Successful entrepreneurs share a couple of characteristics. Not only do they all take advantage of the five hacks, but they also share a winning attitude. They set goals, plan strategically and focus on their objectives. Successful entrepreneurs reach their goals in incremental and measurable steps. They effectively manage their money, time and all other resources wisely.
Let’s take a look at five hacks modern entrepreneurs use to grow their business.
1. Put your business on auto-pilot
Entrepreneurs automate their business so as to achieve fast growth. Putting some aspects of the business on auto-pilot allows the venture to run more efficiently and more effectively. Automating repetitive tasks reduces the risk of human error and decreases execution time. By automating low-value tasks, entrepreneurs can focus on high-value tasks and on making decisions. Top performing businesses tend to automate the most.
2. Your network is your net worth
An entrepreneur’s network is defined as a web of relationships that generate value during their exchanges. In other words, possessing a network of key relationships increases the value of the business due to the potential deals that can occur. A valuable network is made of recurring clients, reliable vendors, trustworthy advisers and a sound management team.
3. Scale your business
Entrepreneurs always think of ways to grow their business and to avoid stagnation. When they have a $5 million business, they will think big and come up with a plan to grow it to $50 million. Entrepreneurs will consider securing additional financing when they need to purchase additional machinery. Perhaps improving their cash flow will allow them to increase inventory on hand and to fulfill larger orders. Entrepreneurs always think of different ways to create explosive growth.
4. Timing beats speed
Timing is a critical success factor and entrepreneurs learn to turn it to their advantage. Entrepreneurs save money by timing their purchases when vendors offer discounts. Moreover, they time the launching of their products to maximize revenues. Timing actions allows entrepreneurs to think of possible contingencies and gives their business an edge. Entrepreneurs harness time and plan for business success.
5. Fall down 5 times and stand up 6
Being an entrepreneur is a risky endeavour – which is exactly the reason it is so gratifying. Entrepreneurs accept the inherent risks of the business in order to take advantage of its possible rewards. They are not discouraged by failure and rather see it as a learning experience. Falling down and standing up is part of the entrepreneur’s journey.