I used to run a small business and hopefully will again. I know what it takes to make it work, so I know good advise when I see it. If you want to open a business, or tune up your existing business, I recommend digging in to some Jordan Belfort on Youtube, otherwise known as the Wolf of Wallstreet. I haven’t seen the movie, and doubt it has business advice, however his talks are spot on. Here’s a summary of his main points.
- State Control: You have to have a pumped-up attitude which he calls your State. Since you are the leader, perhaps running solo, you have to bring the energy to your company.
- Vision: You have to have a visual picture of what it means to obtain your goals. It must have detail, it can’t just be a one sentence goal. So dates and detailed accomplishments, and what it looks like.
- Plan: Turn the vision into a detailed plan. It must be reasonable and actionable. It must have steps you can check off, and reasonable dates to accomplish it.
- Hard Work: You must commit and do it.
- Learn Sales: You will sell in some way. Key points: learn tonality. Provide value and have a passion to provide value to your customer. Your sales then become authentic.
- Set high stretch goals. Not pie-in-the-sky, e.g. I’ll own a Caribbean island in 1 month, but if you think you can grow revenue 5%, up it to 10%.