The word investment usually means to allocate an amount of money in something and get benefit from it in the future. In short, it's money you give to get more money in the future.
Today the type of investments we're going to talk about aren't money for more money, most are free things you can do and eventually money will come. Others are things you can put money on but they will give you something valuable that isn't money. So, it's value for money, or money for value. Intangible things can bring you the most value.
These are the first steps every entrepreneur should make, specially startups, because most of them require few money or are easy to do, therefore, you don't need a huge amount to start.
Despite no big amount is involved, don't get it confused, this investments can bring you great value and probably some are, the stepping stones to every business at the early stages.
Even if you already own a business and are seeing some sort of success, you can use this investments to see where your company might be lacking, and adjust it if necessary.
Without further ado, here's our 8 investments you should make to be a great entrepreneur:
8 Investments Every Entrepreneur Should Make
1. Invest In Yourself
Forget all the strategies, planning or tasks for a while, first and foremost, if you aren't the right person for the job, you're business might flop. You need to invest in yourself! Invest in your know-how, be a student of the game: learn your business like you know the palm of your hand.
Take care of yourself, invest in your well being, work on your mind and body. Dedicate time in your daily routine for yourself. Exercise, meditate, read, write, do those things that will bring out the best version you can possibly be.
You need to make crucial decisions to succeed in business, imagine if that person, who's making those decisions, isn't a great version of what you can be? Imagine if that person doesn't know the business at all? Most likely bad decisions will arise. So a better you = better decisions.
2. Invest In Smart People
Just like you need to know the business, you need people alike beside you. Smart people might not know the business from the start, but they can learn and be taught in a short period of time, that's why they are recognized as being smart. You need that kind of people.
Also, in today's world of business, companies can't be uni-dimensional, there are different areas to be covered. You need people that are smart but also skilled or can develop any type of skill, in different areas. Areas you don't have the skill or the time to engage in.
3. Invest In Mentorship
You can be a great student of the game, but it's impossible to know it all at first. You need to have mentors, older people that have "been there done that", can advise you and guide you. Saving you a lot of time, by providing you the right strategies, the strategies that work!
Not only mentors can "show you the way", but, they can also be helpful in your personal development. They can analyze you and tell you what you need to improve to be a better entrepreneur.
4. Invest In Your Employees
This is related to the "smart people" topic. If you can, chose your employees, but if don't have the resources to hire experienced people, you need to work with what you have. That's why you need to make an investment in developing the skills of less experienced people. Train them, inspire them to become better, motivate them to work for your business, reward them when they deserve.
5. Invest In Time
No greater truth than the old saying "time is money". You have 24 hours in a day, you need to use them wisely, cause money will be there, but time is finite, you can't bring it back. Schedule your day, schedule your tasks, prioritize what you have to do in order to achieve your goals.
Because of this, every entrepreneur needs to have the sense of urgency. Decide what goals your company will try to achieve, and most importantly, set a deadline for every goal. Things will happen faster, people will work faster, answers will come up faster, at the pace you need. Even if you don't achieve a goal, you won't hang on to them forever. The deadline has passed, move on to another goal.
6. Invest In Technology
Everybody is doing it, but do it in a smart way! You don't need the top models in the market to achieve great, but you need simple hardware that will increase your company productivity by far, put a little money on it. Also invest in software and apps. most of them are free or cheap, they can help you do those time consuming tasks in a second, make the best use of them.
7. Invest In Social Media
People need to know your company, luckily in our era, it's quite easy! You need to get that visibility with social media. But don't get it twisted, one thing is having visibility other thing is to build a brand with engaging customers. Therefore you need to develop your social media outlets and strategies.
See what social networks best fits your brand, use Facebook, Twitter, Linkedin, Pinterest, or any other that fits your company. You'll have a lot of competition, so you need to get creative with it, study the best times to post. Most social networks give the business pages support with analytics, make the best use of them also.
8. Invest In Your Business
Some forget it, some put every penny in it. Those are two common mistakes...
It has to be all about percentages, the income your business makes, you should invest a portion of it to develop the business further. Don't invest too much, don't short invest. Don't be a martyr, you need to take a salary, but don't be greedy. Pay your employers, see what's left, invest some in the business, save some, and, invest some in financial tools or other businesses that can make you better financially.
Hope you like our tips to invest as an entrepreneur, share this article on social networks like Facebook, Twitter, Pinterest, Google+ or the one you prefer, with other entrepreneurs or other members of your team so they too can...