4 Absolutes for any Entrepreneur and Small Business Owner

  • SumoMe

4 simple principle for every entrepreneur and business ownerEvery skill, from playing an instrument to being in a small business owner or entrepreneur, has simple fundamental concepts that need to be mastered. They are the ABCs for success. Keeping these four principles in action will make your business more productive and more profitable.  Here are 4 that come to mind.

Always Be Closing:  Alec Baldwin is famous for the scene in the movie Glengary Glenn Ross when he is working to motivate a group of salesmen. Two of the greatest quotes from the movie are, “Coffee is for closers” and “Always Be Closing.” As a small business owner and entrepreneur, it is easy to get caught up in the “running” of the business and get sidetracked away from the most important aspect of your business: prospecting/sales.  Some of the most difficult fundamentals of any business to master are prospecting, marketing effectively, building relationships and closing deals. However, that is the life blood of every business and should always be a top priority. Always Be Closing!

Conceive Believe Achieve:  This ABC has to go in reverse. Remember Napoleon Hill’s famous saying is, “Whatever the mind of a man can Conceive and Believe, he can Achieve.” In any business, it is critical that you keep your competitive advantage, unique selling proposition, brand and identity. Staying focused on what you have Conceived as the Core of your business, reinforcing it every day so you continue to Believe in your mission, and then engaging in Action will help to ensure your success.

Assets – Bills = either surplus Cash or Credit card debt: Which would you rather pursue as a business owner, making more money or spending less? Correct answer: BOTH! Remember that businesses always have to work diligently to maximize income (Assets) and simultaneously minimize Bills (expenses) to the lowest level possible. It can be easy to get distracted in other people’s “opportunities” to help you grow your business. Be diligent with your research when it comes to marketing and promotions. Ask yourself, “Is this task or opportunity revenue generating? or is it a distraction?”

Always Be Coached: Every small business owner and entrepreneur needs a mentor. Someone to brainstorm with, share the highs of success and the lows of misfortune. There is always power in a Mastermind group, group coaching or, you guessed it, a personal relationship with an Executive Business Coach. No one ever stands up at the Oscars and proudly proclaims, “I did it all by myself!” When you give your Business Success acceptance speech, who will you have on your notecard to thank? Fill that card up, so they have to cut you off with a commercial!

The first three ABCs will keep a small business owner and entrepreneur BE in business while the last one will help you STAY in business. 

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