16 Business Tips Every Entrepreneur Should Know

1. Always make sure there is and will be enough cash in the bank
2. You can’t fire bad employees fast enough (Just be sure they’re the problem not you)
3. The problem is probably you. 90% of all problems are management problems. When things aren’t going well, the first place to look for answers is in the mirror.
4. Take care of your stars. This goes for every company, big and small. The cost of losing a star employee is enormous, yet business leaders rarely take the time to ensure their top performers are properly motivated, challenged and compensated.
5. Your people are not your kids, your personal assistants, or your shrink.
6. Learn to say “yes” and “no” a lot. That means being decisive. Be clear on all the things your business doesn’t do.
7. Listen to your customers. Value your customers.
8. Learn two words: meritocracy, and nepotism. The first is how you run an organization by recognizing and rewarding and compensating based solely on ability and achievement.  The Second is how you don’t run an organization: by playing favorites and being biased.
9. Know when and when not to be transparent.
10. Trust your gut.
11. Protect and defend your intellectual property.Most people don’t know the difference between a copyright, trademark, trade secret, and patent.  That is not acceptable.  If you don’t protect and defend your IP, you will lose your only competitive advantage.
12. Learn to read and write effective agreements.
13. Run your business like a business. Far too many entrepreneurs run their business like an extension of their personal finances.  Bad idea, very bad idea.  Construct the right business entity and keep it separate from your personal life.
14. Know your finances inside and out.
15. You don’t know what you don’t know.
16. Humility is a powerful trait for leaders.

  Contact us at The Bridged Agency if you are ready to start or refine your current business/brand…or you simply have an idea.

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