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A small business blog featuring tips to help entrepreneurs succeed in the small business world. Topics include family business, human resources, marketing, money, networking, operations, ownership, startup, taxes and technology.
Learning From Experienced Entrepreneurs
We all have regrets – it’s just a fact of life. But we learn from those experiences, much like the flourishing entrepreneurs interviewed in Entrepreneur.com’s article If They Could Turn Back Time. Kristin Edelhauser Chessman interviewed nine successful entrepreneurs and asked them, if they could do it all over again, what they would focus on more during the startup process.
Their feedback reveals important steps that everyone starting their own business should know.
Have startup funds available. Whether you save up to start your dream job or find investors, it’s best to have funds available for spending on marketing and supplies rather than limit your options in the beginning.
Have a realistic business plan. Though you should have some awesome long term goals in mind, don’t reach for the stars too soon. Be realistic with short term goals and you’ll have a better chance at being successful.
Broaden your knowledge of the industry. Even if you already know a lot about the industry you’re choosing to start a business in, in can only help you to do some market research, and learn all the ins and outs. And, if you’re starting a business in an industry you know little about, it’s vital that you learn about the industry first, so that you don’t find yourself in a bind later.
Trust your instincts. Even when those giving you advice may not agree, typically your business instincts will be your best guide. If your gut tells you a certain move is bad idea, then it may not be the best bet for you. And, if you’ve done your research and find a move to be a logical and realistic option for your company, then chances are it will be. If it turns out not as well as you planned, at least you can learn from the experience.
Don’t be afraid to hire help when you need it. Transitioning from a one man operation to hiring employees is often a big step when you’re business is just getting started. And it can be very scary. But when things start to take off and demand for your product/service increases, you will need to delegate some tasks. If nothing else, just to keep your sanity.
Provide incentives for your employees. Commissions, bonuses, health insurance, flexible work hours… whatever employee incentives work best for your company, providing them is a must. They will produce better moral rectitude and motivation from your workers.
Market from the start. Do what you can to gain search engine optimization (SEO) and get your product out there in front of consumers. Especially if your company is web based. If you don’t market it, no one will know your company exists, and it will take much longer to establish a clientele and get on your feet.
Obviously, there is much more to starting a business than the few elements listed here, but it’s important to keep all of this in mind. If successful entrepreneurs point this stuff out specifically when looking back on how they got started, then they are all clearly elements of establishing and running a successful business.
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