Posted On Friday 16th June 2017 1:46 PM
I'm often asked by would-be entrepreneurs and startup business owners what skills and abilities they need to develop to truly succeed in business.
That's always a tough question for me to answer. I've always figured aspiring entrepreneurs needed to learn as much as they could about everything and anything that had to do with business in order for to really achieve.
That said, there are two main skills you need to cultivate and acquire to be a great entrepreneur along with five others you need to focus on to really give you a sense of what it's like to successfully run a business:
1.Become a generalist. While there is a drive toward specialisation in every area of our lives, the person who commands armies is called a General. Being a generalist allows you to have a lot of flexibility as a business owner. It means you have to know the fundamentals of how business works, as well as how all the independent parts work together to create success.
2.Know the numbers--yours and everyone else's. Numbers are a great and can be a great motivational force in your business and your life. Numbers are also the language of business, so you'll need to become fluent in them and familiarize yourself with a number of different formulas and key benchmarks if you want your business to be successful. What are some key numbers you need to know and learn?
3.Treat your day job like an apprenticeship to being an entrepreneur. Your best ally in your current position is time. Use it to leverage your knowledge of what works (and what doesn't), and learn as much as you can about what drives sales and profits, because those are lessons you can use at some point in the future. What can you learn in your
Posted On Wednesday 17th May 2017 6:19 PM
For many small business owners it is their dream to one day to be able to sell their business and enjoy the financial rewards that the sale will bring. But for many their experience will be an inability to sell their business, being forced to accept a below market price or worse still having sold their business not even receiving payment for it.
Below are 7 mistakes not to make when planning to sell your business
1. Not planning to sell your business
If your desire is to sell your business, then you need to set a clear goal now as to what you would like to sell your business for. This will determine the likely future profit levels required by your business to justify your required selling price. Only by having a clear profit target can you develop a plan of action to achieve it. Without setting goals and working towards these you are less likely to have a business that can be sold for what you want.
2. Not planning your life for after you have sold your business
Too many business owners get excited about the prospect that someone wants to buy their business, and they don't look ahead and ask, how much do I need to retire or what will I do for the rest of my life. Afterwards business owners often find they are bored or worse they find that the money they received for their business is insufficient to support their lifestyle requiring them to return to work.
3. Reacting to a buyers proposal
Ideally you should take your company to the market when it is ready for sale and retain control over the sales process. When you react to an unsolicited offer from a buyer you inevitably give control of the sale process to the buyer reducing the strength of your negotiating position. An unanticipated sale might expose certain weaknesses in your business that you have not had an oppor