An Entrepreneur’s Guide to Success

Believe it or not, everyone has the potential to become a successful entrepreneur. But we often underestimate our abilities and believe that this path is reserved for those with certain innate skills. Wouldn’t that be nice for those lucky few, huh? Well luckily for all of us, it doesn’t work that way.

As any entrepreneur will tell you, it requires courage, perseverance and hard work. If you are committed to building those skills or already have them, then guess what? You’re already an entrepreneur in the making. 

One great example of this is Dave Fox, a successful Canadian entrepreneur. He is a renowned name in the recruitment world and serves as the founder and CEO of Focus Global Talent Solutions, a powerhouse recruitment firm in North Miami Beach. While he’s found success today, his journey wasn’t an easy one. He started out as a sales associate at a SaaS company. It wasn’t until a decade later that he was able to start his own business. 

Want to hear his top tips for success? Keep reading.

Tip #1 Always Innovate

Innovation drives growth. Without it, you’ll end up with the likes of Blockbuster and more recently, Toys R Us. Those companies thrived in the ‘90s and early 2000’s. Then, the new kids on the block came around and challenged them. They thought, “That’s no competition at all” and just like Goliath, both companies overestimated their power and died off. 

Innovation doesn’t mean coming up with new products and services every year. It means being on the constant pursuit of knowledge to identify rising trends and incorporate them in your business. 

At Focus GTS, Fox made innovation a core value that is reflected throughout the entire company – from “Innovation Friday” meetings to the creed employees chant every morning. With technology moving at an incredibly fast pace, it’s essential that entrepreneurs continue to innovate, or risk getting left behind. 

Tip #2 Be Data-Driven, not Emotion-Driven  

As entrepreneurs, we often think we know what our target audience is looking for and the best way to deliver it. However, it’s not about you, it’s about them. you may think one approach is best without any data to support it. Best case scenario: You realize it’s not working and change the strategy. Worst case: It’s too late - you lose thousands of dollars on an ineffective strategy and have to restart from scratch. It’s a gamble - but your business isn’t a casino, so don’t treat it like one. 

Data doesn’t lie. As such, it’s the perfect source for bias-free answers on what’s working and, more importantly, what’s not. If you have no historical data to analyze, do some research and see what competitors and experts in the market say. Odds are they have made the mistakes, so you don’t have to. 

Tip #3 Be Selective About Investments

Having enough capital is one of the things that keep most people from becoming entrepreneurs. Depending on the industry you’re in, you may need anywhere from a few hundred to several thousands of dollars to get off the ground. 

Because of this, many aspiring entrepreneurs look into investors so they can lower their personal risk. But this can come with consequences. Ask Rob Kalin, Etsy’s founder, or George Zimmer, the founder of Men’s Wearhouse. Both founders were ousted from their own companies by a board of directors they brought on. This is one of the risks of relinquishing majority ownership of your company. You give others the power to determine the vision and direction of your business. 

If you are considering bringing on investors, let it be option C or D, never A. While it may take some financial finessing and sacrificing to get there, it is definitely possible to scale your business while limiting outside investments. 

Tip #4 Take Care of Your Employees

A company is only as good as its employees. With this comes a responsibility to care of your team to prevent disengagement, dissatisfaction and stagnation. Verbal praise, while effective, just isn’t going to cut it. You have to show your employees that you recognize their hard work and reward great performance. This could be through:

  • Employee of the Month awards.
  • Incentives.
  • Quarterly bonuses.
  • Company-sponsored lunches.

Once you implement these practices, you won’t have to give out employee satisfaction surveys. You’ll see the results in their performance. For instance, at Focus GTS, top performers are rewarded with luxury vehicles, out-of-state trips and material items. And as a result, the company has grown into one of the strongest recruitment firms in the Miami metropolitan area. That’s how powerful and important it is to take care of your team. 

Hopefully by now, you see that becoming an entrepreneur isn’t as daunting as it seems. Follow these tips and you’ll be well on your way to building a successful business. 

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