Top tips for entrepreneurial success

7 July 2009

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Have you ever wondered how the world's most successful entrepreneurs got to where they are today? Or how the biggest businesses built themselves up from nothing? Read these twelve tips, straight from the very people who have made it to the top.

1. The bottom line is the bottom line

Cash flow is king – without it you don't have a business, so don't commit to spending without being sure about income.

2. Do plan

Without a business plan you will struggle and you won't know if you are on track, ahead of schedule or meeting targets.

3. Be ready to adapt

Don't be afraid to change your plan if new opportunities arise for your business or service.

4. Manage negativity

Especially in the beginning, people will queue up to tell you what a bad idea it is and that it will never work. Try having "negative" and "positive" meetings.

5. Get an objective opinion

Don't rely on family and friends only to give you advice, they will tell you what they think you want to hear.

6. Hire good people

Spend as much money as you can hiring the best people possible. Better to hire great all-rounders rather than a single genius.

7. Learn from your mistakes

Mistakes are good because you can learn from them. Just don't make the same one twice!

8. Flaunt it

If someone famous or important is a fan of your business or products, tell the world about it. Celebrity endorsement works.

9. Stay in touch

While networking is often seen as a dirty word, stay in touch with contacts, friends, former colleagues and associates. And don't be afraid to ask for favours.

10. Delegate

If you're the best at something, do it. If you're weak in a particular area, get an expert to handle it. Concentrate on what you're best at.

11. Don't be too clever

To be a success, you need to identify a gap in the market and do it better than anyone else. Try to offer something new and different.

12. Customer service

Competition is rife, so offer a great service, answer complaints promptly and courteously, and always go the extra mile. It will make a big difference.

About the author

These tips are taken from Secret of My Success by Jamie X Oliver, which features stories, interviews and insights from some of the world's most successful business people, including Bill Gates, Sergey Brin, Theo Paphitis and Stelios. FPB members are entitled to a 20% online discount. Go to www.crimsonpublishing.co.uk and use the code: SOMS20.

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