Tips for starting your business journey.
Starting a new business is an exciting challenge! You’re starting on a journey with hope and optimism for success but also taking a considerable risk in the process. Success is not guaranteed but neither is failure. The open road of opportunity lies before you, grasp it with both hands!
There is no ‘right’ road to entrepreneurial success, every company has its own story to tell. This is both a good and bad thing, good in the sense that it presents you with a clean slate to work from, but bad in the sense that there’s no defined roadmap to success and you’ll have to learn the ropes through personal experience, both positive and negative, by inspiring successes and disheartening setbacks, its all part of the journey.
One positive thing you can do is listen to other people who have traveled that same road and learned from experience. That experience is invaluable advice to be heeded. So, for this article, we’ve consulted several successful entrepreneurs from a range of professions, drawing from their own experiences, to bring you 7 pieces of advice for starting out as a new entrepreneur.
Get comfy, grab a coffee, and let’s dive in…
1. Commitment
If you start a new business, the very first – and possibly the most important – factor is total commitment. Simply establishing a business is a rigorous task in itself and you need to believe in yourself, believe in your dream, and commit fully to it.
There will be good days and bad days, successes and failures, days of joy and nights of woe, but its all part of the journey and you need to be dedicated, resilient, and patient. Some of the most successful names in business suffered heartbreaking setbacks time after time before they reached the top of the mountain, but they got there because of their commitment to a vision.
2. Vision
Next thing you need for entrepreneurial success is have a vision of what you want to do, what product(s) and/or services you wish to provide. Some entrepreneurs have long had a vision for their company, others want to start a business but aren’t quite sure of what they’ll do, both are okay, there’s no rulebook for starting a new company.
Do research, look at what is out there, search for gaps in the marketplace that your company could fill. Once you’ve decided what your vision of the company is, then pursue it with all vigor.
3. Organization
You’re committed to the new business and you know what to do with it, now you need to get organized and set it up properly to sustain it long-term, both commercially and financially.
Consult management experts, utilize the varying kinds of corporate management software, understand the corporate structure of your business and how each part of it will function, and develop a plan for growth that cements a customer base while attracting a new one.
Plan today so you don’t pay later.
4. Networking
An important part of growing your business is networking, building relationships with other businesses. Meeting other entrepreneurs at conferences, conventions, or even just socially can help further awareness of your own business and contribute to its overall growth.
Another benefit of networking is that it provides support for each other, both in good times and bad, sharing stories and experiences valuable to each other.
5. Self-Awareness
Establishing and running a business is more than a full-time job, if anything its like several full-time jobs at once, and you’ll soon discover that time becomes a valuable premium. Your day will be filled with tasks and it may seem at times somewhat overwhelming.
You need to be self-aware of who you are, where you are, what you’re doing, and why you’re doing it. Take each task as it comes, complete it as best can be achieved, and then move on. Always be aware and fully centered in where you are with regards your business and don’t be afraid to reach out for help if needed.
Know your strengths and weaknesses, don’t be too hard on yourself, and always remember why you started the business in the first place.
6. Integrity
If there’s one thing that’s held in esteem throughout the business community, its integrity. Not just from fellow entrepreneurs but also the public.
Running a business, you will be often faced with moral dilemmas and potential shortcuts that can be made. Shortcuts are not in themselves a bad thing, they can prove productive, but just ensure they align with your values.
A company with a reputation for integrity is a real boon for business as that reputation will be worth its weight in gold without need of advertising.
7. Reward Yourself
Running a business is tough work. So its important that you don’t risk burnout.
Don’t forget that you are your most valuable asset so you need to be able to recharge your batteries. Not necessarily time with yourself, it could be coffee with friends, time in the gym, or whatever it may be to keep rested and productive.
Work these restive periods into your weekly schedule like any other task. Your mind and body will thank you later for doing so.
Here’s hoping these words of advice will prove advantageous to your entrepreneurial journey. We wish you all success!
