I Wish Somebody Would Have Told Me These 7 Things Before I Started My Business
Being an Entrepreneur is very rewarding and allows me the creative and professional freedom to explore what will work today versus what has worked in the past. Entrepreneurship, done correctly, can offer opportunities to solve problems for consumers, and employees, thus adding economic value to communities. Outside of managing cash flow, there is very little I worry about in business. There are a few things I wish I would have known before venturing out on my own in business; things textbooks, professors and mentors never taught me; the seven things I simply had to learn on my own.
- The people closest to you will offer the least amount of support
Often we expect the people who have known us for the longest to provide the strongest support as we embark on our new ventures and that is rarely the case. Generally, the people closest to us know us and have known us before the big launch. As a matter of fact, every since you’ve launched the business, you’ve been acting strange. You’ve changed, you don’t hang out as much, you’re always on that computer, and all you talk about is your business. The people closest to you, for all intents and purposes, have taken you for granted. They don’t see your genius. They don’t see your million-dollar plan. All they care about is they don’t get to hang out with you like they used to, and they could care less about your business. Watch the sparks fly when you tell them they have to pay for your products and services. Just remember, they knew you long ago; don’t treat them like business associates because they’re not.
2. Your intended customers will not understand your brand message.
You’ve put all this thought into how you will market your business, but honestly, you forgot to talk to the people that matter most… your customers. Unless you remember to get feedback from your intended audience, you just might miss the boat on connecting with your target market. I strongly suggest selecting a sample group of your intended market and ask them if they understand what you are attempting to tell them. Ask them if they think it makes sense. I remember shopping for school lunches for my daughter recently and I was grabbing lunches as if I were going to eat them myself. Luckily for me, my daughter was with me and I simply asked, ‘which ones do you like’? Low and behold, we have different preferences, and she picked lunches I would have never picked. If you are as committed to your customers, as I know you are; I’m sure you will want to know how they want to be communicated to and how to communicate with them.
3. Your logo is not as cool, or important, as you think it is.
Creating a logo is one of the most creative aspects of the business and can be one of the most fun activities. Unless you have gone to school for Art or Graphic Design, you may want to farm this work out to the professionals. Science says we tend to create to and for ourselves, often abandoning the end-user (customers). This can be problematic. If we are creating for ourselves, but not the customer, we may be alienating our potential customers. This alienation can cause slowed revenue, thus running you out of business. So while you think your logo is really cool, and it is, unless you understand the science behind the colors and shapes, you might be wasting time that could be spent on more productive activities. Honestly, what’s more important, a fly logo, or a great business?
4. You cannot do it alone
One of the biggest myths of Entrepreneurship is that you can go at it alone. That’s a hobby, not a business. In order to execute business as an Entrepreneur, you need to assemble a strong team of individuals who can carry out your mission. They don’t necessarily have to do it like you. You should be able to trust them to understand your mission and your values and then add their own flavor, as they execute your vision. The key here is having a clear mission, vision, and set of operational procedures for your business. You stand a strong chance of running yourself into the ground if you don’t find a strong team, learn to delegate, and give praise to your teammates.
5. You will have to work harder than you’ve ever worked in your life.
Building a world-class entity is hard work. If it were easy, everyone would be successful in doing it. You can expect to study your industry. You are expected to be the industry expert. You will need to have a working knowledge of social media and marketing strategies. You will need to create the vision to disseminate to your newly formed team which means, proposal writing, blogging, taking photos, approving website upgrades (possibly coding your own sites), acquiring clients, following up with clients, delivering your product or service, not to mention having a plan for offering exceptional customer service. Some may argue that it’s much easier to just go to work at a corporation than start one.
6. You are not in competition with the competition
In 2016 we’re not in competition with the competition, why? Because we can’t compete. Generally speaking, the competition has been in business much longer than we have and are much bigger than we are. The only thing I can get from the competition is a learning exercise. I can learn from the competition what they do well, and where they may need help. At this point, I can attempt to create alliances and partnerships with the supposed competition. This is especially helpful for start-ups as they are looking to gain some experience in a particular field. Partner with the competition to see how you might create value for each other. Keeping this in mind will quickly help your business grow. The real competition is you. Just keep working to improve competition every day and everything else will work out.
7. Banks only give money to people who don’t need money
I recently learned the truth about banks; they will lend money but only if they know their loan is safe and secure. You have to demonstrate that you don’t need the money. Banks are not in the charity business, nor are they in the risk-taking business. No matter how solid your business plan is, if you are not able to demonstrate solid money management skills, they will not lend you the money. Conversely, if you have strong money management skills (pay all your bills on time with little debt) and a better than average credit score (700 or better), banks will throw money at your feet offering you all types of credit. I don’t blame the banks; I want to make sure I’m getting my money too; it’s business.
There are many other lessons I have learned in this process or business building. Understanding these seven basic lessons will make the journey to successful entrepreneurship so much easier and manageable.
Good luck!
