Advanced Business Concepts for Entrepreneurs

by: Bill Ringle

I read a newspaper story about a young man named Michael Walton who was raging against the community college dean over remedial skills test. He was a self-proclaimed math whiz because he aced his high school math courses and could balance his own checkbook.

Unfortunately, he failed to understand that the math went beyond those basic levels. Not knowing about more advanced math concepts prevented him from furthering his education.

Not knowing about more advanced business concepts can keep entrepreneurs from going further; it can prevent them from earning more revenue, serving more clients, increasing one’s professional network, recruiting the best staff, and leading more effectively with less effort.

So, how do you get smarter and apply that to your business? Here are five fundamentals to consider:

1. You need new input, to make new connections and widen your scope of thinking. Without new ideas from media, instruction books, and new relationships you can become isolated.

2. You need to know your personal operating system. This includes your values and belief systems. Many entrepreneurs I work with don’t realize how much energy is devoted to maintaining values and beliefs each day that are unexamined, in conflict with each other, in opposition with stated goals and unhelpful in other ways.

3. You need challenges, so you grow. Business provides a certain set of challenges – getting new clients, managing projects, coordinating staff, creating new products, or entering new markets. But sometimes the challenges that are best for your business are the ones you are least likely to see. I’m reminded of a coaching client who said the best thing we did one year was having her work fewer hours and delegate more responsibility.

4. You need support as you take on bigger challenges. Support can come in different forms, from systems that ensure consistent results to staff who will accept greater levels of responsibility.

5. You need accountability. Sometimes, you can do this for yourself; but it works better to have a relationship in which you can set goals and report to them with your progress and results.

After Michael Walton finished ranting about how unfair the tests, processes, and culture were, he buckled down and took the remedial courses. He liked the new materials so much, that now he’s pursuing a bachelor’s degree in math and plans to teach.

What are you doing today that would amaze yourself four years ago? Imagine the possibilities in 2010 as you build a stronger business and richer life!

 


About the Author:

Entrepreneurs can find more resources to build their business at: www.mybusinessgym.com
Bill Ringle works with business leaders from high tech and professional service entrepreneurs in the Greater Philadelphia region and shares the strategies and tools for accelerating growth through my Business Gym with business leaders from across the United States and in 15 different countries.