While there are many who prefer the stability and consistency of a job position - entrepreneurs choose a different path. While they are often some of the most self-reliant, persistent, and passionate people on the planet - the truth is that there is still some meaningful advice for every entrepreneur out there to remember. Here are 4 tips for entrepreneurs to always keep in mind.
In modern times, perception is more important than ever. While Facebook bought Instagram for $1 billion several years ago - there are many that believe that the company is worth 100 times that. There’s a reason for that - individuals all across the globe are not only obsessed with following their favorite celebrities, artists, musicians, and influencers - but they also want to present their best image to the world, as well.
Whether you have deep pockets for a startup or not - you should make sure that you aren’t spending like it. While it might be tempting to throw a huge party and book an expensive and popular music artist to make headlines - what does that do for the future of your startup? Couldn’t that money have been allocated in a better way, either to market your company or incentivize your employees? Is the plush office in a lavish neighborhood worth it? It’s important to always try to be frugal with regards to your company, if you want it to last. You might end up regretting the way that you spent your money very quickly.
The Right Team
No one is a mind-reader, and it’s hard to truly decipher everyone’s motivations and interests. However, it should be obvious to you when an employee is constantly complaining or concerned about their pay more than the company goals, that they might not be in this for the long run. What do they get excited about? Are they happy about the company actually hitting its milestones?
It’s no secret that employees often end up working for companies that are competitors, and that’s the nature of business. However, every entrepreneur should do their due diligence and make sure that they are working with the right team that has the company’s best interests in mind. It might take the right interview questions, or regular meetings - but make sure that you are assembling the right team, and if you aren’t - change that immediately.
There is more information out there than ever about the right businesses to start, and strategies to implement. While there are many that make excuses - entrepreneurs go out and make things happen. Whether you are concerned about looking for the right business opportunities, coming up with the right business plan, or researching the competition - make sure that you study the sector that you are passionate about, and come up with some concrete questions and answers to make sure that you have a clearer picture about your entrepreneurial path. It’s important to understand what problems you are solving, what demographics you are targeting, and the way that you aim to gain and retain consumers/customers/users.
The truth is that many entrepreneurs give up when they shouldn’t. There will be all sorts of obstacles. If you are afraid of challenges, you certainly won’t enjoy being an entrepreneur. You might think that a deal is “in the bag”, when it really isn’t. You will have disgruntled employees, or incredible employees that want to negotiate for more pay or equity. You will have to deal with competitors that might not play by the same rules as you do, or deal with regulations that you hadn’t consider. Every entrepreneur faces new challenges, and there are some entrepreneurs that even fail with multiple businesses before finally succeeding. It’s always important to remember that persistence is key.