In a world that both admires and values entrepreneurship, deciding to take the plunge and start a business can be intimidating and overwhelming. I believed that I went into my first major business endeavor with my eyes wide open, thinking that I had researched sufficiently and thus knew exactly what to expect.
However, I soon realized that despite all my research, I still had a number of lessons to learn. These lessons helped to shape the early days of my work at Human-i-Tees and eventually laid a great foundation for me as I took on greater challenges in both life and business. I’m going to share four important concepts you need to master in order to position yourself for success as an entrepreneur. Here is a good book to read before you get started: The Art of the Start: The Time-Tested, Battle-Hardened Guide for Anyone Starting Anything
You’ll spend more time than you think on your business
Before I started my business, I knew it would be time-consuming, but not nearly as much as I expected. I knew I wouldn’t be working the kind of hours people would in a standard 9-5 job. I knew that the business would demand more from me than that. However, I didn’t know quite how much more. Startup businesses are time-thirsty, and I began to feel like all the days were beginning to blend together. However much time you think your business is going to take, double it. Then you’re likely close to the true amount. Some people try to start things on the side; this could be a test or simply to mitigate financial risk, however, once you decide to do it, you have to be all in.
Prioritization is essential
Given the demands on your time when running a business, you have to learn to prioritize if you have any chance of maintaining a work-life balance. I had to shake the habit of a lifetime of doing tasks chronologically. I ended up instead evaluating my workload and deciding which was the most crucial at that point in time. A colleague of mine shared his thoughts on prioritizing work in two great articles, “Eating the Frog”, “Prioritizing Projects” and First Things First by Stephen R. Covey. Understanding what to focus on first will ensure that you are always adding value.
Do market research (talk to potential customers)
A business can only flourish on the strength of your market research. Without that, you’re essentially pitching in the dark. Talk to your potential customers constantly – be it by email, phone or face-to-face (my favorite). Solicit feedback from target customers too. Survey and focus groups can be done informally. This can help ensure you don’t make a fateful mistake that dooms your business or pigeon holes you right from the get-go. Some potential customers gave me feedback that I didn’t really agree with at the time. In the end, though, it proved to be helpful further down the line.
Ask for help from friends and others in your network
I quickly learned that an entrepreneur is not an island. If they try to be, their business is going to suffer. Asking for help is something most of us struggle with, but when you start a business, you’re going to have to find a way. Starting a business is a relentless, exhausting process. You will need to feel comfortable reaching out to people. That might mean reaching out to professional connections for advice. It may be asking family members for their ideas on how your ideas are progressing, or just asking your friends for their input on your latest innovation. Recognize that friends might be reluctant to help in the beginning; this is not a vote of no confidence or to be taken personally. They may just be risk averse or too busy. You also might need help with accounting, taxes, legal work, marketing and more. Don’t try to be an expert on all things. Focus on what you do best and get help from others on the rest. Asking for help is crucial if you want to succeed in business. For the most part, you’ll find the people who care about you are genuinely more than happy to assist.
Take a deep breath
Starting life as an entrepreneur with your own company is always going to be challenging, but it can also be incredibly rewarding. There are lessons to learn along the way, of course. The good news is, they ultimately help to make you a stronger and more confident business owner. Ultimately, that helps you achieve your business and life objectives.
