Becoming a successful entrepreneur takes more than a great idea and important connections (although both do help). Making the shift from the steady life of a full-time employee to the unpredictable world of entrepreneurship requires a shift in mindset that many overlook. In fact, some of the work habits you so carefully honed as a good employee don’t necessarily translate well into the world of an entrepreneur.
According to the Small Business Administration, only half of new businesses will survive to see their fifth year. Making that mental switch from employee to entrepreneur can help you avoid being one of those businesses that doesn’t make it. Here are seven tips for thriving while adjusting to life as an entrepreneur.
Measuring performance against your key performance indicators (KPI’s ) tells you how you’re doing against your operational objectives. But, it doesn’t tell the whole story. Without competitive benchmarks against your market’s overall metrics, as well as your competitors, how do you know where you really stand? Is your “good” performance against internal goals really that good? Competitive benchmarks fill in the gaps. A competitive benchmark provides context against which to measure both your internal goals and your performance. Here are three areas you should always benchmark and seven valuable insights you gain from such analysis.
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