Starting your own business comes with its fair share of unknowns. What will it look like in five years? Will it even make it five years? When will it be profitable? The list of questions never ends. Being an entrepreneur requires being comfortable with the uncomfortable. After all, if starting a profitable business were a sure thing, wouldn’t everyone do it?
Here are the key takeaways from entrepreneurs who have been there. Take these essential steps before you start your business, and you’ll be better prepared to grow and take on challenges down the road.
In your company’s formative years, you are the chairman and the doorman. So don’t bother with titles
When you’re first starting out, you have to wear many hats and handle a wide variety of tasks, from the big-picture strategy to the nitty-gritty details. It can be a lot to handle, and there may not be enough resources to hire additional staff. This means that the entrepreneur is often the one doing everything from the chairman and CEO role to the more operational roles such as the quite literally being the doorman and welcoming people.
You will not always run on passion and motivation. Practice discipline
There will be times when things are not going to look bright, and it can be difficult to stay motivated and continue pushing forward. You may even start second guessing the very decision of starting out.
This is where discipline comes in. It’s the ability to push through the difficult times, to keep working towards your goals even when things get tough. The ability to stay focused and maintain momentum, even when you’re not feeling particularly passionate or motivated.
You’d have to figure it out as you go, but there’s a place for planning
It’s said that entrepreneruship is building a parachute as you land. Most decisions you make would be instantaneous. And while it may feel like you’re building a parachute as you land, it’s important to constantly have vision of where you’re landing.
Plans are not fixed, and we don’t live in a static world. Flexibility and willingness to adapt is essential skill, But if you fail to plan, you plan to fail.
The beauty of entrepreneurship lies in this dichotomy. And he who knows how to manage it, shall succeed
It’s going to be much harder than you imagine. Be prepared
Have audacious goals but set realistic and achievable goals. Understand that building a successful business takes time and effort. Success doesn’t happen overnight and it’s important to be prepared for the long haul.
Being prepared for the challenges that come with entrepreneurship can help you stay focused and motivated, and increase your chances of success. It’s going to be a long journey, take the discerning ones with you
Choosing your team members is equally important as choosing a life partner, and this is not an overstatement. Just like a life partner, team members will be with you for the long-term, and the journey is not going to be easy. So when push comes to shove, you wan’t people you can count on.
It’s also important to remember that building a business is a team effort, and it’s essential to have a strong sense of trust and mutual respect among team members. Having a team of trusted advisors, mentors, and partners can also make a huge difference in the success of your business.