Tips for Entrepreneurs to Have a Stable Venture
Entrepreneur's New Year’s Guide
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Yes, being an entrepreneur is challenging and nerve-wracking but it’s simultaneously exhilarating and rewarding. Owning and starting up your own business gives you an unparalleled sense of purpose, empowerment and freedom. On the flipside however, there are a myriad financial, legal, staffing, marketing, and customer ramifications that will come up as you launch your own business. And, unfortunately, there is a lot of conflicting advice out there for the aspiring entrepreneur.
To anyone looking to start their own business here are a few tips that we wish we had learned earlier on in the journey:
1. Hire the Team Early-on in Your Start-up Journey
Success in business cannot be achieved in a vacuum, hire the right people as soon as you know that you need them and can afford them, even if you have to bootstrap it yourself. This is something we wish we could have done sooner. A good and efficient team will free up your time to focus on the bigger business issues at hand. It also takes longer than you might imagine to recruit the right team, so start early!
2. Give up Being a Perfectionist
We learnt very early on that striving for the unreasonable, and often unattainable, results in frustration, anxiety and unfinished projects. This has no positive outcome for the business and it just leads to delays all around. Just prior to launch we spent hours agonizing over the exact yellow Pantone shades in our packaging. Our printer was struggling to get the shade right and we ultimately launched with a less than ideal colour. We realised that at the end of the day, this did not detract from our product or our brand, so it wasn’t worth the fight. Stay true to your values and stick to the important stuff – let the rest go!
3. Let Go of Control
Trust and have faith that the team you have hired will deliver. Micro managing the tasks and situations just leads to loss of confidence and trust within the team. Take time to train the team and you can focus on what you need to do to develop your business- Use your time and energy wisely. Perhaps you would have worded that email differently but ask yourself first if it is worth your time to get involved in the issue.
If there is one big lesson we have learnt it has to be this – patience! Learning to be patient is obviously a learned habit and only gets better with more practice. We still struggle with this but try and remain calm amid all the curveballs big or small that come with this journey. Losing one’s cool in difficult situations also causes one to lose one’s clarity in vision and thought. In today’s age of instant gratification, we expect results and growth to happen overnight. However we are learning that to build a truly sustainable business and brand, time & patience are the key!
Lastly, the foundation block that underlines this journey is having unshakeable faith and optimism that the business will survive, grow and prosper. Have faith in your idea, in your team and most importantly, in yourself.
The ride is fraught with its highs and lows but to see something you have built from scratch grow can be incomparable to any job. Nevertheless, while we have overcome and learnt from the obstacles that have entered our path to date, we have noticed that life has a way of throwing more of them at you especially when you least expect it. We are sure there will be many more fires to fight and we still have a very long way to go!.