Many people ask themselves, how do I become a successful entrepreneur? In truth, looking at it broadly can seem quite intimidating and you may not know where to begin. It is with from the wisdom of those who have gone before you that perspective can be brought, conquering the great mountain one step at a time. This excerpt is from a recent interview between Dale Beaumont and Amy Lyden. See what she has to say about this!
Amy is the Managing Director of Bow Wow Meow, which today is a leading producer of fun and functional pet tags. Its products are distributed through more than 1,500 pet shops sold throughout the world via the internet.
What are your top tips for becoming a successful entrepreneur?
- Create a support network – Get to know other people in business and form relationships with them. Form a goals-group or leadership circle where you all support and help one another.
- Create alliances – Network within your industry. Form alliances with other companies that have the same customers as you and be open to ways of working together that could benefit everyone.
- Sell yourself and your business – Make yourself known. Don’t be afraid to tell everyone about your business. Get out there and promote.
- Create a board of advisers – If you don’t have a board of directors, set up a board of advisers. I have four people on my board, including myself. We meet quarterly to discuss my company’s performance, to go over the financials, and to look at potential opportunities. Make sure that the people involved have complementary skill-sets with expertise in different areas such as marketing, operations/systems, general management and finance. Another thing to consider is the direction of your business, make sure you have someone on your board that can help you go where you want to go. For example, if you plan to start exporting you may want someone on your board that has experience with this. And make sure they have a balance of personalities.
- It’s also important to have each of the following on your board:
- A Clarifier – someone who asks how things will get done and thoroughly assesses the risks involved.
- A Challenger – someone who helps you act boldly and really go for it!
- A Wise Elder – someone who has been there, done that, and provides invaluable wisdom.
Recruit these people from outside of your organization, family and friends if possible. This will create an objective board.
- Contribute – Donate ten per cent of your sales to a charity and volunteer time with an industry association. Spend time mentoring others who need it if you are in a position to do so, and give talks and presentations to share information.
- Develop great systems – Build long-term sustainable systems in your business. If you do something twice, create a system for it!
For more of this and How to be a Successful Entrepreneur check out Secrets of Female Entrepreneurs Exposed!