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[Music] 17 tips to run a small business would you like to run your own small business have you an idea for a small business but do not think that you can make it work have you required the skills to run a small business in this video I’ll share 17 tips that people need to possess to be able to successfully run a small business 1 put your idea into writing it is important to take the ideas in your head and get them down on paper to meet with your local Small Business Development Center they can help you to create a stellar business plan to approach your lender with and their counseling is always free 3 identify your customer base in your business plan you need to identify who you think will buy your product or service or outline your finances in your business plan you need to address key questions about your business’s fiduciary situation 5 project growth all successful small businesses need to grow their customer base and production capabilities over the first few years of operating make sure you have identified how your business can and will respond to growth potential 6 make your bank work for you run your small business with financial efficiency by exploring all the options that banks offer small business owners and choosing the right bank for your business’s financial plans 7 secure a loan or other type of investment be sure to investigate the various interest rates applied to small business loans 8 manage your inventory efficiently inventory management can make or break a small retail business so manage it carefully to ensure that you’re maximizing every dollar spent 9 consider hiring a financial professional it may be fiscally worthwhile for you to hire a dedicated staff member who can control the financial affairs of your small business Pam get your license remember to register and acquire your small business license in the particular industry of your business 11 stay organized organization of your time employees finances in the inventory is one of the keys to successfully running a small business 12 delegate responsibilities you can’t do everything yourself so delegate the various jobs and responsibilities to qualified employees 13 employee targeted promotional and marketing campaigns it is important to get the word out about your company make sure the money that you set aside for marketing is well-spent by conducting demographic research 14 network as much as possible gain the support of other local small businesses by networking with other small business owners 15 offer references compiled a list of satisfied clients that are willing to serve as references to potential clients this will give future customers the ability to verify your work and customer service 16 be accessible make sure potential clients and customers can get in touch with you and your business whenever they may need to 17 deliver what you promised if you want to grow your business by growing your customer base you have to give people not only what they want but what you promise them seven things young entrepreneurs do that they will never tell you who doesn’t want to be successful in life and the people who do get successful become legends we read their stories to get inspired and wish to follow in their footsteps but these stories do not contain the entire truth successful young entrepreneurs have several secrets so we are here to reveal the things that they won’t tell you one they have weird routines many successful people have erratic work and sleep routine it varies from person to person but some successful young entrepreneurs get brainwaves when asleep while others are at their best when sleep deprived not many people know that Thomas Edison used to sleep for only three hours a day you’d be surprised to know that Beethoven got all his ideas in the bathroom some successful people prefer solitude while working goo they are always positive people who are successful liked to stay in the company of positive people they do not waste their time with the pessimist also successful people try to stay positive even at the worst moments of their life three they believe in themselves all of us have perceptions and dreams but successful people are unique because even when their dreams are shattered they consider it an opportunity a new beginning this outlook helps young entrepreneurs succeed in life or they accept criticism successful people accept feedback and criticism and try to improve they do not let it pull them down they take it positively by they visualize success no matter what the goal is successful people can visualize their success throughout the journey to the goal this keeps them focused on achieving it fixed they are humble and philanthropic the most peculiar characteristic of a successful person is his humble and philanthropic demeanor they do not brag about their success and are very down-to-earth they try to improve the lives of others who need help they believe that giving back to the society is very important 7 they follow their heart successful people are not worried about what others think of them they do not let others expectations shape their life they are always original and unique they never follow the crowds line ly but follow their own heart also they laugh at themself bail several times ask for help from others accept their faults and dream big they do not stay cooped up in their own comfort zone they reach out take risk and face their fears rest help them reach their potential adversity makes them stronger and more capable young entrepreneurs aren’t scared of failure they know it is just a stepping stone to success now that you know the things that successful people do not usually reveal you know that being successful is dependent on a lot of things but mostly it is your will and determination that decides whether you will succeed or not so stop wasting time set up some realistic goals and let these tips from the lives of successful young entrepreneurs transform your own [Music] [Music] [Music] [Applause] [Music]
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