Get All Access for $5/mo

Five Things I Learned In My Startup's First Year Steering a ship in the direction of your dreams has its ups and downs. But when you hold yourself accountable in reaching your goals, and remain consistent in your vision, then all will prevail in time.

By Maya Salata

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media.

Shutterstock

Steering a ship in the direction of your dreams has its ups and downs. But when you hold yourself accountable in reaching your goals, and remain consistent in your vision, then all will prevail in time. Here are five things I learned in my small business' first year:

1. Determine what have you got to show You can't turn your vision into reality if you don't take the steps in building an impressive portfolio. If you expect a client to lend you an ear, then you need to put your best foot forward by showcasing samples geared towards the type of service you are offering. What you have to show is your entry point for discussion during the initial meeting. It is your opportunity to shine and even subtly name-drop some of the top-tier companies you've worked with. Words alone aren't enough to secure business. A proven track record does.

2. The initial lure will help boost your business Sometimes you need to give more before you get back something in return. Most clients look for services that provide value for money. As a newbie, you need to be able to stick out from the competition that surrounds you. One of my strategies included targeting specific companies and offering more in order to get my foot in the door. The aim is to plant your seeds where you know the tree will grow.

3. Don't block yourself from opportunities based on insecurity Be an open canvas that accepts opportunities that come your way. You may come to find that an industry outside your realm of familiarity expresses interest in your service. If your business follows a generic formula capable of taking on the job, then say yes. I've managed to secure repeat business with one of my most regular clients because I agreed to take on the challenge.

4. Prepare yourself for a bumpy ride Starting a business at ground level isn't a walk in the park. You will find yourself in situations where all you want to do is raise the white flag. But you don't surrender, because success isn't achieved overnight. When your emotions hit an all time low, try to focus on your end goal. Focus on your accomplishments and the reasons you've chosen to venture into the world of entrepreneurship. There is always a solution to a problem- think like a boss, act like a boss.

5. Find your place in the market By the end of the first year, you'll be able to figure out where your business fits in the market. You would have interacted with enough clients to realize what they expect from you, their desired outcome for their business and how your services contribute in achieving their goals. By the end of the year you will also have a grasp of who your competitors are and how they do business. You will know what strategies work and what changes need to be made in your business. When you've found your place in the market, work towards growth strategies that will help grow your business. Also, don't forget to nurture existing business relationships that you've worked hard to form. Stay focused, and just keep going.

Related: My Startup Turns Two: Lessons Learned On My Entrepreneurial Journey

Maya Salata

Founder, Smaya

Maya Salata is the founder of Smaya, a Dubai based production/marketing agency specialized in providing creative solutions that deliver results. Smaya stays in tune with the motion of the market and molds concepts that captivate your imagination through the use of content writing, videography and photography services. For project samples, reach out directly at contact@smaya.me.

Thought Leaders

Entrepreneurs Could Be at a Higher Risk for Suicide. A Psychologist Explains Why.

Entrepreneurs face a higher risk for suicidal thoughts. We need to talk about it.

Entrepreneurs

Double-Edged Sword: Why Burnout Is Both A Curse And A Catalyst In The Creative Industry.

In small doses, burnout can be a creative accelerant. Like a muscle pushed to its limit in the gym, brief bursts of high intensity can push us to break new barriers.

Entrepreneurs

Forty Years And Counting: Servcorp's Long-Serving CEO Alfred George Moufarrige

How Australia-born Lebanese Alfred George Moufarrige invented the concept of serviced offices.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

News and Trends

Ras Al Khaimah: Rooted In Trade, And Ready For The Future

Free zones or economic zones such as Ras Al Khaimah Economic Zone (RAKEZ) have played an important role in creating this diverse economy, leading to an influx of international residents and billions of dollars in new investment.

Entrepreneurs

We Got Funded: Bahrain Foodtech Startup Calo Raises US$13.5 Million In Seed Funding Round

Its new funding will be used to fuel Calo's expansion into the GCC, recruit talent in different areas, and invest more resources in executing its product roadmap.