Below is the concluding part of this series:
PLAN FOR RAISING CAPITAL
Richard Harroch, a venture capitalist, has this advice for upcoming entrepreneurs: “It’s almost always harder to raise capital than you thought it would be, and it always takes longer. So plan for that.”
KNOW YOUR GOALS
Ryan Allis, co-founder of iContact, pointed out that having the end in mind every day ensures you’re working toward it. Set goals and remind yourself of them each day.
LEARN FROM MISTAKES
Many entrepreneurs point to mistakes as being their best teacher. When you learn from your mistakes, you move closer to success — even though you initially failed.
KNOW YOUR CUSTOMER
Dave Thomas, the founder of Wendy’s, cited knowing your customer as one of his three keys to success. Know those you serve better than anyone else, and you’ll be able to deliver the solutions they need.
LEARN FROM COMPLAINTS
Bill Gates once said that your most unhappy customers are your greatest source of learning. Let unhappy customers teach you where the holes in your service are.
ASK FOR CUSTOMER’S INPUT
Assuming what customers want or need will never lead to success. You must ask them directly, and then carefully listen to what they say.
When you spend money on your business, be careful to spend it wisely. It’s easy to spend too much on foolish things and run out of capital too soon.
UNDERSTAND YOUR INDUSTRY
Tony Hsieh, the founder of Zappos, once said, “Don’t play games you don’t understand, even if you see lots of other people making money from them.” Truly understanding your industry is key to having success.
DELIVER MORE THAN EXPECTED
Google’s Larry Page encourages entrepreneurs to deliver more than customers expect. It’s a great way to get noticed in your industry and build a loyal following of advocates.
We believe that these tips, from entrepreneurs who are successful in their various fields, will help you navigate your entrepreneurial path much more easily. Being a successful entrepreneur takes a lot of work, a lot of vision and a lot of perseverance. Also note that success is like a treasure. Only those who seek it, find it.