1. Buying at a Bargaining Price
In the negotiation, time and waiting are a powerful influencing tool, so never be in hurry when buying.
2. Live within your means
As it is widely seen that many people who are earning a high income still manager to get into debt. Being big does not always mean that a company is rich or earning much rather it requires credit to augment their self esteem.
3. Cash is King
When it comes to accounting, entrepreneurs seem to focus on cash flow. Instead of seeing their business in simple terms, even when it becomes larger usually they concentrate on increasing cash in and reducing cash out. Also when it comes to balance sheet, the entrepreneur must have to think of assets and as things that produce income and of liabilities as things that cost money to them.
4. Recruit the Best and set them for Outstanding
It is an integral part for an entrepreneur to set a team of A-level people in the organization. And first step for this is to have an efficient and fruitful (by fruitful we should aim at long term goals of the organization) people in the team so that they help them towards the vision and mission for the company. An entrepreneur must have to think of the organization that he/she has to consider to be leading in their field and then look at how they recruit.
Many interviews, panel of expert’s interview, aptitude & personality tests and sometimes assessment days are most common ways adopted by most the companies for hiring highly talented people in the organization.
5. Training the Elite Team
Training is often something that is considered important but not urgent and thus keeps getting postponed but most of the entrepreneurs in their organization. It must consider it as an efficient process for the proper functioning of the business and also a motivational factor for the staff. Being owner of the business he/she must consider that training return is limited by the quality of the staff being trained.
6. Establishing a Corporate Culture & Team Identity
It can be seen from the critical study of the successful companies and particularly the entrepreneurial companies who have got a remarkable success in their operations, that all have identified a strong team and corporate culture early in the recruitment process and matching their personalities that match with the culture and identity. This they usually put before job competences, as skills training will be a lot easier than personality changing. As it is a proven fact that if a person really fits in with the team, they can usually be trained in any skill they lack, unlike otherwise.
