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Secrets of Successful Women Business Owners

by Jean Murray on December 2nd, 2008

They make it look simple.  But we all know it isn’t.  For inspiration, today I’ll give you some brief secrets from Entrepreneur’s Top 50 Women Business Owners (my comments in italics). This inspirational tips are good for all businesses, from Fortune 500 companies to our home businesses:

  • Create a clear vision for your business and hire great employees to help you execute it.
  • “Get better before getting bigger. I made the mistake of growing too fast in the beginning, and it was overwhelming for my team and the customers. Focus on delivery and customer service.”
  • Quality people are a company’s best assets.
  •  Communicate “incessantly and consistently.”  It’s been said you can’t OVER-communicate.  As your business grows, formalize your communications.
  • “Face your issues/problems head-on and quickly. They do not go away; they just get worse if you are not willing to deal with them.”  How true!
  • “Always remember that every day you go to work, you are helping others to have a quality of life that we all deserve.” What a great thought! We go into business not only to serve ourselves, but others too.
  • “…listen to your customers and be willing to change the way you do business based on their feedback.”
  • “Know what you want. Know where you are headed. Ask for help. Give everything you have to accomplish your goals.”
  • “Accounts Receivable management is critical. For that reason, the type of client you pursue is key. Bad debt will kill you in your start-up period.”  It is so important to set up a collections management plan.  
  • “Always speak positively and act confidently about yourself and your company. All people, including customers, want to be associated with a positive force.”
  • Determine which part of your business creates the most VALUE for your customers.  Then structure everything around maximizing that value and letting people know about it (my paraphrase of what this entrepreneur said).
  • “Make sure you know the answers to the following three questions: Who are/will be your customers? What problem will you solve for them? Will they pay enough for you to make money?”  Stop right here.  This is it.  Do you really know who is buying from you?  What are their problems?  And, most important, do they see you as solving their problems and will they pay you to solve their problems?  REALLY THINK about this one.

I hope you found inspiration and motivation from these women entrepreneurs.

Tags: Entrepreneur Top 50, successful entrepreneurs

POSTED IN: Quotes & Inspiration, Success Stories, Women

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