Thousands of new businesses fail.
They may debut with much fanfare in a strip mall, on a downtown street corner, or even in someone’s garage. Then they fade away, victims of a weak economy, shoddy planning, limited resources, or simply because the entrepreneur’s vision was flawed from the start.
Despite the risks that come with starting a business, there are plenty of benefits – and opportunities. Finally, no matter how unsettling that first step may be, the only way to truly determine whether a person can succeed as an entrepreneur is to do it.
Here’s some advice for those considering starting their own business:
Accept the fact that you will make errors
Some people allow their fears of making a mistake to bully them, preventing them from taking the necessary steps to achieve their objectives. You will make errors. What matters is that you learn and grow from your mistakes.
Prepare to change
One of the most important qualities a business owner can have is the ability to adapt to changing circumstances and a changing world. Businesses that do not adapt will eventually fail. As consumer habits, technology, and other factors change, what works well for you now may not work in a year or five years. You must determine how those changes affect you and what you must do to adjust to new circumstances.
Lay a solid foundation
A stable foundation is required to build a world-class organization, according to Witty. That foundation, in my opinion, is your core purpose, core values, and BHAG. A BHAG is a Big Hairy Audacious Goal that a company can set for itself that others may consider impossible. In their book “Built to Last,” Jim Collins and Jerry Porras coined the term “BHAG.” You can create company-wide excitement that motivates your team by crafting a core purpose, core values, and BHAG.
Don’t be in a hurry to hire
When it comes to hiring, take your time to find the best candidates. The best strategy is to hire slowly and fire quickly. Most businesses operate in the opposite manner.
Finally, business owners must consider themselves to be a brand.
Naturally, when starting a business, you will consider your company’s brand. But take it one step further. Promoting your personal brand is important for increasing your visibility and credibility in your field. People like Elon Musk and Jeff Bezos have purposefully promoted their personal brands because they understand the value of being perceived as an authority.
Learn more from business and read Avoid These 5 Common Small Business Marketing Mistakes.
