It is better to start and fail than to fail to start- that is what experts will tell you about the world of business.
There are entrepreneurs and there are people who are able to start businesses. An entrepreneur is not just going to start a business. These people will evaluate the opportunities that are available before they make any decisions to invest in them.
If you have watched TV shows like “Shark Tank” you will have a clear understanding as to how a majority of entrepreneurs think. The focus they have is always on how to bring in more money to their business and how to grow their businesses further. Admittedly, becoming an entrepreneur is not easy work at all.
What is even scarier about entrepreneurship is the fact that you have no idea how your business is going to perform in the future. Will it perform so well and grow like one of those Fortune 500 companies or it will fail in the next three years?
This fear of the unknown makes very many people with fantastic ideas fail to start their businesses. It is better to start and fail than to fail to start- that is what experts will tell you about the world of business. Here are some lessons that you can learn from successful and experienced entrepreneurs.
1. Set boundaries
Everything must have a boundary including your relationships with your family. There are things that you can do and those that you will always want to avoid. Usually, the first three years in business are meant as a test of your mettle.
How much are you determined to achieve that success? A majority of businesses that are destined to fail will always fail during their first three years in business. If you do not establish firm boundaries in your business then it will take a stroke of good luck to keep that business running.
It is important to be clear on what is acceptable to you and what is not. These boundaries could be anything from taking business calls during family time to giving large discounts in order to land a deal. When these boundaries are breached you probably will notice how much you value them. Setting clear boundaries that you can hold onto will help you avoid feeling exploited and resentful.
2. Add pleasure to business
Now, this should not be mistaken to mean that you should mix business with pleasure. Friends are friends outside your business. What it means to add pleasure to business is that you should make the process of working with you one that is delightful and something people can look forward to. The process should be simple and enjoyable. If you are able to achieve this then definitely people will come back to you.
For instance, if your company is providing professional SEO services then you should ensure that your clients feel secure all the way. Right from the moment they decide to do business with you, the client should feel comfortable and have an experience that is worth repeating over and over again. This is the best way to make sure that your clients stick with you all the way.
3. Have a support system in place
Starting a business is not easy at all. It does not matter whether you are running a daycare center for children or you are providing professional services- all of these are hard. As such you will need some people to support you all through. This is particularly so when the business is growing. You would think that the growth mode is the easiest part but it actually is a really difficult one.
As such, you should strive to build a network with people you can trust as advisors and peers. These are people that you can rely on each and every step of the way. Family members are a good place to start but then you should not rely too much on family otherwise you will be bringing work home with you.
Get your peers and other people in the business to advise you and guide you when you are feeling lost. It is easy to think that you do not need any help or counsel from these people but this cannot be further from the truth. The time that you spend with people outside your business discussing business with them will always pay off. You will get some insight on what you should add or subtract in your business.
4. Hold your ideas for later
One thing that is characteristic of practically all entrepreneurs is that they are great at generating ideas. This is great because you will always have a clever way that you can expand your business. However, it is also dangerous because it can make your veer off your goals.
There are people who abandon their plans in the quest of a new idea only to discover a short while later that it was not viable at all. This is very common in small businesses.
It is alright to go on an “idea hiatus”. The fear that someone else will steal your idea and work on it to make more money should not get the best of you. Keep those ideas that you have formulated in your “little black book of ideas” and focus on what you have currently. Once a venture has paid off then you can think about pursuing another idea.
5. Disconnect once in a while
It sounds like bad advice but you should learn to disconnect yourself from your business at least once in a year. Now you want to argue that you take the weekend off and the public holidays as well. This is not enough. Even children in high school take these holidays and they do not work as hard as you do.
It is important to do that “digital detox” every once in a while. Take leave from your business even if it is just for a week. This will help you recharge your batteries and come back prepared to handle business better.
Successful entrepreneurship does not exactly mean that you should overwork yourself or develop unnecessary ulcers worrying about how your business is performing. The fear of failure should never get the best of you. Take some time and plan your business idea properly and pursue it to the end.