• Tips on running a business
  • How to keep your business efficient without getting caught in the admin
  • Bullet’s own principles that built a business
While laying down the foundations and establishing structures may be integral to the success of your business you can’t take your foot off the pedal once it’s set up, you’re now running a business. Your management and leadership skills now come into play, so here are a few tips that we hope will help you from stalling. Hopefully you can learn from some of our mistakes!

Running a business

What to do:

1. DO: Accept the possibility of failure: When you realise you’re not destined to succeed you push yourself harder toward success. It’s important to keep your personal feelings separate to running a business. Business is business, and someone not investing or telling you the company isn’t viable in its current state isn’t a personal attack, learn from these experiences.

running a business

Which of these two scenarios do you think is going to make Larry more likely to be committed to success?

2. DO: Keep the ball rolling: You’ve got to keep the momentum going, there’s no point throwing everything you’ve got into a business for the first few months only to give up. These things take time to develop and it’s important you’re still around when interest and business picks up.

3. DO: “Be a leader not a loner”. We all need to realise we’re not perfect and that other people are better equipped in certain fields than us, build these people around you. It doesn’t reflect badly upon yourself, more so it’s a sign of self-awareness, a crucial aspect of emotional intelligence as stated by Daniel Goleman in his 1995 book. Furthermore, being a successful business owner says enough about itself that you’ll soon surpass anyone doubting your personal capabilities.

running a business

Building the right people around you and putting them in the right direction is how most successful businesses today operate

4. DO: Keep the day job: If you’re employed stay in your current job for as long as possible, there’s no stress like not knowing how you’re going to pay the next bill when you’re pre-revenue.

5. DON’T: Think money is the answer: While financing is important, it’s better to be creative than flush with cash. There are problems you can’t throw money at and you had better learn to deal with them now rather than later. Also if money’s tight the runway is inevitably going to be longer and we guarantee your planned run way won’t even be half of your real runway, so budget.

6. DON’T: Be the only one in the office. As the owner you should be working on the business not in the business, hire interns for admin while you meet clients. If you’re knee deep in paperwork, are you going to be able to create a strategy about marketing? ‘I’ll do it tomorrow…’ isn’t sustainable  The newly established website jobbridge.ie has already had 500 organisations sign up, and is offering 5,000 internship positions for job seekers in varied fields from agriculture to finance.

7. DON’T: Be in business just for the money. While profits are important, for your business to be successful you need to be passionate and believe in what you’re doing. Ever heard of the power of positive thinking?

Bullethq - running a business -Self-Belief

These are some of the philosophies we have built Bullet around, but what other problems do you think could stall/did stall you setting up your business?

 

Are you getting ready to set up a company? Check out Bullet’s free Company formations tool here

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