangible one at that. It may be hard to picture your business’ value a decade from now. A good practice would be to set benchmarks like achievable goals that are short termed and incremental for the long haul. Make sure you keep it a good, challenging balance. Also, looking at these goals every day should be a part of your routine. This ensures you always stay geared in the right direction.

Know your customers

Understanding the reasons behind each purchase from your consumers helps you to serve them better. Whether it’s addressing their complaints or making small talk about their dog on social media, each conversation has a lasting impact on your revenues. Dave Thomas, founder of Wendy’s cited that getting inside the mind of his target audience is what made him a successful entrepreneur. Invite inputs from your customers, ask for their opinions on your social page or in a private chat, but stay professional. Finally, chalk out a plan to deliver more than what’s expected and keep improvising on it.

Stay invested in technology

Witnessing the raging waves of success that technology has made across industry verticals, it’s imperative for your business to get onto this bandwagon. Don’t be afraid to ask questions, to push the limits and learn what works best for you, because this one’s your ticket to the millennials of today. So keep abreast with the latest in the industry by constantly networking with both big stalwarts and young start-ups like yourself.

Use failure as the fuel

The fall is not as important as the lessons it teaches you. So with every glitch or fiasco keep your eyes, ears and mind open to figure out the gaps to make better decisions next time. You may repeat the same mistake, but always make it your job to take the opportunity to rethink and innovate your strategies. In the words of Ester Schaler Buchholz, “Others inspire us, information feeds us, practice improves our performance, but we need quiet time to figure things out.”

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