Want to be a successful entrepreneur? Follow these 10 business lessons

Business Contributor
Know-how
mostafa-meraji-n64TcuScGlc-unsplash
Mostaf

We want to encourage all women entrepreneurs in business. As part of that effort, we want to tell you about successful entrepreneurs who are women. What was the recipe for their business success story? Most of the entrepreneurs we met told us that they didn’t have much experience when they started the business. But in the long three or five years years, they have gained a lot of experiences that have helped them to achieve success.

We summarised 10 lessons from their journeys. Hopefully, these will also be helpful for your success.

1) Consistency for a successful entrepreneur

Maintain consistency in business. Do a little bit every day, even if it is so small. Give time to your business every day even if it is short. Someday you may be making a lot of money and someday the amount of profit will go down. However, do not leave the work in despair. Give some time even if you are very busy. This will bring you closer to success.

2) Routine

There is a stark difference between doing routine work and doing anything without routine. To be successful in any endeavor, you must follow a specific routine.

Note that, you may not follow the routine 100% every day. Maybe there will be a deficit. However, if the routine is in front of you, the continuity of your work will be maintained. You will be able to organize every task beautifully. And if the work is not in a routine, just as the work will be messy, the useless work will also cost more time.

So, having a balanced routine will allow you to have a more fulfilling and peaceful day.

3) Planning and setting goals

In your plan, keep separate sections for long-term and short-term goals. Make separate plans for how to implement long-term goals and short-term goals, and choose daily steps accordingly.

If you do this properly and review your goals regularly, then you will be working much more efficiently and prioritizing as you see fit.

4) Do your numbers

This is the backbone of your business. If you do not properly account for the purchase and sale of business products, your chances of making a profit will decrease. If the transaction is not accounted for, the business is at extreme risk.

It is very easy to get confused about how much you are earning in the business and how much you are selling or making money per month or year without proper accounting.

I would personally advise you to keep a monthly account. If you have the profit and loss account of the last month in front of you, it is very easy to do well in the future.

If you find yourself struggling to cope with this, hire someone who understands the basics to help you. As inconsistencies can ruin all your plans.

5) Know your limitations

No human is self-sufficient. Everyone has weaknesses in one way or another. To be successful in any endeavor, you must first put your weaknesses in front of you. If you think you are perfect, then success will not meet you.

6) For a successful entrepreneur know the purpose of the business

Only a madman can do anything without a purpose. So before you start any work, decide your purpose, why you are doing this work.

Maybe you have many purposes for a business. Decide which of the following seems to be the closest thing to your goal.

If you really want to succeed in business, set goals to benefit people and please your Lord.

7) Education

No work can be done properly without full education. So, learn about your business first. Learn the ins and outs of this. Also, learn from others who are doing this kind of business. This will bring you closer to success and away from failure.

Successful entrepreneurs research and learn more and more about their businesses. Also keep learning as you will always find new things that could be beneficial to your business.

Know that, you probably know so little(may be less than 1%) of what you need to but take action to learn and implement and keep on doing that regularly.

8) Exercise and health

It is also very important to take care of yourself physically and mentally. You need to take care of yourself and be focused on yourself before work or anything else.

Because if you get sick or feel weak, you can’t focus on business properly. So take healthy food and exercise regularly to keep yourself physically and mentally healthy.

9) Me time/couple time

You need time to recharge and put time aside for yourself and also for your spouse.

It is very tempting to constantly work. Especially, when you work for yourself as your success is majorly tied to the effort and time, which you spend on the business.

However, in the same breath, it is crucial to step back and be physically and mentally present with your family members and friends around you. Do not let your work to make you a robot.

10) Seek experience from trusted and knowledgeable sources or people

This will be specific to your business and what type of business now you are dealing in. Get advice from people as there will always be new advice and ideas you may not have thought of.

Concluding Thoughts

I hope the above points are useful for you. So, what are you waiting for? Take one point and start on it from now. Take action and take control of your life! May Allah give you success.