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The 7 Things You Must Do While Managing Your Business

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managing your business

Did you start your business for specific reasons such as the loss of a job or due to your desire to be independent? However, do you think you have the right personality to manage an enterprise successfully? Are you aware of the common trait found amongst successful entrepreneurs or are you frustrated and struggling along?

Anyway, just keep on reading; to discover what might be missing in your personality. Because, once you dabble into business, you have become a different animal. If you want the business to survive and meet its set objectives, it must also be in tandem with your own self-survival and inner peace.

Here are 7 things you must do while managing your business:

1. Become a student for life

Seek knowledge. Go after many sources. Get an insightful mentor, preferably older than you. I lost mine about 4 years ago. I miss him greatly. Learn about winners and even losers in life. Learn about the lowly and the mighty. Learn about the hidden and the obvious.

This new habit of learning will spark and build your inner confidence. It makes it easier to develop and arrive at your own full conviction. Why? Because, today, there is so much confusion around our world.

2. Master your emotions

You will have to be a master of your emotions. It is not easy because we are human.

But you can strive to keep away from taking knee-jerk decisions. With deliberate practice you will be rewarded.

“Your intellect may be confused, but your emotions will never lie to you.” – Roger Ebert

3. Take care of your business

Your business needs all the attention. Self-discipline and your lifestyle have a lot to do with it. Imagine you are a guest at a sumptuous dinner and you have a business appointment out of town the next morning. Your friends can choose to eat or drink anything, in any amount. But not you. Maybe a bite or a sip. An overnight rumbling stomach may prevent you from doing that job out of town.

4. Build your business network

You will need to cultivate some business relationships. That is a tough one, for people like me, who don’t make friends easily. But one must work at it, because a business moves more smoothly with a good network. It throws up many opportunities and things get done faster. Or you may get a person to do much of that on your behalf. But be ready to pay a fee.

5. Find time to recap

Create the time to reflect on your successes and mistakes about your business and personal aspirations. This routine exercise prepares you when you need to make urgent and accurate decisions. Crisis will come up. I can assure you of that.

During your quiet moment, you will also be looking for patterns, opportunities and trends around you and even across the rest of the world. Your business is greatly affected by these realities. Other successful business leaders in your industry and elsewhere are actually doing same. It is a game of survival.

“I’m reflective only in the sense that I learn to move forward. I reflect with a purpose.” – Kobe Bryant

6. Watch your health

At the onset of a new enterprise, the health of a business owner needs all the attention.

You will be doing both the mental and the physical work. When you grow and if your finances allow it, then you can employ to help. That will reduce your workload and you will live longer. You will also be able to see your business more broadly, giving you more time to rest.

7. Watch your inner circle

You must strike a delicate balance to get the cooperation of your friends, staff and loved ones. Remember, those close to you may make or break your efforts. Not because some of them don’t love you, but they are thinking “Why have you imposed so much hardship on yourself instead of getting a paid employment?” But believe me, most won’t tell you to your face — even your adorable spouse, until you strike gold.
At your workplace study your staff, the people that do business with you and your clients.

And on rare occasions, for some very difficult clients you will have to let them go but with care. Therefore, you must reassess and renegotiate all relationships and be firm about it.

If your business dies, you may follow literarily, unless you have a reservoir of mental strength to stay alive and with your sanity intact.

Which one of these are you going to focus on today? Please leave your thoughts below!

Image courtesy of Twenty20.com

Muyiwa Osifuye brings over 30 years of demonstrable experience in small business into his consulting outfit and his articles through www.muyiwaosifuye.com His focus is on individual small-business owners who need practical management skills and advice on work-life balance. He is the author of two books, available on Amazon "Fast Track Your Business: 18 Steps on Ideas, Marketing, Self and Employee" and “The Small Business Starter's Guide: Sharing 30 Years Experience on How to Build for Success".

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