Explaining the most important lessons learned in your opinion. Be sure to comment on what you liked the MOST. Also, and this is optional, let me know what you think it is missing from each step, meaning, what information could have made the step more useful to future entrepreneurs.

 

Here are 10 steps he believes every entrepreneur should take.

1. Examine the soul.

"Your introduction is a metaphor for everything and shows your beliefs," explains Mouawad. So before you open your doors, spend some time thinking about those beliefs, your desires, your goals for your new business, and what your ideal company might look like.

At the same time, take a good look at your weaknesses and - as confusing as this sounds - try to find your blind spots. If you are looking for a successful business, it is more important to know what you need help with than to know what you are doing well.

2. Choose the right type of business.

You will need to devote a large amount of your waking hours to your business if you want it to be successful. And you're going to donate a lot of your brain's space to it - there will be times when you can think of something else. It is therefore important to make sure that the work you do is in line with your values ??and that you like to use your time.

Look at not only the business itself, but also the characteristics of the industry of your choice. Some industries require you to be legal and understand culture. Others rely on your ability to make personal contact with customers. Some change very quickly you have to constantly adapt to them in order to keep up. In some industries, everyone is friendly and friendly and in others hard talk is commonplace. Consider whether all aspects of the business will work for you.

Finally, your business must provide back on investment that works for you. Carefully evaluate your income - how much you will earn, and how other businesses in the industry are performing - before making a decision.

3. Find out how much money you will need.

"Most businesses make good financial decisions before starting a business," warns Mouawad. That's the mistake that can easily get your claim denied.

The key here is to ask yourself, "What is the worst thing that can happen to you?" Then try to imagine the worst situation ever. How much money will you need to survive to survive? That is the capital you should have right from the start.

4. Hire the right people.

"Business is like sports: The best team usually wins," Mouawad said. So make sure you have the best team you can. Take the time to hire them, get to know the people who will work with you, and make sure they are well suited for you and your company in terms of their vision, their values, their personality, and their own job skills. And once you've found the right team, make sure you keep them by giving them the jobs they love and the opportunity to grow.

5. Create a winning culture.

We are all talking about culture, but Mouawad says many business people fail to think about this important issue. "Culture is a living being that needs to be constantly nourished and shaped," he said. "Once you have achieved this and begin to control expectations, you will find a powerful oar to encourage and motivate your team to reach goals that may have seemed impossible at first."

6. Learn empathy.

These days, both skilled workers and customers have more variety of options than ever before. Therefore, Mouawad says, if you want your business to thrive, it is important that you learn how to see things from the point of view of others.

"Understand the world as it is, not the way you would like it to be," Mouawad said. "Every entrepreneur offers solutions to an existing problem or need. The ability to empathize with others not only makes you a better person; it also makes you better in business."

7. Get the most important metrics.

"Hard work refined in many ways cannot produce the best results," Mouawad said. Spend some time thinking about what success looks like with your business, and what numbers you need to submit to be truly successful. Then work from the bottom of the list eliminating issues that aren't worth the fight. That is a better recipe for success than following all the opportunities that arise.

8. Use stimulants.

Incentives are powerful ways to promote the behavior you want for all stakeholders, from staff to customers to providers. Once you have completed step 7 and know exactly what key metrics call for the success of your work, you can use that knowledge to plan outcomes that will help improve those specific areas. Then track performance against those metrics to see if your benefits have the effect you want, and if not, adjust where necessary.

9. Try it in stages.

Every industry, and every business, is subject to constant change, and you will have to keep changing if you want continued success. Mouawad recommends making small changes and using testing programs to try new ideas before putting your entire business on them. Then check the results of your test to see if it had a predicted result and make changes if not. Finally, "grow what works and trim what doesn't work," Mouawad said.

10. Keep your eye on the future.

Running a successful company is a daily challenge. It can be easy to lose sight of the long-term perspective, so make sure you have the time and mindset to think about where your business and you are heading.

"Write a journal to get an idea of ??how you are progressing and how you are coping with the challenges you are facing," Mouawad said. "Create an advisory board to give you an extra external perspective."

Mouawad also recommends that you consider your exit plan - as a seven-time businessman, this may always be a top idea for him. "Are you planning to sell the company, pass it on to the next generation, or go public?" She asks. Thinking about your exit options "forces you to evaluate your company - and find out how you can increase its value," he says.