If you didn’t attend the Business Networking Show this year, you missed a great speech from superstar entrepreneur, Reuben Singh. His inspiring talk on the risks and rewards of entrepreneurship earned him a standing ovation from the massive crowd.
Well it’s certainly a pity if you did not get to be there for that, but never mind—there’s always next year! Besides, I’m going to share with you in this article some of the insights from Reuben Singh that will help you develop the right mind-set to get your business on track towards a better potential.
By following this advice, you will discover the formula used by the CEO and founder of several highly successful business ventures, including Miss Attitude, alldayPA, and Isher Capital.
Step 1: Get Good Advice
You’ve got to spend money to make money, right? Well the amazing thing is, many new entrepreneurs try to cut costs by engaging only the cheapest advisers and service providers they can find. It’s not a sensible strategy in the long run, but even Reuben Singh fell victim to it. Once.
To make sure you don’t have to explain the reasons for your failure, it’s best to learn the lessons of people who have failed before you. It’s less painful that way, and certainly less expensive. The valuable lesson from Singh’s experience is that saving money by buying cheap advice is often going to cost you much more than if you had sought out quality.
If you have to spend an extra £100 or even £1000 to get advice that will help your business prosper and keep you out of trouble, it is money well spent.
Step 2: Commit Fully
You can’t run a successful business if you are not completely committed to it. You have to give yourself no other option but success. This is the necessary incentive to make sure that you will put in the effort and passion required to make the business work, even when things get off to a shaky start.
When you have a Plan B, when you have too many safe places to retreat to, it can be too tempting to let things slide a little. Once you do that, you’re on a slippery slope to failure and it can be difficult to recover your footing.
Step 3: Cultivate Loyalty
Loyalty is a very important asset to cultivate. You should expect it from your employees (just don’t demand it, you have to earn it). You should work hard to gain it from your customers. And perhaps most importantly of all, you must not neglect to give loyalty in return.
Never stab anyone in the back or be tempted to deal from the bottom of the pack. You must always act with integrity, because bad actions always have a habit of rebounding in some way, often when you least expect it.
By following the above steps, you can avoid some of the more common errors that fledgling entrepreneurs make, and you’ll feel a lot better about the way you conduct your business as well.