Entering a void of uncertainty will give you nerve-wracking tendencies. You begin to question yourself, your abilities, values, and overall standing in life. But what people fail to put in the limelight is how you become stronger after facing many adversities. And that’s what entrepreneurship is all about. The uncharted waters of running a business might make aspiring entrepreneurs raise the white flag and run. But don’t let it. These 15 best pieces of advice for entrepreneurs will inspire you to brave the world of commerce.
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1. Create a solid plan
It’s imperative to create a solid business plan to start shaping the future of your business. Think of your goals, customers, assess your strengths and weaknesses, the values you want your company to live by, and your marketing strategies. Moreover, it’s also advisable to prepare yourself mentally, emotionally, and physically to better handle any stumbles down the road.
The father of management thinking Peter Drucker says, “The best way to predict the future is to create it.”
2. Be financially ready
One of the challenges in running a small business is being financially prepared before and during business operations. Before embarking on your venture, ensure you have enough resources to cover capital costs. Additionally, you’ll need sufficient cash flow for seamless business production, marketing, and processes.
Always allocate a budget for the next month’s overhead expenses. You can leverage ways to lower overhead costs, like offering remote work for employees. Better yet, ask your customers to sign up for annual packages in exchange for discounts if you’re offering your services.
Phonexa Holdings Lilit Davtyan mentions, “Hire an experienced bookkeeper or accountant from the very beginning, even if it’s on a consulting basis or for just a couple of hours a month. This way, your finances will be accurate from the get-go, you can project your break-even or profit analysis more accurately, and you will have more confidence in making decisions that might be financially risky.”
3. Consider working with a mentor
One effective piece of advice for entrepreneurs is working with mentors. Mentors have a significant amount of experience in their chosen fields, and this is why you should consider working with one. It’s okay not to know all the details and information about your new venture. Admitting that there is still a lot to learn means you’re opening up room for improvement and learning. Work with a mentor who will guide you and show you how it’s done. These are the type of leaders you want to follow.
American speaker, author, and pastor John Maxwell comments, “A leader is one who knows the way, goes the way, and shows the way.”
4. Solve one problem at a time
Entrepreneurship isn’t all butterflies and rainbows. It’s filled with discomfort, frustrations, disappointments, uncertainty, and failures once difficult situations are thrown your way. But what matters is your resiliency in overcoming these confrontations. Remember that it’s all about solving one problem at a time, although you may want to tackle a couple simultaneously. So don’t beat yourself up, hit company milestones, and celebrate small wins.
CreativeLive co-founder Chase Jarvis says, “Scratch your own itch. Go after solving a problem that you have. Something that’s near and dear to you, not some random market opportunity.”
5. Build a team of A-players
As leaders, you must aim to work with more like-minded leaders. This is THE only way your business can grow. And that’s why it’s imperative to hire A-players, so they bring their maximum potential to the table. Also, delegation is key to setting clear roles and responsibilities.
You can’t try to be the hero in your journey and handle all the essential tasks. A team consists of people working together to reach a common goal. So avoid being the bottleneck, delegate tasks, and ensure you hire the right people who forge the business forward.
Super Scaling’s founder and mentor Alvin Poh advises, “Having a team of A-players is every entrepreneur’s dream. However, a lot of entrepreneurs face serious difficulties getting this team. While it isn’t easy, actually getting such a team isn’t just a pipe dream. On the contrary, it can be quite simple if you know what to focus on.”
6. Be patient with results
The good things in life don’t come easy, which should be the best advice for entrepreneurs. Because if they did, everyone would be in a comfortable and familiar position. You have to feel the hardship and enjoy the rollercoaster ride before snatching the pot of gold. Some new business owners quit after giving their business a couple of tries. However, it doesn’t work that way.
Rome wasn’t built in a day. That goes without saying, results don’t happen overnight. As long as you put in the work every day, expect that you’re going somewhere and the results will be positive.
American Football coach Vince Lombardi said, “The price of success is hard work, dedication to the job at hand, and the determination that whether we win or lose, we have applied the best of ourselves to the task at hand.”
