Entrepreneurs go into business for a variety of reasons, yet they all have one thing in common: they are passionate about something. It might be a passion for baking pies, or a passion to democratize the internet. It’s that initial passion that fuels long workdays and sleepless nights. While you’d expect the hard work to be over once your product is launched or your business opens its doors, it never quite is.
In fact, growing the business is often harder than starting the business. That’s when business savvy really comes in handy, but it’s also a time when passion can get in the way. Being so passionate about what they set out to do oftentimes blinds entrepreneurs from what’s needed to succeed in business.
Here are four rules I’ve learned to adopt to succeed in business.
Numbers Are Everything
Yes, you went into business because you had a passion. But being in business is more than just following your passion: to really succeed and turn your passion into something greater than a hobby or an interest, you have to be smart about how you run your business.
That’s when knowing and understanding numbers can equate to success or failure. When you first start out, numbers may not mean much as you’re more concerned about the product or the service you’re offering. However, numbers are key to keeping you in business. Whether you’re looking to expand your business or deciding on how much you can afford to spend on rent for your retail shop, numbers are critical for marking smart decisions.
As an entrepreneur myself, I’ve had to make hard decisions based on numbers. Sometimes I realized that what I thought was a great idea made no sense at all when you looked at the numbers. No matter what type of business you’re running or looking to start, be sure to understand your numbers from the get-go. Knowing your costs, labor, and margins will help you make smart choices.
As the founder and CEO of OneIMS and Clickx, Solomon Thimothy has built his career around his passion for helping other businesses grow an online presence and thrive in the digital world. Solomon works with clients big and small to develop uniquely customized and highly effective marketing strategies that meet every company’s individual goals. Follow him on twitter @sthimothy.
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