Receiving small business tips from an expert on how to become a great entrepreneur is like giving you, a business owner, a present on Christmas Day. Unwrap this present in this snapshot from an interview between Dale Beaumont and Trevor Choy. The key is to not just unwrap it and stare at the gift, but to put this gift to use and allow yourself to become a great entrepreneur.
Trevor Choy is the Managing Director of Choy Lawyers, recently voted Australias #1 Intellectual Property Law firm.
What are your top tips for becoming a great entrepreneur?
- Model success – There are many successful people out there. When you take the time to study the steps they have taken you’ll be inspired and motivated. You’ll also learn what they did wrong, so that you don’t make the same mistakes and have to suffer through the same experiences.
- Pay suppliers on time wherever you can and keep them loyal – Suppliers are invaluable and the last thing you want to do is cross them. Make sure you make them feel like there is a real partnership – you will regret it if they start helping out your competition.
- Be prepared to sacrifice other aspects of your life for success – Success does not come easily, and often, it comes at the expense of other activities in your life. You may need to put some of your other hobbies and interests on hold for a while.
- Treat your staff better than your competitors treat theirs – Your staff are the key component of your business. You need to treat them as equals; happy staff create happy customers. If your staff are genuinely passionate about their work, people can sense that.
- Build a brand – Brand names build loyalty and recognition, which leads to greater market share and growth in the industry. Building a brand creates an identity for your product and ensures that people have an image of what makes your company different.
- Keep a record of all your business undertakings – Legal disputes are resolved by a judge who assesses evidence. Written evidence carries much more weight than oral evidence, so having a witness to something is generally of little use. It is much better to have a good diary note, or better still, a written agreement. Make sure that you have a record of all business and financing deals to ensure ‘protectability’. It’s also good to have a stringent record of everything in your business so that you know what you have done and what you need to do.
Fore more on Small Business Tips and this interview check out “Secrets of Male Entrepreneurs Exposed!“