7 Points Crucial For Business

By | June 24, 2013

Small-BusinessDoing business not only involves a capital stakes and make an effort to reap profits as much as possible. There are so many aspects that must be learned in starting and growing a business. And you do not have to experience it yourself to be able to know what points you should know in the course of business.

Here is an interesting exposure of Neil Patel, an online business entrepreneur who started two successful online companies: Crazy Egg and KISSmetrics. Armed with entrepreneurnya career, Patel, who is a young boy in the mid-20s has worked with many world-famous corporations such as Amazon, AOL, GM, HP and Viacom to increase their profits in the virtual world. Effect Patel in a virtual world has even been recognized by the Wall Street Journal.

Point 1: Take bigger risks when you’re young

When you are young, your life is relatively freer and you have more time to pursue all that you like. You have more chances to take risks and learn from failure you experienced. Support for younger people is still relatively more because they are not expected to be fully self-sufficient so that when a failure someone younger more easily get help and support from others in the vicinity, for example a parent, guardian, or sibling.

But not so for the more senior generations. The more a person gets older, generally the more responsibility he had to endure and the less time he has. By itself anyway, to take any risks should be reduced because if taken too great a risk to be managed, the stakes are not only personal but others are the responsibility of the partner and the person, such as spouses or children. Financial condition and life in general, the more stable is to be expected in a mature age and the risk in this case would destabilize existing.

Therefore, if you are still in their 20s or even a dozen years, it never hurts to start the business by taking risks as much as you are able to manage because it is the time to experiment and learn with a free, no-load.

Point 2: Keep the confidence of investors

Investors (in the broad sense, can be another person, bank or your own family) plays an important role in the course of a business. That he channeled funds to the body like the blood of your business. Fund investors entrusted to you is also a symbol of trust in your integrity as an entrepreneur and your business prospects. Therefore, do all you can to be able to maintain investor confidence by keeping their money in order to always grow, remain minimal.

In the business world, the beliefs of others to you and the business you run is an invisible asset that is more valuable than capital as much as anything. Therefore if their funds would have been lost due to any reason, look for ways to pay the funds originally they give to us in one piece. Thus, we demonstrate good faith in maintaining their trust (in the form of funds).

Point 3: Spend 10% of your time in the day to find new ways to make money

Set aside time in the day to be able to think of a new way to achieve more profits. You are required to be able to continue to be creative with all your mind and talents you have as an entrepreneur. Think out of the lane or the existing trends. Working on niche markets or untapped or underserved by the maximum. Or you can take advantage of existing market trends in different ways so that people like what you are handed to the market. Following the trend of rising without making a breakthrough will only make you become a follower of the old trend, not the creator of a new trend. Avoid it as much as possible.

This point does not require you to open a new business but rather focus on how to optimize what you already have right now so that it can produce greater benefits than before.

Point 4: Use communication to the maximum

There is no other way of thinking that can connect one person to another, in addition to communicating properly and efficiently. Usually a barriers in communication can lead to other negative barrage, such as a decrease in profits or failure to achieve the expected target.

Perform intensive communication with all parties related to your business, such as customers, investors, colleagues, business partners, and so on. Here is a practical way to increase the applied Patel smooth communication with all parties related to its business:

* Be a good listener: The ability to listen to what the other person is the ability to express the basic and vital in a communication process. Without being a good listener, a small possibility that we can respond to and understand, let alone take the appropriate action or response. Here, our ego must be suppressed so as not to dominate the conversation.
* Communicate regularly: Meet and communicate with others on a regular basis so they know you care about their existence.
* Speak clearly and concisely: Use sentence polite, brief but solid when talking with others. Express opinions, ideas or feelings very clearly so that people do not misunderstand. Misunderstandings often occur because the mind is not in accordance with each other. In fact, if spoken clearly, this can be avoided.
* Avoid complaints: Complaints will only be clearly convey a negative message to the listener. Instead, use the fact that what you say does not seem emotional and personal. Blame anyone, including yourself let alone anyone else, for an event that is not expected to be no real solution to the problem you’re facing.

Point 5: Maintain a relationship that has existed

Maintaining a relationship with another person just as difficult to build. Therefore, do not ever intend to cut ties with someone. Sometimes we have to suffer because others have made ​​a mistake that hurt and even they do not feel any wrongdoing. However, do not be burning with anger and immediately terminate existing ones. Be patient with the situation because maybe someday they will apologize, brings you the opportunity to succeed or even bring benefits to your business in the future.

Point 6: Spend 10% of your time a day to do networking

Patel believes that there needs to be someone who is the best in a field to make money. We just need to build a reliable network of relationships. This can be done by attending local networking events, blogging, and even participate in social networking sites are good ways to build relationships.

By building a network of relationships and extensive connections, you can cover the shortfall by asking for help from others. It would be much lighten your workload. Compare if you have to work alone and have no friends in running the business.

7. Points: Do not let your fellow investors or stranded

When you set up a business with another person or investor, try not to leave them and the joint venture established without good reason. Understandable if you go as no longer like what you are doing or feeling no longer needed to develop business in the future. But if you are not in a situation like that, you should stay with them.