World-renowned motivational speaker Brian Tracy has helped thousands of people reach their business goals. With more than 30 years running his own businesses – of which he now has more than 20 – Tracy has written more than 50 books about business, leadership and goal setting, and addressed more than 250,000 people.
The American was recently in Dubai to inspire leadership among CEOs, CFOs, COOs and senior management. We asked him for some tips for entrepreneurs.
What advice would you give entrepreneurs to give them the confidence to get started?
The most important thing is to start planning and getting some research and information. Confidence comes from knowledge and lack of confidence comes from ignorance and lack of skills.
The idea is just the starting point. Ninety-nine percent of ideas don’t work. When you get enough information you find out how much it would cost [and] what you can sell it for and you’re more likely to be successful.
How can start-up entrepreneurs remain motivated, especially during the tough times?
You should never embark on a new business venture until you have at least one customer. Eighty percent of your business time should be spent calling customers and making a sale. The biggest mistake entrepreneurs make is they get busy with little details and they forget that the number one goal is to make sales.
If you can’t find a customer that would buy your product then don’t produce it. This is very important.
And if their SME fails, how can they regain the courage to try again?
Failure is normal and natural in entrepreneurship; the most important this is to learn from failure. The way you learn from it is you ask two questions. Firstly, what did I do right in this business? Write down everything you did correct. Secondly, what can I do next time – what mistakes did I make and how can I improve on them?
If you do, this you’ll capture the lessons. If you don’t, the lessons will go over your head and you’ll fail again.
This is key to business. If it doesn’t work out, say, ‘well, it’s an experience, it’s a lesson’. If you don’t go through the learning experience most entrepreneurs fail over and over again.
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