Like a master chef preparing a sumptuous feast, every entrepreneur needs to know the right “ingredients” to make his or her business turn out just right. Here are the 8 ingredients for a business secret sauce:
Here are the 8 ingredients for a business secret sauce:
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Everything you do makes a profit.
Business is math! Carefully calculating your strategy will determine metrics and benchmarks which, if appropriately applied, will help drive consumer traffic and in turn create a profit.
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Understand your destination or end game.
Build the business as if it were for sale. If you have investors, they have to win first! Build a great track record and you’ll win several times. Most entrepreneurs consider their destination their exit strategy.
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Do an honest self-examination.
Understand your skill set and surround yourself with a strong team, individuals, or partners that round you out!
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Build a diverse, trusted Advisory Board.
Mentors, advisors and business peers that can function as an Advisory Board to help vet concerns and ideas. It leads to better decisions. Typically an advisory board is a cumulation of experts and experienced professionals across a variety of industries.
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Partner with people that are hungry, passionate, exude excellence, integrity and are team players.
If you do, you’ll build a winning team. You’ll be more likely to have success! But be selective, your partners will be your biggest strength or your biggest weakness. Over 80% of partnerships fail, so take the necessary steps to decrease your chances of failure.
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Golden Rule:
Do unto others as you would have them do unto you!
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Give a smaller customer a chance!
Look at their ideas and their ability to execute. Sometimes small fish grow up to be big fish!
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Understand your downside risk.
Never make decisions while you’re emotionally inclined, good or bad, and always take time and review the pros and cons. Remember, the upside always takes care of itself. Many entrepreneurs have made simple mistakes that could’ve been avoided with research and preparation.
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Ken Frohlich
Ken Frohlich is a serial entrepreneur and co-founder in a three time Inc. 500/5000 company. He is a board member of the Angel Roundtable and co-founder of FundingSage, which provides valuable information, tools, and resources to entrepreneurs seeking to start, grow and fund a business.
