Usually those who are experts in their respective fields think of starting businesses. But they need not necessarily be experts in running a business. One needs to be very judicious and use some tips which would help them better their business skills –
One thing that you should always have lots of – is cash. It will not do if you run out of it. You need to have a regular cash flow and if you are seeing any problem coming up; you need to fix it fast.
If you have employees that are bad, you need to fire them and let them know that they are the problem. Even friendship cannot be a reason to keep them on. This being said you need to ensure that the problem is not you. It is usually said that most problems arise from the management. At the same time, the employees who are assets need to be kept happy and taken care of. You need to make sure that they are well compensated, challenged as well as motivated.
Learn it right away that your employees are not your property. They should be given the same level of respect and attention that you deserve. Treat them well and they would be motivated to work well. You need to compensate and recognize your employees based on their achievements and abilities. At the same time, ensure that you do not play favorites or have any kind of biases.
One major mistake most entrepreneurs commit is that they do not listen to their customers or their feedback. Feedback that comes from customers is the most important info that speaks about the business and your response to it – is what will define how good or bad your business might perform.
The most important tip is to always go with your gut instinct. Most times your gut will tell you what is wrong or right.