5 Best Business Practices Every Entrepreneur Must Observe

Small businesses fail left, right and center, but following the best business practices can give you a lifeline. Here are some practices you should implement.
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We've all seen the statistics. You know the ones we mean. The ones that indicate how most businesses close within five years.

It's concerning evidence, to say the least. But that doesn't mean failure has to be in your future.

To better yourself -- and your business -- make sure you're following these five best business practices.

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1. Skate to Where the Puck Is Going

"Skate to where the puck is going, not where it has been." - Walter Gretzky.

You've probably heard the famous quote thousands of times. Although there's quite a bit of debate about whether or not Gretzky actually said this, the sentiment still stands.

Keep an eye to the future. Don't waste time chasing the trends of today when you could be creating the trends of tomorrow.

Be innovative. Take risks. Leading your field into exciting new possibilities isn't easy, but it sure is exciting.

2. Always Have a Plan

An entrepreneur is only as successful as their ability to plan. When planning, don't forget to account for the worst-case scenario.

What would happen if your business were to succumb to a data breach, for instance? Or if your servers suddenly stopped working?

Given the significance of the Internet in today's market, it could spell disaster.

So hope for the best and plan for the worst. If you haven't done so already, consider implementing a backup disaster recovery or business continuity plan. You can check out this article for more information.

3. Make a Lasting Impression

For better or worse, perception is reality. What your customers or clients think about you is more important than you may realize.

Facilitate positive conversations about yourself, whether you're working solo or representing a brand. And if the conversation isn't so positive? It never hurts to reach out and extend an olive branch.

Even in the digital age, word of mouth has a ton of power.

4. Surround Yourself With the Right People

On a similar note, those you associate with can either build you up or bring you down.

You should always aim to surround yourself with people smarter than you. Take every opportunity to learn and grow from their knowledge.

Sometimes, a quality friendship is every bit as vital to success as a college degree.

5. Perseverance and Hard Work Mean Everything

As an entrepreneur, you're going to get knocked down. A lot.

But you shouldn't let those setbacks keep you from securing your goals and living your dreams. Failure is just an opportunity to learn.

Many of the world's greatest business leaders, from Jeff Bezos to Vera Wang struggled to get their businesses off the ground. What helped them succeed was their willingness to learn from their past mistakes and incorporate that knowledge into their future businesses.

The Best Business Practices Every Entrepreneur Must Observe

Success isn't something that happens on its own. It's something you must chase after. Follow these best business practices and keep growing. You've got this!

And don't forget to check back for more advice on running your own business!