Building a business is challenging, yet rewarding. However, all the glamour and passion depicted of entrepreneurship is quite contrary to struggle behind it. It’s central to highlight all the experience-based learning that comes with starting your own business at a very young age. There are very few career paths that require the same amount of sacrifice and commitment that can also be so enriching at the same time. While one can’t predict the factors that amount to becoming a successful entrepreneur, there are things you learn on the job as effects of trial and errors. Having started my business at the age of 23, sharing seven lessons I gathered along the journey.
Service is Key
Providing consistency in your offerings goes a long way. Back-end functioning of management processes and outstanding after sales service will ensure repeat orders/buyers etc. Innovating and upgrading your skill in trend with the market shows that you value your customers and constantly aim at meeting their needs.
These are people you invest time and effort, hence it’s important to hire those who share the businesses goals, values, and vision. The learning has been to invest 40% of the billable hours in simplifying processes and training the team. The ROI here can directly lead to increased profits for the business. The right team is an asset especially in the early stages of your business.
Rejection is Alright
Not all customers in your target group will adapt to your mindset or believe in your product/service, which is perfectly alright. Do not waste time chasing such customers in lieu of changing their mindsets. Focus on delivery for the few but loyal customers who will further help you alter and learn your product like never before.
Find Easy Ways to Market Your Business
Choosing efficient ways like personalized mailers, articles on social media, word of mouth publicity coupled with the art of story-telling and loyalty plans are helpful for any and all kinds business. In the Initial stages, one should invest in marketing by setting minimum 10% aside from your profit margins.
More often than not Plan A does not work. It’s crucial to go with the times and change ways of executing and operating for the larger good. If one does not adapt in this ever-changing market/economy the business will stagnate. Exploring multiple options and testing products/services over and over will help retain customers in the long run.
Assign individual goals for team members that connect to the overall mission, apart from the short-term and long-term company goals that are already defined. Have goal charts laid out and reviewed at the end of every quarter to quantify output and progress. It is impossible to forecast a certain outcome as external factors like markets, socio-economic behaviors, tastes, and preferences keep changing, but defined plans help you calculate and control risks from time to time.
Probably the most underrated quality for entrepreneurs, but truly valuable. It’s easy to confuse passion with aggression which leads to rash irreversible decisions. Putting your best efforts with realistic expectations saves disappointment and loss. Wait for the right time for the right business move.