9 Entrepreneurial Tips You Need to Know
Being an entrepreneur is a never-ending process of learning and growing through all the ups and downs that owning a business can bring. While we know that often the best lessons in life are the ones lived and learned personally, we also know that there can be great help in learning from the experience of others. After weeding through a lot of advice given by other business owners, we’ve created a list of our top 9 tips for entrepreneurs, new and seasoned alike.
Have a vision and stick to it
If you’re looking to be or are an entrepreneur and have yet to read a book detailing the success stories that stemmed from a company living their all encompassing visions, you’re behind schedule. Companies that establish a vision and stick to it are the ones that tend to change the world.
Take the ever famous vision of Microsoft for example: “A computer on every desk and in every home.” Without even detailing Microsoft’s journey, it’s clear that the company has never seemed to stray from this vision and has found enormous success for it.
**By the way, vision is different than mission. A mission explains the hands-on goals set in place by a business to meet and exceed its audience’s needs. A vision is the dream of a business–how it hopes to change a scenario, community or the world for the better.
Learn to recognize and cut what is toxic
Be it distractions, unhealthy relationships, or baneful clients, they’ve got to go. Any destructive facet that you allow to permeate your business will poison it. Of course, this is one of many practices that is easier said than done, but learning to see things for what they are and recognizing what is harmful to you or your business and removing it should become a top priority.
Keep yours and your business’s finances under one tab
Understand that as a entrepreneur, there will likely be a fair amount of time where your only support comes from you. Your personal and your business’s finances need to be considered simultaneously.
This does not mean pour all of your cash into your business and disregard personal needs. Keeping the finances within one budget intends to avoid the neglecting of one for the other. It means considering all of your assets as being correlative; seeing your personal financial well-being as directly influential upon your business’s and vice versa.
Separate family and business
Everyone needs a support system in their lives and in many cases, family are the first in line. Our family’s cheers and investments should not be overlooked or underrated; but, there should be a clear line between family friendliness and business priority.
All that we mean by this is to be careful when deciding your family’s (and friend’s!) direct involvement in your business. It is easy for many new business owners to bring a friend or family member onto their team for the sake of ease or affordability, but down the line that person may not be the best fit for your business’s needs, and you’ll then be faced with the unfortunate task of having to let go of a loved one. Sometimes it is better to avoid a situation before it has the chance to become an issue, no matter how much easier it may make your life in the beginning.
The same way that lines should be drawn between family and business, other boundaries should also be put in place for the sake of your and your business’s well-being. Boundaries can be established between people, ideas, and even within yourself.
Many entrepreneurs talk about the lesson (they had to learn the hard way) that not every person that wants their product or service should become a client. A boundary should be set in place that clearly defines what you are and are not willing to sacrifice in order to gain clients.
One aspect of any business–start-up or well-established–is networking. Unfortunately, networking has become a weird, forced practice where people seek out other people, make small talk, and hope that through these new “connections,” they may be able to gain either a service or a client.
This way of networking is highly surface and hardly helpful. The benefits sought after in networking scenarios tend to come more from true relationships, which are only created through cultivation. Consider the relationships you already have and practice growing them further over constantly seeking to “expand your network.”
Be willing to hire help when needed
Sometimes entrepreneurs, especially in the earliest stages of starting up, are tempted to rely on their own skills to get everything done. If you can google it then you can do it, right? But there are some tasks that are better done by a professional.
For example, if you have an ecommerce business, your company website needs to be A+: easily navigable, fully functional, and pleasing to the eye. If you do not have website building experience, or any sort of “techy” nature, this may be a task best left for a pro.
Prioritize mental health
In today’s culture, this should be a no-brainer. Our mental health impacts everything in our lives, and if you allow your mental health to suffer, your business is guaranteed to suffer as well. Of course, you will likely inhibit some stress regarding your business at all times–to say stress is normal for business owners would be an understatement. But you must not allow your stress to overpower the joy you find in owning a business or your vision that inspired you to begin the business in the first place.
Support other small businesses or start ups whenever you can. Because do unto others as you would have them do unto you, right?
As an entrepreneur, it’s easy to become so wrapped up in your own business that you tend to forget about the rest of the world, or on the flip side, become over-competitive and begin to have a distaste for seeing other new/small businesses experience success. But you will find that when you celebrate the wins of others’, you will often times experience more wins of your own. It’s like business karma or something.
These tips are not the end-all be-all for business ownership and there are always exceptions to rules–they are simply condensed versions of the most common advice we found from other entrepreneurs. If you were inspired by this article and would like some personalized opinions on your business, or you’re even considering starting a business from scratch, we at Catapult Lakeland would be more than happy to help! Be sure to email us at email@example.com or give us a call at 863-940-9660.