As an entrepreneur, when you run your own business, you have to think very differently from the way you think when you work for someone else.

You have to understand and see the business from different perspective. You also need to keep a very clear management head at the same time,

and learn fast to stop thinking like a manager and start thinking like an entrepreneur. It is important to know that not every manager is an

entrepreneur but all entrepreneurs are managers.

Having read many books on entrepreneurship and worked with entrepreneurs for many years, it occurs to me that there are basic principles one

must follow to be a successful business owners. These are what differentiate successful entrepreneurs from unsuccessful ones.


1. Don’t borrow money to start your business

I understand that some business ideas require big funds to start which you can’t provide alone. However, I want to persuade you that you

should only borrow if there is no alternative. Explore all the alternatives before you borrow money. If you are getting loan from family, friends

etc. ponder on the repercussions that may come with it. You can borrow to grow a business not to start. The outcome of a new business is not

known at the beginning, it is not advisable to start with borrowed money. I have seen business folded up because of inability to pay back the

loan they got from banks. Start with whatever you have and then think of growing and expanding your business. If you don’t have much profit

at the beginning, at least you will enjoy the freedom of being in control. Every great business that I know started small. If they can, you too

can.


2. Have a Mission

When you are writing your mission statement, involve a little bit of mental process.

Mission tells you what to do to achieve your vision; it is the central purpose of your business. It aligns you properly with your goals. Let your

mission portray your value system. Let it be succinct and straightforward. Let me give you some best known examples to buttress my point:

Disney – To make people happy

Wal-Mart – To give ordinary folks the chance to buy the same things as the rich.

As you can see from those examples, you have to really focus on exactly what it is your company is all about. It is an essential part of selling

your company.

Once you have honed the statement to perfectly define what your business is for, you can use it in your planning. Should I go into this or that?

Check it if it goes with your mission statement. Does it meet the criteria set out in the mission statement? And so on.



3. You can’t do it alone

Nobody is an embodiment of knowledge. As an entrepreneur, you can’t be brilliant at everything. How many great businesses do you know who

have one person doing all things? It is not just possible to be an all-round genius, and if you fall into the trap of thinking that you are, your

business is doomed.

You must have always find a substitute to your weaknesses. Don’t always think they aren’t important. You must understand that it is normal to

have shortcomings, especially when it comes to business. It is not a reflection on your value as a human being, simply on the set of skills at

your disposal. When you work in a big corporation, it probably doesn’t matter because you can play to your strengths and other people can

compensate for your weakness, just the way you compensate for theirs.

However, running your own business doesn’t work that way. It’s your absolute job to have every role covered. No, of course you don’t have to

magically have all the abilities to do all you can have people to cover your weaknesses. There is nothing wrong using a finance manager or

appointing a customer care manager or personal assistant. Just get people to cover up your shortcomings. Don’t let your business fail because

you are too pig-headed to accept your shortcomings.



4. Get all the help you can

Now that you know you can’t do it all, you now accept your shortcomings. You must get all the helps that you need. As time goes on in the

business, you’ll find out that you need additional skills that you either don’t have or don’t have time to use. Then you need help from people to

complete the job.

For instance, if there is work for lots of people but only few are actually there and there is no money to pay anyone. What are you going to do?

You can take people on part time or go into partnership with them. This implies giving them some shares in the business. That will commit them

to doing more work for you. There, they know that the success or failure of the companies will make or mar them. Sometimes all you need from

people is just their expertise. When you find people to work for you, always encourage them with incentives. Make them feel valued and

important. Some will enjoy it not wanting to be paid. Then, pick their brains every time you need their experience or expertise.



5. Set up a strong culture

This is one structure among others that you must take seriously. You must stand for something if you don’t want to fall for everything. Now you

are the boss, you are not working for a big corporation. All the decisions are being determined by you. Sooner or later, when your business

grow, you will have people working for you either part-time of full-time. The question is, what sort of boss are you going to be? How are you

going to respond to anyone who is punctual at work? Are you going to crack the whip and sack anyone who turns ups up to work two minutes

late? Are you going to have a uniform wears for all the staff? Is it just going to be informal or formal wears?


6. Plan for the worst

I don’t mean to startle you but somehow things never go according to plan. You have to understand how to weather tough conditions; you’ll

cope far better when they happen along. Many businesses fold up because the owners had no Plan B for if it took longer than they thought to

become profitable (which it always does by the way), or if a major customer went bust, or if the economy hit recession.

For a start, always assume it will take you at least three years to become profitable, no matter what your business plan and cash flow forecast

tell you. So how to plan for the unknown? You need to analyse your business strengths and, especially weaknesses.


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