6 Tips to Building a Successful Business That Will Be Around for Years to Come

tips for successful business

Source: www.entrepreneur.com

Crown Worldwide has been in business for over 50 years, and has 265 offices in almost 60 countries. According to the SBA, only 50 percent of small businesses survive beyond 5 years or more, and only about one-third survive 10 years or more. So what’s the secret to success? Chairman and Founder, Jim Thompson, says there is no big “secret”. But, he offers a few tips and suggestions for entrepreneurs and business owners:

  1. Be prepared to deal with obstacles. You need to be the type of person that will persevere and overcome all of those challenges.
  2. Have a plan, know how much it’s going to cost and have adequate funding. Knowing where you’re going and having a plan is key.
  3. Learn to delegate and choose good people. You can’t do everything yourself, so you need to find good people with good skills who can do things better than you can.
  4. Have a lot of stamina and determination. Having a degree or some kind of formal education is helpful, but not essential to being a successful entrepreneur.
  5. Know your core values and abide by them. Believing in providing a good customer experience, respecting the people who work for you, etc.  – do things the right way and you’ll have a better chance of success.
  6. Don’t sell your business until the time is right. Don’t sell too quickly or give it away. That’s not being a true entrepreneur, that’s being a speculator.

“The founder of 50-year-old Crown Worldwide discusses the fundamentals that helped keep the company growing since its founding in 1965.”

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