Leader published businesss advice from the trenches. Competitiveness and knowledge of strong and weak points are recurrent aspects. For the full report click here: http://www.leader.co.za/article.aspx?s=1&f=1&a=6705
1. Ensure that you create value and differentiate yourself; challenge all of your own ideas and make sure that only the best survive.
2. Money helps, but you can get very far with hard work, tenacity and ingenuity. Don’t let money put you off. Too many entrepreneurs feel that they can’t pursue their dreams because they don’t have money. That’s just not true. If you’re willing to work extremely hard, you can make it happen.
3. A lack of money can often be a good thing, since it forces one to think creatively. We hired people who we thought could help us grow the business, not necessarily because they possessed the right skills, those could be learnt, but because they had the right attitude.
4. The difference between failure and success often lies in making fewer mistakes than your competition. You need to ride in the slipstream of your competitors and wait for them to mess up.
5. Planning, planning, planning, preparation, preparation, and preparation. You can use these six golden rules to ensure your team works towards keeping your consumer happy.
6. The greatest danger for most of us is not that our aim is too high and we miss it, but that it’s too low and we reach it.
7. It is important to be adaptable and that nothing in business is hard or fast. We’re constantly faced with new sources of data needed to grow our business; the only real question is whether you’re willing to use that data to drive the business forward.
8. One of biggest factors separating corporates from smaller entrepreneurial businesses is cash flow. But, while corporates have healthy cash flow to work with, the ability of a start-up to run lean is invaluable as the business grows. This is because you’ve built into the business’ DNA to be careful with expenditure.
Submitted by Marie-Luce KUHN, IBIS Business and Information Services