7. Embrace failures
Did you know that the bubble wrap was created initially as an attempt to offer a new textured wallpaper for house insulation? When IBM used the first bubble wrap to transport the new computer, the inventors had an epiphany. Some of the best things in life are realized after facing mistakes or failures. So don’t be afraid of committing failures over and over again because this process will only make you stronger.
Microsoft genius Bill Gates said, “It’s fine to celebrate success but it is more important to heed the lessons of failure.”
8. Promote your business
One of the best pieces of advice for entrepreneurs is learning how to market your business. Don’t expect customers to come through your doors after setting up shop. You have to do the heavy lifting of advertising your business on the right online and offline channels. Plus, work on yourself to acquire efficient marketing knowledge and techniques to succeed. Being highly dependent on technology means there is no shortage of resources online, so burn the midnight oil learning old and new advertising tricks.
Black Enterprise Magazine founder Earl Gaves Sr. once said, “To have a successful career, you have to approach it as an entrepreneur, even if you are working for someone else. Your career is your own private business. You have to market yourself and your abilities and knowledge just as you would a product or service.”
9. Challenge yourself
Venturing into the business world means you have to consistently challenge yourself and be your own biggest critic if need be. A business won’t boom if you’re constantly in your comfort zone. As business owners, you have to ensure you’re constantly challenging yourself to grow personally and professionally.
Sunshine Contact founder Marissa Mayer says, “I always did something I was a little not ready to do. I think that’s how you grow. When there’s that moment of ‘Wow, I’m not really sure I can do this,’ and you push through those moments, that’s when you have a breakthrough.”
10. Believe in yourself
They say that the universe conspires to do whatever you try to manifest. So if you constantly think that you can’t do it, then the universe may also tell you that you can’t. However, if you believe in yourself and manifest the right positive attitude, then you’ll likely achieve great results.
Huffington Post founder Ariana Huffington says, “We need to accept that we won’t always make the right decisions, that we’ll screw up royally sometimes — understanding that failure is not the opposite of success, it’s part of success.”
11. Take action
The most important advice for entrepreneurs that will get you started on your business plan is to take action. You can have all the innovative ideas in your head, but all of those will be futile if you don’t act on those ideas. That said, you have to stop talking about those ideas and start doing them. And this motivation will kickstart a lot of aspects of your business.
Popular singer Mark Twain says, “Twenty years from now you will be more disappointed by the things that you didn’t do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover.”
12. Identify your goals
You can reach your goals when you know them by heart. One of the most critical steps for entrepreneurs is knowing their goals right from the start. Experts also suggest jotting down your goals so you’ll have something to refer to whenever you lose your way.
Moreover, having goals in mind will inspire you to work towards them and strive hard to accomplish them.
Business coach Ilise Benun says, “Most people start out with completely unrealistic expectations of what level of effort is required and how long it takes to get a business off the ground. They are easily discouraged and give up way too soon. I blame it on wishful thinking.”
13. Know your customers
It’s essential to know your customers to identify their pain points. Brands are provided with various channels to advertise their products and services. However, if brands don’t know their customers very well, their marketing efforts could go in vain. Knowing your customers means you’ll also tailor your promotional strategies to communicate and address their needs.
American businessman and philanthropist Warren Buffett tips, “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”
14. Allocate your budget wisely
One of the primary things to consider when running is business is cash flow. Cash flow is critical to cover production, marketing, recruitment, and overhead expenses. It can be tempting to invest in things you don’t necessarily need for the business. However, this can be detrimental to your cash flow if you overspend. Instead, make sure to only spend on priorities that help the business flourish, so you don’t run out of budget too soon.
AppSumo chief Noah Kagan advises, “Don’t waste time or spend money on non-core issues when starting a business. In fact, don’t spend any money until you make some.”
15. Invest in learning resources
The perennial thirst for learning means you’re feeding your mind with business resources that will help you and your business grow. That’s why the most helpful advice for entrepreneurs is to never stop learning. Whether you’re learning to use a new software or honing your marketing skills, entrepreneurship is a life-long process with so many areas for improvement.
Talk show host Oprah Winfrey says, “Every time you state what you want or believe, you’re the first to hear it. It’s a message to both you and others about what you think is possible. Don’t put a ceiling on yourself.”
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