SOURCE: Entrepreneur David Kiger

October 01, 2015 11:30 ET

David Kiger Outlines 10 Commandments for Entrepreneurial Success

One of Dallas' Most Successful Entrepreneurs Shares His Secrets to Growing an Idea Into a Thriving Business

DALLAS, TX--(Marketwired - Oct 1, 2015) - David Kiger knows first-hand the challenges of starting a new business. The founder and executive chairman of the global logistics company Worldwide Express and a major investor and strategic advisor for startups Alef Mobitech, Exos Transport Group and beGlammed, Kiger offers his "10 Commandments" for entrepreneurs seeking to find success with a new venture.

1. Take risks, but do your homework.
"Most entrepreneurs who start a small business fail within 18 months. The decision to go out on your own and invest in yourself takes courage and confidence. It also takes homework and planning. If you find the idea of developing a business plan to be daunting, imagine what's it's like to sustain a startup without one," Kiger says.

2. Have a positive attitude.
"No one expects a small business owner to be perpetually chipper," says Kiger. "However, maintaining a constructive outlook and sharing successes with employees can go a long way to boosting productivity and dedication to the company's mission."

3. Keep up with the competition.
"Always conduct a thorough analysis of competitors," explains Kiger. "Who is out there, how successful are they and how did they get to where they are? There may be lessons to learn from businesses that are already established."
4. Be goal-oriented.
"It's not enough to aim for success," says Kiger. "Startup founders who take the time to research the market, crunch the numbers and collaborate with their staff can develop much more specific targets. Those numbers can then be used at the end of the year to evaluate the approach for the year ahead."

5. Make smart hires.
"Entrepreneurs are often only as good as the people around them. When looking for employees, take the time to consider all that the job will entail, and be consistent in using that as a measuring tool. According to a study conducted by the National Business Research Institute, 66 percent of employers said they experienced negative effects from bad hires," Kiger says.

6. Care about employees.
"Entrepreneurs need to take the time to get to know and guide their employees. Throwing new hires into their respective positions can create confusion, so make sure to smooth out the edges. Putting the effort into creating relationships with your employees can be a real factor in your profits," Kiger says.

7. Look for opportunities.
"It may be natural for entrepreneurs to be laser-focused when their new startup earns early success," explains Kiger. "But keeping an eye out for new opportunities -- a new product, a new market, a new marketing strategy -- could propel the business to even greater levels of success."

8. Organize finances.
"With all that goes into starting a new business, it's easy to get lost in the whirlwind of details. It's important not to neglect the finances involved, or wait around for tax season to finally get organized. In order to keep up with financial matters, busy entrepreneurs should look to outside sources," says Kiger.

9. Promote work-life balance.
"This can be tricky, as many of us struggle to balance our work and home lives. In an Ernst & Young study, 24 percent of U.S. employees said their work-life balance is getting tougher to manage. As your business grows and evolves, provide more clarity to employees in how to unplug, and how to separate the office from the house," Kiger says.

10. Celebrate success.
"It's crucial that an entrepreneur stops for a moment when things are going well with his or her business," says Kiger. "Acknowledge the effort that the achievement required, and thank everyone who was involved before marching on to the next goal."

About David Kiger
David Kiger, founder and executive chairman of the global logistics company Worldwide Express, is an angel investor and strategic advisor for a diverse portfolio of ventures including Alef Mobitech, Exos Transport Group and beGlammed. Kiger offers advice to entrepreneurs through his blogs on leadership and helping socially and economically disadvantaged businesses. Follow him on Twitter: @DavidKiger.

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