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Barbara Corcoran’s Top 12 Tips For Small-Business Owners

Barbara Corcoran’s Top 12 Tips For Small-Business Owners

By: Forbes
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1. Don’t Be Afraid to Make Big Mistakes.

All the best things that happened in my business happened on the heels of failure.  Don’t be afraid to fail; it’s proof that you are meant to be a successful entrepreneur.

2. Little Companies Always Move Faster. 

Take some time to sit down and figure out how your big rival is promoting their brand and plan something smarter and more creative for yours.

3. Take Full Advantage of all the Free Social Media Out There.

Before you go out and blow money on advertising, capitalize on the free online access that leads you direct to your customers.  You can quickly build a huge following of customers willing to try your new product without spending a dollar on advertising.

4. Don’t Rush Out to Get a Patent.

Most entrepreneurs get a patent on their new product as soon as they open their business. It’s a much better bet to put all your energy into getting your product to market before the next guy does. 

5. Make a Marketplace Report. 

The best way to get some attention for your brand is to publish an industry report chock full of statistics.  You’ll be surprised how much you know about your industry once you start putting some numbers down on paper. If you put your report in a short, easy-to-read format and name it after your company, you’ll soon become the expert reporters call when they need a quote.

6. Choose Only Really Good People.

 Make sure you pick good people to build your business with, as they’ll determine 80% of your success.  The best people are honest and have lots of enthusiasm.

7. There Are Only Two Kinds Of People In Business — Know the Difference.

Expanders and containers.  ‘Expanders’ like to push the envelope, take risks, make new friends, and test how far they can go!  They also like to spend your money.  ‘Containers’ like to keep things in order and stay on top of the details.  They keep you from losing your money.  If you match the right person to the right position that takes advantage of their natural talents.

8. Focus On What’s Already Working For You and Do More Of It.

 When you look for ways to expand your business, the real pot of gold is usually the same stuff that’s already proven successful.  So before you move on to the next exciting project or a new strategy, s-l-o-w down.  Do a lot more of what’s already working and then do the new stuff.

9. Stop Putting It Off!

Procrastination is the enemy of success.  The time you waste on stalling breeds guilt, and guilt deflates energy and sometimes even leads to depression.  When you feel stuck and can’t seem to move ahead, always remember that you don’t have to get it right, you just have to get it going!

10. Make a System for Everything You Need To Do More Than Once.  

 I learned from my mom that to run a growing business you need to set up a system for everything.If you take the time to set it up once, you’ll build your business faster and avoid wasting time and handling customer complaints.

11. Make Sure You Know What Not To Do.

 Everyone should have their own ‘Not To Do’ list.  It’s smart to post your ‘Not To Do’ list where you’re bound see it so you’re reminded to do more productive things that give a better return on the time you spend at work.

12. Shoot the Dogs Early!

 If you spot a complainer and if you have the authority to do it, fire them right away.  Complainers are like thieves, robbing you and your company of its good energy.  Your whole team’s outlook will shine brighter once you’re rid of them.

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