If every entrepreneur had a guiding force to guide them, there probably wouldn’t be so many apprehensions regarding the same.
Let us look at some of the lessons shared by seasoned entrepreneurs who wish they had learned these earlier:
One-person army – Once you realize you are spending way too much time on the back end is the time you think that it is time to delegate work. In the times of the Gig economy, one can choose to hire freelancers to avoid the stress of learning something new when it could take the freelancer in much less time because they are already a pro.
Hire what you don’t know – Need to create content? Hire content creators. Don’t hire people with the same skills as yours because you will be sweating the small stuff later on. The “small stuff” being marketing, sales, branding and social media.
Offer what customers need – Pivot. Pivot. Pivot! Founders often get so attached to their idea, that they do not consider the market need for it. If there is no customer for it, there is no product in the first place. Tweaking the product to suit customers is all it takes to be a successful, long-lasting startup.
Be Prepared to Last – We want progress to be linear and success to come quickly, but in reality, it’ll take you years of trials and failures before you can see any sustained growth in your venture. Dedicated hard work over a period of time will fetch results.
Become Skilled At Sales And Marketing – If you can’t sell your idea, do not expect the salesperson can. Sales are the life-support of a company, and without them, we die. In order to sustain a business, sales need to happen. Businesses don’t develop themselves just because we have some out-of-the-box ideas, products or services. Read about the top soft skills entrepreneurs must possess to succeed here.
Focus on financials – You need to be careful about expenditure and cut your unnecessary spending. You must build the habit of staying on top of every penny spent and every penny earned. If you’re not able to adjust spending to avoid running out of cash, you’ll find yourself destined to crashing in no time. Learn to live on a shoestring budget until consistent revenues start to flow in.
If you’re going to fail, fail quickly – You’re going to fail along your journey, but that’s not such a bad thing. See failure from a learning perspective and as a catalyst for growth. After a debacle, you’ve now understood what works and what doesn’t and are more likely to succeed the next time.
KYC, KYP, KYC – Know Your Company, Know Your Product and Know Your Customers; these are the three acronyms every member of the team should not forget throughout the journey while developing the company.
Learn from the mistakes of others – The internet is a sea of information. You can easily access industry information, products, markets and see what is going on in the world of startups. Learn from others and most importantly, avoid their mistakes.
Stop thinking like an employee – Entrepreneurship is a different ball game that requires a different mindset. The transition from employee to entrepreneur is a process that requires you to scrap your older beliefs and habits and infuse new ones into your identity. You need to start thinking like a business owner and make decisions backed by data and not just “gut feeling”.
Growth happens through the process– Success is not somewhere we get to when our goals are achieved. There is no final destination. (pun intended) Rather, success is in how much you build in the process of working towards your goals. This expansion and growth happen through the consistent work you put in the process. The result is simply the outcome.
Every business owner will encounter their own specific set of problems to overcome – which means there are going to be plenty of trials and errors. Finally, stop thinking…..just do it!
As an entrepreneur, do you feel that you are constrained by certain challenges? Book a meeting with me to understand how a business coach can help you transform your business!