Although this blog is directed at owners and managers of companies that have been in business for several years and have revenues of several million or more, I thought I’d pass this contest information (5 Tips for $5,000 – see below) along. It’s a way for all of you seasoned entrepreneurs to share your knowledge with newly minted entrepreneurs and business owners. You remember the early days! What lessons have you learned or what advice did someone give you that helped you along the way (and still applies)?
Consolidate that advice down into five (5) succinct tips of 300 words or less. Share these 5 tips for startups and new business owners on The Company Corporation’s website at https://www.incorporate.com/five_tips_giveaway_enterTab.html . You can win $5,000 if your advice is selected. Just as or even more importantly, you’ll get some free PR! The deadline for submission of your business tips is March 31, 2014.
Here are the 5 business tips I submitted:
- Remain aware of the reason you went into business. Better yet, write it down and refer to it on occasion. When things get tough, this will help you stay the course.
- Spend a minimum of ½ day each week working on your business. This is how you craft and manage strategy, build infrastructure and notice threats and opportunities.
- Whatever amount of money you think you need, double or triple it. If you really don’t think you need money, get a credit line or get an unfunded commitment from an investor that you only tap if and when you need it. This way you are prepared for the unexpected.
- Continually educate yourself or, in other words, “Always be learning.” You may know your products or industry well, but you may not know other aspects of your business. And markets shift. Arrogance can bring down even the most mighty.
- Track and measure your numbers and periodically review them to identify what’s going on in your business. This will help you focus your marketing, identify operational issues early, and much more. The numbers tell a story. You then must look behind the numbers’ story to get to the root cause.
Your business tips must be wholly original! No re-wording or plagiarizing.