What’s the secret to launching a successful business? If you’re someone with an entrepreneurial streak who wants to try your luck, you might be wondering what the answer is. The truth is, there is no hidden secret to being a great business person. It’s work, dedication, and above all, knowledge regarding the industry and your product’s consumer demographic.
Although there are no secrets, there are mistakes you can avoid making so that your company doesn’t bite the dust before you even start to generate a profit. It’s worth noting that, according to Statistic Brain, only 50% of startups make it past their fourth year of business. On ABC’s Shark Tank, entrepreneurs are advised every week by million-dollar investors over how to improve their business. Here are three tips based on their advice.
1. “Fire your mother if you have to.” -Kevin O’Leary
Although you hopefully won’t need to literally fire your mother, it’s a good point about the fine lines that exist between running a business, and maintaining a friendship or relationship with a family member. Family can be great when we’re in a pinch and starting up a business. But beware: it can be difficult to establish boundaries with someone whom you have a long relationship with. Be very wary of hiring someone you know you’d be afraid to fire. And if the time comes, don’t be afraid to let someone go. It’s your business and investment on the line, not theirs. To find great employees, considering contacting executive recruitment firms. Recruitment firms do the dirty work for you and forward the employees that would make the best fit.
2. “Treat your customers like they own you. Because they do.” -Mark Cuban
“The customer is always right” doesn’t mean that you need to literally cater to every whim a customer has. However, it does mean, along with Cuban’s quote, that you need to pay attention to what consumers need — not just what you want them to need. Are you pushing a product or service because it’s connecting with a problem people have and working to solve it, or because you really, really like it?
3. “The figures you knew well aren’t boring to an outsider who knows little about your business.” -Barbara Corcoran
If you are hiring a sales rep and want to set them up to sell for you successfully, you need to remember that the inner workings of your business that you’ve come to take for granted can be deeply interesting to an outsider. It’s all about understanding how to package the experience of what you’re selling.
Would you work with a recruitment firm in order to hire better employees for your company? Let us know in the comments.