9 Tips for Being a Better Entrepreneur

Whether you’re already out their working on your own or you’re thinking about leaving the corporate world soon to build your own business, these tips will help you be a better (and hopefully wealthier) entrepreneur.

1. Establish a Strong Web Presence- As a small business owner, you don’t have the resources of your larger competitors. That’s why online marketing is so important. It’s the most affordable and effective way to get your name out there, to generate leads, and to build your brand. Read this earlier post on 5 free ways to promote your business online.

2. Connect with the Right People- We’ve all heard the saying “It’s not what you know, but who you know that’s important.” Well, it’s true. Knowing the right people can come in handy for a couple of reasons. First, being in contact with the right people can get you referrals, improving your bottom line. More importantly, connecting with the right people can improve your entrepreneurial education. Get in touch with fellow entrepreneurs through social networks or local meetups in your town. You’ll learn some valuable lessons that will help you be a better small business owner.

3. Don’t Settle- When you don’t have the safety net of a consistent salary, it can be easy to fall into the temptation of accepting low paying jobs. While this might be necessary occasionally for making ends meet, it’s a difficult hole to pull yourself out of. Once you begin settling for low paying jobs, you diminish the value of your work. One low paying job leads to another—it’s a vicious cycle.

4. Focus on the Big Picture- Never lose sight of the big picture for your business. In a previous post, I mentioned how I got so caught up working for my clients that I neglected my marketing strategy. Always focus on what’s best for your business over the long haul. By keeping an eye on your future, you’ll be better equipped for long-term success.

5. Get Organized- Running a one-man show can be overwhelming. You have to wear many hats, and it can be difficult to keep track of everything. Disorganization is the entrepreneur’s #1 enemy. If you aren’t organized, your productivity slips and you can make crucial mistakes. I recommend using some sort of project management tool for keeping track of all of your tasks to ensure nothing gets overlooked.

6. Set Realistic Goals- Rome wasn’t built in a day, and neither will your small business be. While everyone would like to be the next internet millionaire, the odds are that won’t happen. However, that doesn’t mean you can’t be a successful entrepreneur. The key is making sure you set realistic goals. By striving toward realistic goals, your business will grow healthily. Set goals; reach them; set new goals.

7. Be Ready for Failures- This sounds like a pessimistic point of view, but it’s the harsh reality of being an entrepreneur. Everyone makes mistakes, and everyone experiences failures along the way. It’s all a part of being a better small business owner. The ball won’t always bounce your way. It’s how you recover from your failures that will determine how successful your business will be.

8. Avoid Burnout- This is one of those tips that is harder to practice than it is to preach. As an entrepreneur, working long days is expected. You’re trying to get your business off the ground, and it takes some extra work to do so. That’s fine, but don’t work so hard that your personal life gets ignored. It’s not healthy to constantly be consumed with your work, and it will end up getting to you at some point. Take some time off; enjoy the company of friends and family; and relax every once in a while.

9. Make Client Retention a Priority- For me, this is the most important tip on this list. As a copywriter, client retention is a top priority. Instilling loyalty into your paying customers will improve your business’ longevity and it will eventually generate referrals. You don’t want to always be chasing after new clients. It’s better to have a solid base of customers that appreciate and respect you than a constantly revolving base of new clients who don’t know you.