Starting A Business: 10 Things To Know
Hindsight is 2020. So we thought we would speak to a variety of business owners for their thoughts on what they would have wanted to be told when they were starting their business. So here are 10 of those lessons anyone starting a business should consider.
- Don’t go into business purely for the money.
Start a business because you’re passionate about your idea and the value you believe you can create. Be a missionary, not a mercenary.
Money shouldn’t be the main motivator because that goal alone can prove excruciatingly frustrating, especially in the early stages/years. It may take years before you even get close to that salary you received when you worked for someone else.
- Be adaptable.
Building a business requires patience. It isn’t just going to take off on day one. There are likely to be many bumps in the road, but the most successful leaders are the ones who are willing to adapt and embrace change along the way.
- Team and culture are everything.
Culture is critical because if yours motivates your employees (your best asset), it will lead to satisfied employees and customers. Your business culture has to make people feel that they are working towards something bigger than themselves. It is a reflection of you and your management style/team.
- Brand matters.
Your brand is your most valuable asset. It expresses who you and your customers are. You have to work on it every day. Trust. Solid Performance. Innovation. Fun. Make it simple.
Your brand, forms and reflects the genuine relationships that your company creates with everyone – both internally and externally.
- Never stop evolving.
The only constant is change. Stay current and understand the changing way technology, society and community is impacting business. Then learn how to leverage the changes in your business. Form how you advertise, to communicate to conducting business.
- Operate with integrity.
Your ethics and morals are critical. Integrity in all you do should be a self explanatory. No matter what, I would rather fail or shut down our business than operate without integrity. The clients will feel it and so will your co-workers. Operating with integrity puts everyone at ease.
- Embrace failure.
It’s a fact, we learn from our failures, not our success. Every business, every business leader will make mistakes. Don’t let failure consume you, in fact make it work for you. Expect it, and learn from it.
- Grasp what’s happening in the Government.
Our global economy triggers constant change that affects every business owner, whether the change reflects competitive, regulatory, economic or societal conditions. Take time to stay current with what’s happening. It matters.
- Don’t care what others think of you.
Stay the course! Entrepreneurs must not steer from the mission and principles that sparked their venture.
- Have fun.
It’s really healthful and helpful for you to be able to laugh. That means seeing the humor in everything and learning to laugh hardest at yourself. It may take a few days after being in the midst of a disaster, but being able to have fun is critical to you and to your team.