The rules of business are often treated like the laws of physics. Let’s face it, there are some things that we just can’t control. Taxes are completely inflexible, as are the foundational laws of the economy. We live and breathe supply and demand, trying to factor ourselves into a crowded marketplace. While everyone has a bit of wisdom they’d like to share, what you may not realize is that some rules are meant to be broken. In fact, some of the most successful companies in the marketplace got their start by breaking down barriers that others set for them. If you want to get ahead in the marketplace, try breaking one of these five things that entrepreneurs commonly accept as rules.
Don’t Work for Free
It’s true that the only way you can be successful is if you’re getting paid for your hard work. But that doesn’t mean that there is no value in a little charitable work. Let’s face it, it’s rare for anyone to enter the marketplace that hasn’t already been filled. While your product or service might be better or cheaper than the competition, your potential clients won’t necessarily know about it yet. Giving a little hand out can help you get your foot in the door, and establish you in the marketplace. When the timing is right, a gift can go a long way.
Don’t Over Leverage Yourself
Many people would like you to believe that successful businesses are always working with a balanced checkbook. While this might be true for established companies, new ventures are often working with a deficit. Just because you don’t come prepared with a massive investment, doesn’t mean that you’re out of options. There are plenty of loans available for people with less than stellar credit. Often, these loans are handed out by government agencies looking to finance business. Even if your books aren’t squeaky clean in the beginning, this is just one of those steps that’s necessary to get ahead.
Never Turn Down a Sale
To be successful, a lot of people think that you’ve got to be a yes man. Unfortunately, it’s just not possible to start a small business that serves every possible niche within an industry. You’ve got to find your target market, and build a client base that’s best suited for your product. If you’ve got somebody looking for something that you’re not quite equipped to provide, there is no benefit to biting off more than you can chew.
Stick to Your Plan
If there is one thing that we can learn from the most successful modern companies, it’s that you have to be quick to adapt to a changing environment. The business plan you formed when you started will often be different from the one you finish with. When you see an opportunity, jump on it. Even if it means that you’ll be pivoting.
Research Your Market
While you don’t want to go into a new venture blindly, many people believe that you’ve got to have multi-point research conducted across a massive market. When you’re just starting out, this isn’t always the best way to spend your time and money. It’s good to have an idea of your target market, but the best lessons will be learned from face to face interaction.