How to be a successful business owner

The one question people ask successful business men the most is: what are the keys to your success? As a business owner and an entrepreneur at heart, I have learned many lessons that I’d like to also share with you.

Here are my top 10 tips that will help you succeed as a business owner:

1. Be very passionate about what you are doing

Your daily hustle should be one of passion and fun. My brother used to say, “If you do what you LOVE… you’ll definitely be successful at it.”

2. Surround yourself with people that will always challenge you, not “yes men”

You need to be able to listen to all sides (pro and con) before you make your decision. Listen to people who give their honest opinion—not those who tell you what they THINK you really want to hear. You need to know where the landmines will be before you make a decision. I challenge my people to argue with me, and I really do enjoy it. It keeps us all on our toes and makes for some exciting and entertaining board meetings.

3. Appreciate your people

Your team can make or break you! Many business owners will think you’re spoilimg your employees. The truth is that without them, you would never be where we are now. As a business owner, I only drive the train, my employees provide the steam to run the engine uphill. To this day, I still look for those diamonds in the rough!

4. Always consider your customer’s point of view

This is valuable for everything from marketing promotions to every problem resolution. It’s not that the “customer is always right,” but it is important to put yourself in their shoes and treat them like you would want to be treated if the roles were reversed.

5. Be a value to your suppliers

No matter what industry you’re in, it is important to establish bonds with those you do transactions with. Ask yourself what you are bringing to the table and remember that you both really need each other. TALK to them, get to know them—don’t just email or text them. In a pinch, they can help you.

6. Appreciate your competitors

Seems odd, right? But our competitors keep us on our toes and inspire us to do better day in, day out. Many of them I now consider my friends, and we formed a strong alliance with a common goal to keep industry ethics on track. We typically have the same problems, and there really is strength in numbers!

7. Have an exit strategy

Realize that at some point, you need to either sell your company or pass your business on to a loved one. Create a succession plan within your organization. You need to recognize that when this time comes, you must protect your legacy and maximize all your years of hard work.

8-Build a strong support system

Everyone needs a support system because you will have times when you just don’t see the light. Crap happens. So, you always need someone there to pump you back up and give you renewed confidence.

8. Pick yourself up when you fall down

Use your support system from number eight! You WILL sometimes make mistakes. We all do. Don’t blame someone else for them. Own them. They are yours. Recovering from our mistakes quickly and learning a lesson makes us even stronger and wiser in our decisions going forward.

9. Whenever possible, pay it forward

It’s tough when you first start out to donate to charities or volunteer within your community because you don’t have money or time, but once you have some breathing room, it’s really an important thing to do. Businesses are the pillars of every communities. Give something back. Your community needs it. It brings you new employees and retains old ones because they are proud of where they work. You never know when you may need their support for something. Plus, it brings good Karma, too