Never give away everything
Too many entrepreneurs get so desperate that they give away the kitchen sink when in fact all their prospect wanted to know was that they could do a good job.
As an entrepreneur, it's hard to start a business and to keep it going year-after-year profitability creating value and jobs. But many do so very successful, and yet those who fail seem to do so falling often on their own sword.
I am a strong believer in working hard, not necessarily playing hard. If you are a true entrepreneur and you believe wholeheartedly in what you are selling, make sure you do the research needed to ensure that people want to buy your product or service.
If you have that, and a good team mixed with a lot of passion, you will definitely be successful.
However, many of us fall on hard times for one reason or another. Sometimes our personal lives get in the way of our professional lives. Sometimes our health isn't what it could be. Or perhaps the economy has had a change for the worse or a new competitor has outsmarted the market. Don't be disheartened. Be inspired to change your own game and keep delivering better service, quality products and a reason why people should buy from you and not your competitors.
Things I always remember:
Cash is king
Don't live on credit and forget about how important cash flow is to your business. It really is everything and few people have resources outside of their own that they can draw upon when times get tough.
Never live beyond your means
You may want that super cool office or flash house, but if you cannot afford it, wait until you can.
If you put your business in a position of financial disaster
Don't ever sell your business for less than it is worth and to the wrong company/people. Getting into bed with the wrong people will definitely end in you losing everything including your own integrity and self-worth
Be kind no matter what
If someone isn't really nice, still be kind. In business this happens a lot but if you keep doing business with people that are of the same ilk and have the values, you will both work together to build a business that is sustainable and successful. Your success is their success and vice versa.
Employ people that are better than you
By employing people that are better than you, you will be able to work on the business, not in the business and focus on the things that really matter.
Create a fearless fun culture
Ensure that your entire team know that fun is important to your company culture. Encourage them to take the piss out of each other in a non-offensive way and have each other's back. Also, ensure that they are fearless when it comes to working outside the square and pushing boundaries to deliver better work performance and team spirit.