While nearly anyone can start a business, very few can keep that business running the way that it should. That is why a large percentage of businesses fail within their first year of operation.
It takes certain disciplines to ensure a business runs properly and profitably.
Not all entrepreneurs start off with these disciplines; they must be learned and adapted to the business situation.
In today’s post, I am going to share 5 disciplines every master entrepreneur should have. And you can have them too by practicing them on a daily basis.
#1: Master Entrepreneur Disciplines: Analyzing The Market
You may think you have a great idea for a product or service, but does the market agree?
Have you analyzed the market? Have you polled, tested or even asked others who have businesses within that particular market segment?
The master entrepreneur knows before he/she puts the product or service on the market if that market is genuinely needs or wants the idea they have.
And no matter what, your focus should always be on the market… the customer. As they change, you will need to change too.
#2: Master Entrepreneur Disciplines: A Detailed Business Plan
It has been said that failing to plan is planning to fail.
Master entrepreneurs know that they must create a detailed business plan. This plan should include:
- An executive summary – This is a basic overview of the most important stuff. What the company does, how it will make money and why people will pay
- The market – This explains who the primary customers will be. You will want to narrow it down; demographics, gender, ages, etc…
- The competition – You want to list your main competitors and what makes you different.
- Your team – Employees and contractors go here.
- The business model/format – This is where you list out where money comes in and where it goes out.
- Projections – Here is where you predict how much money will the business make. You should look both short and long term here.
By having a detailed business plan, you and your team members can refer to it to keep on track. Also, that plan should always be open to change.
#3: Master Entrepreneur Disciplines: Budgeting
This is one of the discipline areas that can destroy a business quickly. Spending more than you are making has filled bankruptcy courts with small businesses.
You need to keep track of every cent going out and coming in.
As an entrepreneur who faced this struggle, I developed an application to help. And now I have many entrepreneurs thanking me for it… You can get The Expense Tracker here.
#4: Master Entrepreneur Disciplines: Stay True To Your Word
As entrepreneurs we are often moving at one thousand miles per second. If we are not careful, we can forget promises. And that can hurt badly. And that does not just mean promises you make to other people, it also means promises you make to yourself.
I suggest you carry a daily planner and refer to it often to make sure you are being true to your word.
#5: Master Entrepreneur Disciplines: Knowing Your Strengths And Weaknesses
I have yet to find a business that is a success as a result of one person. Sure, an entrepreneur may own and manage many of the tasks to keep that business running, but he/she will have to seek out help in areas they are weak in. It could be an employee, family member, partner or freelance contractor.
By knowing your strengths and weaknesses, you can plan out which areas you can handle and the areas you will need help in.
I suggest you take some time and determine your strong and weak areas so you know where you will need help.
By mastering these 5 disciplines, you can become a master entrepreneur.
I know because it has helped me and I know they can help you take your life and business…