Manchester, September 2021: Starting a new business and sustaining it is not an easy task. There are plenty of challenges that budding entrepreneurs face while working to make their businesses successful. Therefore, support from any corner is always useful, especially from the experiences of other successful businessmen and entrepreneurs.
We spoke with a successful businessman Samuel Kahn, to share some of the most valuable tips he has learned in his three decades of entrepreneurship. Here are his success tips.
Samuel Kahn says, “An entrepreneur should always be looking for what the next great adventure is going to be, as well as how to leverage it to take advantage of the changes that will happen,”. His first tip is to not only think about what’s happening right now, but what might change in the future.
“You can learn more from failures than from success. As long as you are willing to learn from it, failure is a wonderful teacher” says Samuel Kahn. No matter how large or small the failure is, one can learn a lot from it. All we need to do is, take some time to analyse what went wrong, when and where it went wrong and come up with a solution that ensures those mistakes won’t be repeated again.
Sam Kahn says that planning and being organised is vital and plays a crucial role in the success of the business. Having a solid and clear business plan is the best place to start, and is an excellent reference point years down the track or whenever you start to wander off track. This can include defining your strengths and weaknesses, what it is that you offer, how that is unique and how you plan on growing your offering. This is also a good place to prepare yourself mentally and practically for any potential future issues and how you could deal with those if they were to happen.
Cash flow can be one of the biggest challenges when it comes to entrepreneurship and business. Samuel Kahn recommends saving at least a month’s worth of expenses at a time or being creative with minimising your business outgoings. You can also look at creating incentives for your clients to sign up on a monthly service subscription or a discount for clients that pay the full amount upfront.
He also reminds us that Rome wasn’t built in a day, and will be the same for business too. Short-lived small wins at the beginning will not set you up for long term success. Remember that business is a long game and you may not begin to see a huge revenue for the first couple of years. But it will come, and it will be extremely worth the hard yards that you put in in the beginning.
A mentor will be an invaluable asset to you and your business. Being a community-minded and social man, Samuel Kahn always strives to help others. As part of it, he has recorded his life lessons, researches, studies, tips and advice on his website in the form of blogs. From, building a business from nothing, learning how to influence others to their advantage, understanding how their own mind works, ensuring constant profits and even gaining an insight into what makes some people better than others — all these essential skills, and more, can be gained by reading his blogs.Visit his website for more info.