Being an entrepreneur requires quite a large investment. Building a company from the idea stage to a real sustainable enterprise requires time, passion, and, of course money. Successful entrepreneurship can take a lot out of you.
Here are a few articles with great ideas for how to best invest your energy as you build your company.
Treat Potential Customers Like Investors
You may not be at the stage yet where you are seeking investors, but you are probably looking for leads and potential customers even from the beginning. A new article from Inc explains why you should treat prospective customers as if they were potential investors and exactly how to do so.
Their sage advice is:
- Send an Email Update: If someone says they are interested in your idea, but doesn’t purchase anything, don’t consider the lead to be dead! Send a timely and engaging email update and you might just catch some new customers from your old contacts.
- Ask for Advice: People love giving advice, and this is true for prospective buyers as much as anybody else! Asking a prospective customer for their opinion gets them invested and brings them closer to buying.
- Keep Your Leads Funnel Full: For every successful conversion you’ll face a lot of rejections. It’s worthwhile to keep as many leads in the cycle as possible, even if it feels like a lot to handle.
Stay Employed While Building Your Business
Even though it can be hard to find the energy, being a good employee while you get your business started allows you to invest money in your project until you are able to invest more time. This article from the Huffington Post gives first-hand tips on how to keep your job even when your mind and your heart have walked out the door a long time ago.
Do This, Not That
Investing a lot of energy and time in the wrong things has been the downfall for many entrepreneurs. Don’t make the same mistakes that have been made a million times before! Check out this helpful Fox Small Business News article on the 10 things successful entrepreneurs never do.
A New World for Business Plans
Starting a new business might mean applying for a loan from the bank. Whether you need start-up capital, want to buy property, or anything else, you need to prove that you have your ducks in a row in order to get the bank to agree to invest their trust in you. The New York Times explores the changing expectations for business plans that banks and even investors might require.
What’s the best investment that you have made as an entrepreneur? Tell us in the comments.
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