As an entrepreneur, there are many things that you wish you had known before you started your own business. The hard work is not enough for getting success, but the right direction is. If you know the right strategy and apply it at the right time, you will always be successful. In this article, we will discuss the top 7 things I wish I knew before I started my own business. Are you ready? Let’s get into it!
1. It Is Alone
Entrepreneurship is not the same as you did in your past job where you and your colleagues are all together either at lunch break or during working hours. It was the sense of community, but that’s not the case when you become your own boss and start a business. It is you and you alone, and you are responsible for everything. And that’s a lonesome and sometimes heavy burden you carry on your shoulders. In this case, family, friends can be your big support.
2. Have Fun
It seems counterproductive when you are working hard and having fun, but it keeps you pushing and gives you the opportunity to celebrate your small wins and think about your business. When you are sitting near the riverbank, hanging out with friends at a bar, or enjoying a cup of coffee in the evening on the beach, it will give you a chance to refocus and plan new things about your business.
3. Running The Business Is Your First Priority
Your success and financial stability will depend on running your business carefully, not writing books, re-branding your client’s website, yoga classes, podcasts, or creating anything else. In other words, you will spend 15% of your time doing what you love, and 85% of you will dedicate it to marketing, administration, sales, strategy, as well as responding to a load of emails often excessive. The survival of your business will depend on how effectively you play the role of the entrepreneur. The second step will be to be a creator of “things,” whatever your business is.
4. The Longer We Plan For It, The Longer We Need
Have you ever heard of Parkinson’s Law? It says that work expands in proportion to the amount of time available to do it. That is, if we plan a project to last three months, then this project will also last three months even if we could have done the actual work in a week. If we assume from the beginning that it will take three months for a job, then this assumption is the reason why we really need three months for it, even if we could have been much faster.
5. Never Miss a Deadline
In a student life, especially in the university, there is a term deadline junkies ” for unorganized students who only start work when there is no other way. As a result, most of the submissions have, of course, been delayed, and dates have been postponed. This behavior is fatal as a self-employed. Even if the deadline is postponed with the consent of a customer, it means that you lose time and money. This is our time and money, not any company’s money.
6. A Clear Vision Is a Key
A turnover of 250,000 dollars per year is a classic goal that many founders set themselves (okay, maybe in the first year). It expresses where the company wants to go in period XY – but not how and taking into account which values this step should be done. This is exactly where the vision comes into play, which ideally you always have in the back of your head. A vision is not a goal but a look into the future. For example, have you ever wondered how your service should make the world (a little bit) better? Or what contribution does your product make to solving this or that problem? Is your product is adding value or not? It is thoughts like these that create and consolidate a vision. And it is your vision that you can play as a trump card in many situations, and that will maneuver you through many a crisis of meaning and dry spell.
7. Keep Your Customers Happy
Products and services should be designed with your target group in mind. It will be important that you know and segment your clients, identify their real needs, interact with them, and solve their problems and desires through what you do with your business.