Most people have no doubt that becoming an entrepreneur is as easy as to play online roulette. But it is not true, and you must overcome lots of obstacles to make your company successful. Want to make your journey easier? Then follow these tips.
Love Business Processes
Success in business depends on two factors: a good product that solves people’s problems, and well-functioning business processes. If your favorite business at the core of the company is baking cakes, running a sports training business, or designing websites, you have to realize that you will only spend 15% of your time doing it, and the remaining 85% will be spent on marketing, administrative work, sales, strategic planning, and email. You need to love this job and learn to think like an entrepreneur.
Get Ready to Work on Yourself
Business will change your life as much as marriage or having children. When you work in an office, you rarely have to step out of your comfort zone. It’s different with your business: you’ll face your fears, complexes, excuses, limitations, and ineffective time management. But you will learn to accept yourself, work on yourself every day, and over time your weaknesses will become strengths.
The Road to Success Will Never Be Short
Don’t expect to be a pro in six months. There is a ten-thousand-hour rule – that’s how long it takes to succeed in one activity. Even if you are talented, and even if you work 15 hours a day with no days off, it will take time for you to be respected by your colleagues and for your business to be profitable. The main thing is not to give up early.
The Money May Run Out
When you start a business, don’t expect to have any more financial difficulties. Entrepreneurship is a risk, and almost every success story contains a period of no money or even bankruptcy. But once you get through such difficulties, you will become much stronger if you don’t give up on your path.
Find a Stable Source of Income
There is nothing wrong with getting a second job – don’t see it as a failure. The financial stability and emotional peace of mind of the entrepreneur is essential to the success of the project. Create a comfortable environment for yourself; only in this environment can you generate creative ideas and think freely and at scale.
Study Less, Act More
Collecting data, doing research, and reading other people’s blogs are forms of resistance. Clarity doesn’t come from learning more – it comes when you throw yourself into the fray, even if you don’t quite know what to do.
To start working more productively, cut yourself off from distractions: hide your phone, close the social media tabs in your browser, turn off notifications in your mail. Then get to work: do something meaningful and measurable. Set a timer for 25 minutes, and work until you get visible results.
Choose Your Business Partners Carefully
Carefully research any potential project and the people you will be working with. Before you begin a project, put all agreements in writing. Be clear about the division of responsibilities and deadlines.
You’ll probably be splitting the income, so you should have two numbers in mind: one, how much you need to earn to make up for your time, and two, how much you’d like to earn. Set the first financial deadline early, so that either party can quit if the project doesn’t turn out to be profitable enough. In case either party wants to continue working on the project, have a transition strategy in place.
Spell out all the details, even if you are friends or have worked together before. Don’t rely on good relationships and mutual trust. New projects often don’t develop as planned, and participants start to react emotionally.
Take the Promotion Seriously
The product part is the most interesting for many entrepreneurs. But if you don’t invest the time to promote it on the market, you can’t make any significant money. Even if the product is perfect, people will not come on their own.
“Pack” your product so that it attracts attention and you want to buy it. Choose the channels through which you will promote your product.
Systematize Your Email
Your inbox will be flooded with emails, but you won’t be able to respond to each one in detail. Remember: Not everyone who sends a letter is your customer. People will write thank you notes, try to get something for free, start a partnership with you, or offer their services. Your job is to discern quickly who’s who, and don’t spend a lot of time responding.
Minimize your correspondence as much as possible. Create a few templates that you will send in response to frequent requests, and if the question is non-standard, offer to call. You will save time and answer the request in a quality way.
Hire the Right People
Many startups continue to gain momentum in order to demonstrate themselves as worthy competitors in their industry. This move will not bring any negative consequences if you hire the right people. Just make sure you’re chasing quality, not quantity. Bad employees can keep your business from growing further.