Tips for Business Success

1. Have passion for your business Work should be fun. Your passion will help you overcome difficult moments and persuade people to work for you and want to do business with you. Passion can't be taught. When it wanes, as it surely will in difficult times, take some quiet time. Whether it be an hour or a week, take inventory of all the reasons you started the business and why you like being your own boss. That should renew your passion.
2. Set an example of trustworthiness People have confidence in trustworthy individuals and want to work for them in a culture of integrity. The same is true for customers.
3. Be flexible, except with core values It's a given that your plans and strategies will change as time goes on. This flexibility for rapid change is an inherent advantage of small over large business. However, no matter the pressure for immediate profits, do not compromise on core values.

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4. Don't let fear of failure hold you back Failure is an opportunity to learn. All things being equal, venture capitalists would rather invest money in an individual who tried and failed founding a company than in someone who never tried.
5. Make timely decisions
It's okay to use your intuition. Planning and thought are good. But procrastination leads to missed opportunity.
6. The major company asset is you Take care of yourself. Your health is more valuable than the most expensive machinery or computer software for the company. You don't have to choose between your family or your company, play or work. Maintain your health for balance and energy, which will, in turn, enhance your mental outlook.
7. Keep your ego under control Don't take profits and spend them on expensive toys to impress others. Build a war chest for unexpected needs or opportunities. This also means hearing out new ideas and suggestions no matter how crazy they sound.
8. Believe
You need to believe in yourself, in your company, and that you will be successful. This confidence is contagious with your employees, customers, stakeholders, suppliers and everyone you deal with.
9. Encourage and accept criticism graciously. Admit your mistakes. You need to constantly work on convincing your employees that it's OK — even necessary —to state their honest opinions even it if conflicts with the boss's opinion. Just stating it once or putting it in a mission statement won't cut it for most people.
10. Maintain a strong work ethic Your employees will follow your lead. It will also help you beat your competition by outworking them, particularly when your product or service is very similar.