Exceptionally successful entrepreneurs are often quite happy to share the intimate details of their most spectacular failures concerning their initial business endeavors. The belief that entrepreneurial failure is critical to an entrepreneur’s future success is frequently cited as the rationale behind this willingness to detail business ideas and concepts that ultimately fell flat, with a majority noting that the lessons learned from these early entrepreneurial experiences were subsequently applied to ensure the success of future endeavors.
Fortunately for first-timers, many of those lessons learned from the failures of others can be applied to just about any endeavor, making it possible for new entrepreneurs to be thoroughly prepared for some of the difficulties they will surely encounter along the way.
The following five tips will benefit new entrepreneurs as they try to navigate the world of entrepreneurship for the first time and attempt to ensure their business enjoys sustainable growth for many years to come.
1. Streamline Business Operations Whenever Possible
Attempting to take on too many responsibilities is one of the most common mistakes made by new entrepreneurs, and it is because of this mistake that many first-timers quickly feel burnt out or are unable to drive business growth at a rate needed to survive over a long period of time. Operational efficiency is critical, and there is a lot that can be achieved due to recent technological advances.
Recruitment is a great example of a process that can be streamlined through preparation and outsourcing. Alex Gotch explains further about recruitment in the legal industry in his Lawyers Weekly article here. In addition, the sales proposal process, for example, can be easily streamlined by using a comprehensive sales proposal software tool, like Proposable, which combines an all-in-one proposal creation and delivery system with deep sales analytics to make the sales process much more efficient and effective for any sales team.
2. Keep an Open Mind While Maintaining Trust in Your Instincts
Striking a balanced entrepreneurial mindset is essential, as entrepreneurs across all industries have to remain open to the ideas proposed by others while also ensuring adherence to their original vision for the company. First-timers should encourage others to offer input and should understand how to properly evaluate whether or not these ideas mesh with the company’s goals. Entrepreneur Nick Alsis says, “The best piece of advice came early on, my mentor told me I don’t know everything and shouldn’t act like I know everything. That advice has been great for me personally as well as my employees.”
3. Develop and Consistently Abide by a Set of Core Values
Every business should have a clearly outlined set of core values regarding what it is the company represents and what it hopes to achieve. Anyone who interacts with the company in any way will immediately recognize and appreciate this kind of integrity, which encourages a deep sense of loyalty and helps to ensure a company’s long-term viability.
4. Be Willing to Adapt — The Market Will Not Always Bend to You
Rigidity is not something that serves any entrepreneur well over the long run, and new entrepreneurs have to accept the fact that it is sometimes necessary to adapt to the market by pivoting away from an initial concept or idea. This does not mean that an entrepreneur should sacrifice their ideals or “sell out” by giving up on their core values; it only means that adapting to market conditions requires some degree of flexibility for which all entrepreneurs should thoughtfully prepare.
5. Surround Yourself With Good People
An entrepreneurial endeavor should be an enjoyable experience in which passionate people share a common goal and work diligently to achieve it. Entrepreneurs should be able to respect and trust those they work alongside every day, so it is important to find intelligent and hard-working people who are creative and willing to engage in spirited discussions regarding business operations. As Leon Logothetis said, “They are people that will inspire you to be a better person, provide you with motivation to achieve your goals, empower you to make the changes you need to succeed and cheer on your success.” Those are the people you should be surrounding yourself with.
July 26, 2016 at 9:20 pm
This is awesome advice and very well said! Nice work! Thanks for the tips!