1. Do something you love – the great thing about being an entrepreneur is that you can choose what kind of business you start up and where. Do your research properly to ascertain whether there is a gap in the market.
2. Customers and clients – targeted networking; make new contacts and shout about what you do that sets you apart from the competition but always remember 70% of new business comes from existing clients/customers – look after them.
3. Cash flow – keep a close eye on cash flow – you cannot change something that happened 6 months’ ago – get pro-active professional advisers to keep your business in check and keep costs to a minimum.
4. People – never be scared of hiring people better than you are – build a good team around you, put employment policies in place and make sure you follow them.
5. Planning – regularly set your objectives and revise strategies, set measurable challenges and acknowledge achievements. Annually update the three year plan and stick to it.