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The Best Practices Guide for Budding Entrepreneurs
Amy Collett

With over 1,000 members, King’s Entrepreneurs Society reaches out to exceptional students who want to make a difference and help them to connect, create and grow. Contact us today to learn more! general@kingsentrepreneurs.com

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It’s known that about 90 percent of startups fail, and about 78 percent of small businesses die in their first year according to the Office of Advocacy. If you’re looking to establish a successful business that will stand the test of time, you must learn to practice the things the entrepreneurs who fail don’t understand. With this big failure rate, entrepreneurs need to be business-savvy, foster a mindset of perseverance, and maintain a strong work ethic.

If you’re just starting out and looking for funding, you may be trying to get your personal finances in order and dealing with items in your credit history. If you’ve got the startup capital you need, you are likely looking for more steps you can take to help your business succeed. This guide from King’s Entrepreneurs Society offers you some advice to get started.

Optimize Your Routine 

  • Craft a schedule that fits your needs. The trademark for most self-starters is to cultivate the ability to branch from the 9 to 5 parameters traditional jobs provide. 

  • Technology facilitates this phenomenon, especially because businesspeople are now able to work out of the office. 

  • Some prominent business leaders follow unconventional sleeping schedules to extend their productive windows. 

 

Maximize Your Productivity 

  • Embrace schedules that best suit your unique workloads or lifestyles. Many employees experience work overload, a factor that impacts their productivity. But embracing a flexible schedule can boost employee productivity. 

  • Be honest with yourself and how much you can handle each day. It helps you avoid biting more than you can chew.

  • Understand which tasks should be of priority on your list. Use the 80/20 rule to optimize efficiency and productivity. 

  • To make it easy to manage your operations, establish your business legally by registering with your appropriate state agency.

Play to Your Strengths 

  • Being self-aware is helpful as you will always learn something new that improves your business. Some of the world’s most famously successful business executives read from four to five books a month. 

  • Innovators understand their skill sets, and recognize when one needs additional research and knowledge on a subject. 

  • The benefits of focusing on your strengths. outweigh the cost. At some point, it’s ideal to relinquish some responsibilities. 

  • You need to be more comfortable in handling the teams you hire to expand your business. 

  • There are many tech solutions that new entrepreneurs might hesitate to incorporate due to a lack of staff expertise. However, you can outsource almost anything these days. For instance, if your warehouse (and budget) would benefit from robotics, there are robotics companies that can assist with solutions that can improve operational efficiencies.

Build Strong Relationships 

  • Make connections and build relationships with people who can support your ideas. It's important how you’re perceived, so Psychology Today suggests focusing on building meaningful connections in your industry. 

  • To stand out, strengthen your presence through:

    • conferences

    • networking

    • social media 

  • When you cultivate business connections, the company will benefit from third-party input from mentors and peers. 

  • How to create these connections:

    • Understand who your target is and know where you can find them. 

    • Research which people within your circles can provide high-quality connections.

    • Strive to strengthen your professional connections through content campaigns and social media engagement.

    • Foster positive relationships with colleagues. 

Conclusion 

Building a business takes a process that requires dedication and sacrifice. As a part of your efforts, you must establish a strong relationship between your business and influential partners in the industry. Optimize your routine for efficiency, and always play to your strengths.

For more business resources and services, join King's Entrepreneurship Institute.