Lessons Every Entrepreneur Must Learn to Get Their Business Off The Ground
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“Tough times never last, but tough people do”; as clichéd as this adage may sound, the phrase still has a strong relevance in the entrepreneurial eco-system. Entrepreneurship comes with its own set of challenges and responsibilities. From turning their vision into a business to arranging the finances, entrepreneurs often feel that the road to success is interminable and full of setbacks. Sometimes it might take years before a business starts making a profit, testing their persistence and resilience. While not everyone is cut to become one, let’s look at the lessons every entrepreneur must learn as they progress in their journey…
Explore financial opportunities
The first step toward starting a business is to have your finances in place. Unfortunately, passion is not enough to give wings to your company; you require the starting capital. Additionally, it’s crucial to understand the operational and maintenance costs as well. Before you embark on your venture, you need to calculate the total costs that you will need to incur and see if you will be able to manage the same or not. The next step is to explore financial opportunities to get the required amount. Move beyond traditional approaches, and surround yourself with industry insiders who can be potential investors in your business. The concept of crowdfunding is yet to take off in India, but you can still try your luck. To put it simply, leave no stones unturned until you find what you want.
Focus on the bigger picture
It is often said that if a business can survive its third year, it has a much better chance of success. However, many startups die an untimely death due to the lack of a visionary leader. Keeping the focus on long-term goals instead of short-term fluctuations is a fundamental rule for a running a successful enterprise. Accept the fact that success is not always immediate and it is subjective. While you may not register as much growth as you would have liked in the first year, most of the times it’s better to stick to the original plan and stay committed to your larger goals. Making minor changes in marketing strategies is acceptable but refrain from taking up quick revenue-increasing measures that may harm your business in the long run.
Learn from mistakes
Failure is the pillar of success; the age-old proverb holds even more meaning to entrepreneurs. It’s impossible to run a business without experiencing a few hiccups along the way. The ability to learn from those mistakes is what makes a difference between a successful entrepreneur and an unsuccessful one. Asses your past performance on a regular basis to find out what did work and what didn’t. For an objective viewpoint, be open for feedback from your clients as well as co-workers. Entrepreneurship is not about avoiding missteps, it’s about using them to your advantage.
Hire proficient employees
Employees are the most valuable asset of any organization as they function as the intangible source of profit. The smaller your business is, the more important it is to hire skilled, highly efficient employees who will give their 100 per cent and be open to multi-tasking. While they need to acquire the job-related skills, your employees must also be hard-working, autonomous, self-motivated, action-oriented, positive and adaptable to change. When hiring employees, try to spend more time with them and understand their personality and natural disposition before making a final decision based on just academic qualifications or an impressive CV.
Personal engagement is the key
Regardless of how many employees you have, it requires a personal level of engagement to become a successful entrepreneur. Keep a close tab on the workflow of your organization, without being too intrusive. A good practice is to ask your employees casually about their daily tasks and if they are facing any issues. Don’t leave all the responsibilities on those who work under you. Instead, actively participate in making and executing business strategies. This will not only help you gain your employees’ trust but also create a positive work environment.
Outsourcing is an excellent idea for routine, mundane tasks as it allows the core employees of a company to focus more on the revenue-generating work. In addition to saving money, you also get access to a larger talent pool through outsourcing. If you look at the current business landscape, outsourcing is being considered as quite an effective way to cut down labour costs.
An entrepreneur’s job is not an easy one as it calls for a certain amount of commitment to become a successful one. If you are looking to start your own venture, keeping in mind these above tips will undoubtedly make the journey ahead a tad easier.