Opinions expressed by Entrepreneur contributors are their own.
What's the key to entrepreneurial success? That is probablythe question I am most often asked. I don't believe there isonly one answer to that question, but here are a few factors toconsider:
- Treat your people well.Your business is only as good as the people who work for you. Treatthem with respect and dignity, and chances are, that's howthey'll handle your clients and customers. Employees want morethan a paycheck from you. Give them a forum to make suggestions,allow them to make decisions and let them feel they truly make adifference to your company.
- Listen to your customers.Sounds so basic, I know, but you'd be surprised how manybusinesses don't. Talk to your customers (e-mail is a great wayto do this, but don't spam them). Ask for their suggestions.Pay attention to their feedback. They know what they want and whatyou are and are not giving them.
- Sell, sell, sell. Marketingand sales are the keys to any business' survival. Even the bestproducts or services will go unbought if no one knows they exist.Clever marketing can turn OK products into sales phenomena. TakeDomino's Pizza. They took two ordinary concepts (pizza and fooddelivery), added a marketing promise (getting you your pizza in ahalf an hour or your money back) and made billions of dollars.
- Be flexible. One of thefactors that sets you apart from your corporate brethren is yourability to turn on a dime. As your company grows, it's easy foryou to get bogged down with what you're doing and lose thistrait. Make sure as you grow, you don't become so myopicallyfocused on what you're doing that you can't quickly changedirection.
- Admit your weaknesses.Don't try to do it all yourself. Many entrepreneurs tend todefine themselves as Superman or Wonder Woman, thinking no one cando as good a job as they can when it comes to their businesses. Andso many of you are blind to your own faults. None of us is perfect.Understand what your weaknesses are, and make sure you're notgumming up the works by micromanaging or doing tasks you'rejust not well-suited for.
- Check your ego.Entrepreneurial companies are more dependent than largerenterprises on teamwork. And just because you're the bossdoesn't mean you're not a part of the team. "Because Isaid so" may work when you're talking to a toddler, but itwon't motivate your staff.
- Embrace change. Change isscary for most of us. But you didn't let fear interfere withyou becoming an entrepreneur, so don't let it stop you now.I've said it before, but I truly believe this is key to yoursuccess: If it ain't broke, go ahead and break it.
- Stay on the sunny side of thestreet. As you well know, being an entrepreneur can betough. There's a lot of rejection, a lot of mistakes, a lot ofchallenges. But you're only going to succeed if you knowyou're going to. So while you can allow yourself an occasionalwallow, make sure you get out of the negative mud quickly and, asthe old ditty goes, accentuate the positive.
- Out of the mouths of babes:Executive editor Maria Anton's 1-year old daughter, Alexandra,knows four words. She is only one short of the lexicon of asuccessful entrepreneur. Her first word was "uh-oh." Whenyou make a mistake, admit it. This clears the air and allows youand your staff to take corrective action. Next came "thankyou." This one's obvious: Always acknowledge a gift, akindness or a good deed. Her third word was "hi," whichshe says with a six-toothed grin. If you're in retail, it'sespecially important to greet all customers with a smile and a warm"hello." And finally there's "no." Saying"no" is an important component of managing time andprojects. And even though I told you earlier to keep your ego incheck, there will be times you need to say "no" toclients, customers and staff.
Maria thinks Alexandra said "yes" last night. And thatwould round out all the words you really need to succeed."Yes" is an extraordinarily powerful word. Make sure youuse it wisely.
