Arshad Madhani has become a leader in the digital marketing industry for two reasons. First, he knows how to crunch the numbers and separate a strategy performing poorly from one exceeding expectations. Second, he excels at building personal relationships. This allows him to communicate this analysis in an effective manner, a trait that helps him connect with clients and advertisers alike!
Recently, he shared his top five tips for budding entrepreneurs with us. While there is no magic formula for succeeding in the business word, Arshad Madhani’s advice is an excellent start!
- Be Persistent
The most common word entrepreneurs hear is “no.” No, you are not approved for this loan. No, I do not want to buy that. It can be hard to keep going in the face of so much negativity, but you need to, to become a successful entrepreneur. Eventually, somebody will say yes, and one yes can more than make up for a thousand nos.
If your business is forced to close its doors before hearing “yes,” that doesn’t mean your entrepreneurial dream should die either. There are always other ideas, and you’ll find the one that works for you if you’re persistent about looking for it.
- Set Attainable Goals
If you’re having a hard time finding validation from external sources, setting the right goals can help you get it from an internal source. It’s great to be ambitious and plan for rapid expansion, but most businesses that try to grow too fast end up dying consequently. Instead, set clearly defined, attainable goals and track your progress toward them. When you succeed, take some time to celebrate your victory before moving on to the next task.
This approach will keep your business on a path to growth while ensuring that you never try to go too fast. It’s also good for the psyche to note a win in the negativity described above.
- Manage Your Stress
Launching your own company is a lot of work, and most of the burden falls squarely on the shoulders of the entrepreneur. You might be tempted to do nothing but work, but you’ll just burn yourself out that way.
Instead, devote some time to leisure activities. For example, I enjoy watching cooking shows such as Top Chef and Iron Chef to unwind after a busy day. Not only do the recipes inspire me (I love food!), you can learn a lot about teamwork by watching the different chefs work together.
- Educate Yourself
All entrepreneurs make mistakes along the way, but that doesn’t mean you need to make the most common ones. Business books and podcasts can be great sources of business advice, helping you learn from the experiences of others to improve your own business skills.
With modern technology, there is no such thing as not enough time to educate yourself. You can listen to an eBook or podcast while exercising, driving, eating, whatever. In this ever-changing marketplace, you always need to be learning if you hope to keep pace with the competition.
- Don’t Be Afraid to Take Risks
Finally, entrepreneurship entails risk. It’s a fundamental truth of the business world. While you should always do your due diligence before taking a risk, you can’t be afraid to make that leap. How else can you achieve growth?