Editor’s note: This article was first published in November 2012, during Spain’s economic crisis, which is the crisis it refers to; the revenue figure it gives for Vayu Media is from that time.
It is clear that when one person succeeds in business while another fails, it is simply because the person who succeeded did some things that the one who failed did not.
Although working hard and making an effort are part of the advice, some of these great business owners also recommend giving our minds a rest, making our dedication more efficient and turning our time into something more productive.
1. Read every day
Being a business owner is a profession practised in a particular field and a specific sector. So staying constantly informed about what is happening around your business gives us a certain advantage, because we will read about new developments and opportunities as they appear. We know that business owners sometimes don’t have much time for reading. Some say they get up very early so they can have a quiet breakfast while they read everything related to their sector, and others about topics such as company management or employee motivation. Others only read the newspaper, and say that is already a good start.
2. Learn something new every day
Some entrepreneurs started out with a small administrative services agency and ended up opening a spa. Others went from running a computer repair company to developing a franchise system in the textile sector. All of this is possible thanks to continuous learning. If you learn something new every day, one day you will find the “key” to what you really want to do.
Many great business owners say that every day they learn new team management techniques and subscribe to blogs on the subject.
They learn how to manage their personal finances as well as their business’s, because business owners are sometimes reluctant to learn about investing, and so they may miss out on earning excellent amounts with money that sits idle in the books. Learning something new every day leads us to another good piece of advice.
3. Don’t stay in your comfort zone
To succeed, you have to take risks. You have to step out of that “comfort” zone that we have mastered perfectly but that only brings in just enough profit. We may be missing business opportunities in other sectors, and we don’t go after them out of fear of entering new markets or adding new products. Basically, fear of change, fear of diversification, fear of reinventing ourselves.
Throughout this crisis, many business owners have sat waiting for a suspension of payments or insolvency proceedings, while others have fought to the very end to expand internationally or take advantage of new technologies.
Jennifer Dunphy, CEO of Vayu Media, a company with 5 million in revenue, says that every time she started doing something she didn’t feel very comfortable with at first, she ended up succeeding.
4. Don’t lose your head
A very common piece of advice among great business owners is to stay focused and not let success go to your head. Most big failures begin with small successes. We have seen many companies start up, grow, succeed, expand and spend money in large amounts, only to end up crashing in the end.
Debt must always be kept under control; that is a fundamental principle in both personal finance and business. To grow you have to invest, but we should carry out a simple study to find out whether the profits based on our estimated growth will be able to cover the debt we are about to take on in a completely adverse scenario.
Others simply start taking on personal debts and charging them to the business, which brings us to point number 5.
5. Pay yourself a salary as a business owner
Few Spanish business owners pay themselves a salary. What’s more, the salary should be modest, especially when the business is starting out. If sales increase, the salary should stay the same, and that increase in sales should go into the company’s accounts. Remember: to become rich, you shouldn’t live like a rich person.
In Spain, we associate a company’s success with its owner getting a new car. Buying a high-end car at the start of a business to make it look as if things are going well is the first sign that your company’s days are numbered.
6. Exercise
80% of great business owners share this habit. Exercise clears your mind, reduces stress, helps you think more clearly and, while you’re at it, prevents illness.
Many of them agree that during the hour they spend exercising, they usually think about decisions they have to make. When they get out of the shower, the decision is much clearer. Others use the time to listen to podcasts, and some just to listen to their favourite music or radio programme. In any case, you should exercise practically every day.
7. Always stay motivated
Difficulties will always come up. Some business owners choose to sink and others choose the right attitude to face their problems. Being a business owner is like a game in which new challenges appear every day (difficulties for some, opportunities for others). The point is never to reach “Game Over”, but rather the “next level”.
Many of these business owners always keep hundreds of motivational quotes in mind. You should keep them close at hand, and when you face a difficulty, the simple act of reading them again… you would be surprised how it recharges our vital energy and changes our attitude. Feeling unmotivated? Start with our 23 motivational quotes for entrepreneurs.
8. Never forget where you come from and how you started
For a high percentage of business owners, sleeping soundly at night with a clear conscience gives them more pleasure than money. Some lose their way and become corrupt or accept a certain amount of corruption around their company. That fear never goes away: knowing that one day someone may come to hold you to account for something illegal you did in the past.
Never lose touch with your roots, because there are people who supported you when you started out. On this point, there is a saying I heard a long time ago: “You should be able to explain to anyone how you managed to succeed without being ashamed of anything you did.”
Further reading
- Differences between Spanish and American business owners
- Guy Kawasaki: advice for entrepreneurs
- The entrepreneur’s mindset, according to Donald Trump
- 15 questions to evaluate your business idea
Featured image: Laurits Andersen Ring, Public domain, via Wikimedia Commons.
