As an entrepreneur, you know it’s the most-difficult task anyone can undertake.
Difficult customers, managing employees, and weak cash flow are just a few of the stress factors.
Successful business owners are different because they take positive approaches that help them emotionally, physically and financially.
Stress leads to physical ailments. A healthy entrepreneur functions much more productively.
In a nutshell, successful business owners find ways to smile. A lot more is involved than exercise and recreation.
They manage their pressures so they don’t turn into stress factors.
Happy entrepreneurs develop and maintain healthy work environments.
They have healthy emotional outlooks and they’re expert in business processes.
1. They focus on love, not fear. Love can be the only unlimited commodity.
There are two acronyms for Fear – “frantic effort to avoid responsibility,” and “false evidence appearing real.”
Entrepreneurs are able to smile when they don’t carry grudges. Resentments are a drain. If resentments fester and grow, bags of resentments get heavier and heavier. It becomes harder and harder to be efficient and productive.
2. They’re expert in acceptance. Inherently, they realize that in all disappointments, knee-jerk reactions are deadly. They know they’re not 100 percent right in all disagreements. They don’t automatically choose resistance to change.
For them, winning after a disappointment takes a three-stage process:
— Shock and denial
— Anger and depression
— Understanding and acceptance
With acceptance come decisions – what to do or not do about the situation. That might include compromise.
3. They regularly check their motives. When in doubt, they ask themselves if their actions are productive to make sure their activities help them reach their goals.
4. At every level, they listen. They listen to improve relationships and business performance. In doing so, they promote dignity and respect.
From the lowest-paid employee to the most-valued customer, happy entrepreneurs treat everyone with respect. That’s key because it leads to two valuable commodities – happiness and trust.
5. In adversarial situations, they look for silver linings. They see disappointing events as opportunities for growth.
They look for lessons to learn and grow. By not judging, there’s no need to forgive. It’s a freeing feeling.
6. They demonstrate an attitude of gratitude. If necessary, they write a gratitude list. In this way, they enjoy the 90 percent in their business that’s working instead of the 10 percent that isn’t.
They say the words, thank you, several times a day. When appropriate, they put it in writing.
They act as if they’re fortunate. They grow by helping others. They volunteer their service, donate to good causes and engage in cause-related marketing.
Customers love community-minded businesses. That’s why cause-related marketing increases sales.
7. They have “blue-sky” planning sessions. They dream big. They incorporate best practices for setting goals.
They challenge their employees to do so, too. That creates even more hope. Without hope, an entrepreneur is defeated.
8. They’re good at engagement. They walk the floor twice a day to engage their employees. They promote congeniality and profit from employees’ ideas.
9. When they make a mistake, they don’t hide from it. They take responsibility without being defensive.
They make unconditional apologies. They don’t say, “I apologize if I offended you.” And they don’t blame others. This generates respect.
10. They’re careful in criticizing others. They properly evaluate employees and typical errors in evaluations.
If they have to critique people, they seek balance. They include appropriate compliments when criticizing their employees. They include solutions with the criticism.
Expert business processes:
1. They’re efficient. Content entrepreneurs focus on their core competencies. Competent entrepreneurs know that size doesn’t matter but image and professionalism count.
2. Sales are a priority. They’re knowledgeable about their sales – what sells the most and what sells the least.
3. Attention is given to profitability, not just revenue. Profitable business owners are aware of what leads to maximum profits, and what is least profitable.
Further, they avoid typical pricing mistakes.
4. Successful entrepreneurs are astute about costs. They’re educated in minimizing costs, and calculating their margins while not cutting muscle in human resources and marketing.
5. Management of inventory is important to them. They know what sells fast; they prevent spoilage and know when inventory is missing because of theft.
6. Opportunistic business owners invite and listen to their customers. They don’t ignore the potential of online reviews, and they know how to profit from customer reviews. They know the best techniques in customer service.
7. Solid entrepreneurs grow responsibly. They profit as much as possible with organic growth, but don’t scale their companies too fast by rushing their business growth. They avoid trouble by growing at the right pace.
8. They’re savvy about marketing. That includes advertising, public relations and social media. They double down on cyber strategies.
9. They’re educated about risks. They fully understand risks and trends in their competitive marketplace. That includes protecting their assets with a trademark, and promoting security by managing cyber risk.
10. Outstanding entrepreneurs manage well. Exemplary management practices are a habit. Moreover, they know how and why to partner with their employees.
From the Coach’s Corner, here are related and supporting articles:
Quick Checklist for Profits You Can Implement Today — Here is a top-10 checklist for profits.
Profit Margins: 11 Tips to Increase Sales and Minimize Markdowns — Imagine being able to sell your products at full or nearly full margins. How would you like a dream situation – not having to mark down your products? It’s important to develop and implement responsive, multi-dimensional strategies to maximize your sales.
Critical Essentials to Develop the Best Marketing Formula — There are critical essentials for marketing, which includes the right channels and developing the right message. That includes the right branding slogan and logo. Unless your targeting upscale consumers, many consumers prefer value marketing — not cute, which doesn’t necessarily mean selling at a lower price than your competitors. Hyper-consumerism is history.
Your Mobile Site: 7 Precautions for a Top Google Ranking — With the skyrocketing sales of smartphones and tablets, comes a warning from Google. If you don’t have a mobile site, you should. And if you do, make sure it has what Google calls “mobile friendliness.” Here are seven precautions to take.
6 Rules to Keep Your Pipeline Full for Continuous Sales — It doesn’t matter what type of business you have. Even if your sales are great today, there will come a time when sales will crawl to a halt unless you take precautionary measures to keep your sales pipeline full.
“The entrepreneur always searches for change, responds to it, and exploits it as an opportunity.”