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5 Rules That Any Entrepreneur Must Follow

The successful entrepreneur is part of one of the most diverse groups imaginable. Some have several college degrees while others do not even finish primary school. Some are outgoing people who love to close a sale, while others are shy and would rather have a tooth pulled before selling something. Despite the great diversity of personalities, all these men and women are successful. However, they are also susceptible to committing a serious error: having too much confidence.

It is true that having confidence in yourself is important in order to succeed in your own business. You have to believe in your abilities and persevere despite all the challenges you have to face. Once you achieve your dream, it is easy to think you were able to do so only because of your natural abilities. Once your ego is inflated, you stop listening to the people around you when they do not agree with you. And what’s worse, many entrepreneurs simply fire people who helped them succeed, thinking that they are no longer needed. What is the result of this overconfidence? Personal desolation and failure of your business. Do not let this happen to you. Take advantage of these tips to ensure that your initial success is durable:

5 tips for being a successful entrepreneur:

1. Being an expert at something does not mean being an expert on everything.

Most successful entrepreneurs are known for a particular skill, like being a good salesman, engineer or speaker. Or they just naturally have good judgment when making decisions. But a successful company is not based upon the abilities of just one person: it is the entire group of people that makes it succeed.

2. Always have expert advisers at your disposal.

You cannot deny that we live in a world of specialists. Technological and scientific advances in recent decades have opened the doors to an unprecedented amount of new information and knowledge. An entrepreneur, as smart and clever as he or she may be, simply cannot be an expert in everything, and many decisions do require knowledge of an expert.

3. Do not make important decisions without getting at least 3 outside opinions first.

The most successful entrepreneurs in the world consult with third parties. Why not you? Mark Zuckerberg, founder of Facebook, asks one basic question before making an important decision: “Who is the best person in the world to see?” He then proceeds to contact him or her. Note that Zuckerberg never responds: “I am.”

4. Assess your skills honestly.

Each growth stage in the life of a business requires different skills. Taking an idea and creating a business out of it is very different from taking a company that already generates $1 million in sales and making the profits grow to 10 million. Many entrepreneurs recognize that they do not have the ability to carry out the second stage. They also have enough humility to resign and allow someone with more experience to take over the reins of their business.

5. Study the path of other successful businesses.

Many of the world’s most renowned and biggest businesses, such as Apple, Hewlett-Packard, Coca-Cola and General Electric, also have something in common: their current success is because they were able to adapt and change course when necessary because their leaders were willing to listen to advice. So take note!

About Mike Periu

Hispanic business leader with experience in the areas of finance, business development, marketing and business management. Mike's goal is to put within the reach of the Hispanic Community financial knowledge necessary to succeed in the United States. Using a clear, simple and direct communication style, Mike has helped thousands of Hispanic entrepreneurs better manage their money. He debuted in Abasto explaining to Hispanic Entrepreneurs why they must accept credit cards at your business.

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