Years ago on a family adventure in Hawaii, I saw from a distance that my teenage sister was caught swimming against a powerful current. Despite how hard she swam, she just wasn’t moving in the right direction. The current was pulling her rapidly toward a wall of jagged rocks. Realizing that she might be in trouble, I quickly swam to her and helped guide her safely away from the rocks and onto the shore.
I view the beginning of my entrepreneurial business career as much like my sister from that day. I started my first business fresh out of college. For two years, I swam against the current — going from event to event, tradeshow to tradeshow, driving all across the country to promote my precious brand. I was speaking at any venue that would have me, with little profit to show for it. My hard work and determination were not enough.
Sometimes you don’t realize you are swimming against the current, and sometimes you just need someone to help you reroute. You might even realize that what you are doing might not be something you should be doing. All of this is OK and doesn’t mean your dreams of entrepreneurial success are over. It likely means you just need to learn and change course.
Fortunately for me, my entrepreneurial business career didn’t end with my first company. The following five lessons are what I learned from my first company. They propelled me to have success with my next four business startups.
Build a great team.
You can’t run a business entirely on your own, or at least not for long. Building a talented and successful team can help you achieve your dream. Know what you do well, and find others to work with you who complement your strengths and strengthen your weaknesses. You might be able to create the most amazing product, but if you don’t know how to sell that product, you don’t have a business. Build a team that works well together, respects you as a leader and shares the same passion for achieving success.
Today I find myself in far different circumstances than I did during the days of that first company. I am fortunate enough to be on an executive team with industry experts, seasoned entrepreneurs and like-minded individuals who make work enjoyable and, most importantly, successful.
Be financially responsible.
I believe being financially responsible is a way of life. You must always assess the value of a purchase, and that value should always be in your favor. This means not wasting your money on things you don’t need. Don’t let a short-term financial risk jeopardize long-term financial gain. Always ask the question: Will this help or hurt our company growth?
My co-workers always give me a hard time when we go out to dinner. The waiter at a sushi restaurant, for example, will ask, “Would you like miso soup to start?” And without fail or recognizing what I’m doing, I always ask back, “How much is it?” That question is second nature to me. Of course, the soup is only a few dollars, but I’ve found that asking small questions like that can help instill financially responsible principles both personally and professionally.
Act the part.
You might have a bad day, and you might not want to do something. But as a leader, it’s important to remember that there are people counting on you every day. Sometimes all it takes is to show up and put on a smile.
Working with a small team usually means they see all of you: the good, the bad and the ugly. Over the years, I’ve learned to try and hide the bad and the ugly, though this remains an everyday challenge. It’s important to be transparent and honest with your team, but remember that it’s also OK to act the part when necessary.
Trust your gut.
I believe that if you feel you are right, you probably are. Trust your gut. In my experience, your first instinct is often the way to go. Stand up for what you believe, even if it means saying “No” to an opportunity or parting ways with someone you work with. Everything must be for the good of the company. Don’t let anyone try and convince you otherwise.
I’ve faced conflict with people during my young business career. But in each of these times, I felt what I was doing was the right thing to do for the company. I will never jeopardize the long-term growth of the company to compromise on something I don’t feel is right. I’ve found that those who respect you and your direction will usually stay and remain shoulder-to-shoulder with you.
Timing is everything.
You never know what external forces outside of your control could hurt your business, and you might never know when it is too early or too late to start something. So, when you feel the timing is right, take advantage.
I’ve launched products that became the market leader in less than a year, as well as products that fell flat in the same amount of time. When you see an opportunity, go for it and don’t look back. You might be wrong, but if you’ve been careful with your business plan and startup costs, you can bounce back.
Last, don’t pressure yourself to land a huge deal on your first day or move into a fancy office within the first year of your startup’s creation. It takes time to build a brand and nurture a customer base. Be confident in what you are doing, and know that these things will come in due time.
"Startup" - Google News
May 01, 2020 at 06:28PM
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5 Lessons Learned From A Startup Failure - Forbes
"Startup" - Google News
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