Entrepreneurship Tips 101. Part 2

A few days ago, we took the first part of the tips every entrepreneur should know. To make it very clear, an entrepreneur is basically referred to someone who starts, manages and runs a business or an enterprise and of course bears major (all) or part of the risks involved. However, there are points to note, so that the efforts put into entrepreneurship will not be futile. Here, we will take the second part.

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1. Always learn the act of listening and getting feedbacks from your customers

Believe me, customers' feedbacks are the most honest feedbacks you can get as a business person. This is simple; they are the ones using the product and if they are not satisfied, then your products or services have not impressed them. This is why you have to constantly take feedbacks from them to know where and how to improve on your business and services. Remember, without customers, businesses will be futile - so the focal point should be on them and not on yourself.

Customer relation is one of the fulcrums that holds any successful enterprise. If you can't relate well with your customers to know what they need, you will not know how to meet the need. It is worthy to note that it is in meeting the needs of customers that transaction takes place. Give them what they need and not what you think they may need. No doubt, some customers may not be civil in their approach but maturity will make you to understand that you need their money, not their attitude.

Your friends and family may not give you the honest review you need about your business because of sentiments and affiliation but an unrelated customer may. So be open-minded to welcome constructive criticisms without bias because that is one of the ways to grow.

2. Approach your business with a business mind

An entrepreneur that does not know how and when to differentiate between personal dealings and business is already in for catastrophe. Like I once told someone sometimes ago; "business is business and should be treated as business". Mixing business with emotions, sentiments, relationships, friendships, personal life etc may be the bane of the business.

Even when it comes to finance, you should understand that your business money is not your personal money. You may be the sole proprietor of the business but it does not mean you can draw money at will from your business. Entrepreneurial maturity demands that you learn to separate personal finance from business finance so that it won't cripple your business.

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If you treat you business like a hobby, you will get the reward of a hobbyist but if you treat your business like a business, you will gain profit - after all, profit is the sole objective of engaging in business. Try to build business ethics and etiquettes to guide your actions in your business.

Thanks for reading