10 Things I Have Learned as an Entrepreneur/Business Owner
The path to entrepreneurship is not for the faint-hearted. It is a long and challenging process that is jam-packed with alternating cycles of success and failure -- moments of triumph when you make a profit, and moments of doubt when you take a loss. Those who become successful in their businesses do not think of quitting when they encounter tribulations or run into their first wall. Instead, they use these challenges to grow further to find great success in their endeavors.
As a business owner I have learned the following lessons:
1. Start small
Do not be over-ambitious when starting a new business, and never invest all your savings at once. Instead, begin by investing a small amount, begin by testing the waters of a new prospect before diving in, as it allows you time to test your capabilities and any complications that might arise from external factors. If all goes well, you can then continue your expansion as you will have gained some experience, confidence, a solid client base and (hopefully) some profits to reinvest.
2. Know your ideal client
Getting to know your clients is a big step towards improving your business. These are the people who will be buying your goods or paying for your services. Going a step further when listening to your customers helps you become aware of their needs. Cultivating a good relationship with your customers is good business because you will always get feedback on your products or services from the people who matter most. Your ideal client is someone who you like working with and, in turn, they appreciate and value your work.
3. Trust your intuition
A good entrepreneur trusts his/her guts when making important decisions. If you don’t trust yourself, no one will. Therefore, trust yourself even if the idea seems unfeasible. If you have a great idea, just go for it. You will either accomplish something great, or learn something. While it helps tremendously to learn from others, know that deep down your intuition knows what’s best for you and your business, and the first-hand experience you derive from these trials.
4. Value your time and know how to spend it
Time is an essential factor that should be considered when starting a business and when planning for a critical campaign for your products. A business owner who utilizes good time management skills is better placed to deliver their products or services on time. Good time management skills also mean that the person can solve any issue that emerges without affecting business operations. Planning also saves from the stress of rushing at the last minute to deliver to your clients. To be on top of things, you can also delegate some duties to your employees, allowing you to have time for more urgent issues that require your attention. I try my best to delegate as much as possible.
5. Plan ahead but remain flexible
A good business owner should plan their days well in advance but still leave some room in case something unexpected comes up. Planning means that you are aware of what you will do each particular day, and have deadlines in mind for the goals you want to accomplish, to keep your business on track. Remember, however, that you also need to be flexible, so that when unforeseen developments or obstacles come up, whether personal or professional, you have the time and the mindset to deal with these and assimilate them into your larger plan.
6. Work with a mentor or coach
You are bound to eventually experience bad moments, or even make a mistake, especially when you are setting up the business or during periods when workflow is down. The ideal situation in this scenario is to have a mentor who will be there for you in these difficult times, someone you can count on for good advice and support throughout the entirety of your venture. A business coach will advise you on the best approach to running your business to reap maximum profits.
7. Step out of your comfort zone
The life of a small business owner is a challenging and chaotic one. With all these difficulties, it gets easier to fall into a safe routine where you get too comfortable staying at the same place with no plans of seeking new opportunities. The fear of the unknown makes one stay in the same routine even when it no longer makes you happy. Getting out of your comfort zone, although scary, can be an excellent idea for improving your business. In business, one needs to take risks; otherwise, you will never know what would have been.
8. Take care of your team
Your employees, team members, subcontractors, etc are your most important assets as they are essential in helping you achieve your goals, and therefore your dreams for your business. You need to take care of them, to find ways to motivate them to keep doing what they do best. Give them a salary raise, bonuses, off days, and other incentives to make them comfortable and keep them happy in your business. An underpaid or overworked team member will not enjoy their work and might end up leaving, or worse stealing from you. Appreciate and acknowledge your support team.
9. Set boundaries with clients
It's important to make your clients happy, but you should set clear boundaries to enjoy a healthy relationship. Learn to say no to a client when you think they are taking advantage of your goodwill, like letting them manipulate your schedule to suit their needs. Don’t be afraid to set those boundaries and stick to them.
10. Value and love yourself
Loving yourself should be the top priority for any business owner who aspires to thrive. Operating a business can be stressful, not to mention that you have other responsibilities, like your family, personal goals and other engagements. Self-love means taking time to care for yourself so that you are fit enough to run your business. Loving yourself means putting yourself first for the sake of the company.
Owning a business is not an easy task as you are the one taking all the responsibilities. To be a successful entrepreneur, you need to work hard and smart. For those daring to start their new lives as entrepreneurs and business owners, I hope the above tips will help set you off in the right direction.
