53 Ways to Become a Better Entrepreneur by NEIL PATEL

53 Ways to Become a Better Entrepreneur

by NEIL PATEL on AUGUST 7, 2009

Do you want to become a better entrepreneur? Well who doesn’t, right?

Over the past 8 years I have started around 9 companies. Sadly most of them failed, but the good news is, I have learned a lot over the years. Some of these things maybe obvious to you, while others may not, but none-the-less there will be something that will be beneficial to you.

Here are 53 things to keep in mind if you want to be a better entrepreneur:

1.      Don’t let emotions cloud your decisions.

2.    Accept criticism, no matter who gives it to you.

3.    Never stop networking.

4.    Learn from your own mistakes.

5.     Learn from other people’s mistakes.

6.    Around every corner lies an opportunity for you to sell something.

7.     Don’t get too greedy… pigs get fat and hogs get slaughtered.

8.    Try not to mix your family life with your business life.

9.    No matter how successful you are, you shouldn’t stop learning.

10.                        Spending money on good lawyers and accountants will save you more money in the long run.

11.  Don’t pick a stupid company name and if you do, don’t change it later on.

12.Hiring employees won’t solve most of your problems.

13.Be agile because slow and steady won’t win the race.

14.Being agile isn’t enough, you also have to be scrappy too.

15. Having a good business partner will be a key factor in your success.

16.Don’t be afraid of the unknown.

17. It is easier to save money than it is to make it.

18.You don’t always have to innovate; there is nothing wrong with copying.

19.Have a marketing plan.

20.                      Don’t under estimate your competition; you can’t always know what they are doing.

21.Watching movies like Boiler Room, will teach you how to sell.

22.                       If you don’t have a business mentor, you better get one.

23.                       Your income will be the average of your 5 closest friends, so pick them wisely.

24.                       Diversifying is a good way to play things safe.

25.                       It doesn’t matter what you want, it only matters what your customers want.

26.                       When others are fearful, you should be greedy. And when they are greedy you should be fearful.

27.                       You don’t always have to pay for advice. You’ll be amazed with the free advice you can get pick up from the web.

28.                       The best chances you have of becoming rich is through your willingness of working hard.

29.                       Even the most idiotic business idea can make money.

30.                      Sex sells and it always will.

31.An easy way to make more money is to up sell to your current customer base.

32.                       Base your business decisions around metrics.

33.                       There is no such thing as a safe bet.

34.                       You don’t have to start a business to be successful.

35.                       Raising venture capital is harder than being struck by lightening.

36.                       Staying under the radar isn’t always a bad thing. Being out in the open is a great way to attract more competitors.

37.                       Learn to be a team player.

38.                       If you ever get screwed over, think twice before you burn the bridge.

39.                       Learn to manage both your personal and business money.

40.                      Live in a location filled with entrepreneurs.

41.If you don’t take any risks, there will not be any rewards.

42.                       Don’t let anything stand in your way.

43.                       Sometimes you have to wait for good deals to come to you.

44.                       The smartest route isn’t always the easiest route.

45.                       Being too aggressive can backfire.

46.                       With networking, it isn’t about whom you know, it is about whom your network knows.

47.                       It’s never a bad thing to know too many rich people. Whether you like them or not, they can always come in handy. So make sure you always play nice with them.

48.                       Use your email signature to promote your business.

49.                       Don’t be afraid of social media. It is a great channel for customer acquisition.

50.                       You’ll learn more from starting your own business, than going to business school.

51. Having a personal blog doesn’t only help build your personal brand, but it helps your business as well.

52.                       Your competitors don’t have to be your enemies, you can learn a lot from them.

53.                       You can grow your business by working for free.

Hopefully these suggestions will help you improve your entrepreneurial skills.