Article by King Price Insurance
Starting a business isn’t easy! You need to make sure that your dedication and zeal can weather storms and bounce back from disappointments. Challenges such as lack of capital, restructuring, having to adapt your business plan, and other unforeseen obstacles are real.
You need to choose the right people; people who’ll stick with you through the challenges all start-ups face; who aren’t fickle and who aren’t in it for the money or gains. You need people who’ll pull the late nights, go the extra miles, and then some. People make a company, so it’s imperative to choose great people who’ll make your company great.
Research, research and research the market you’re entering into. Know your competitors. Refine your unique selling proposition, and keep working at refining it.
Finding investors isn’t easy but make sure you find the right investors, who’ll add value to your business. An investor who can open up new markets or elevate your business’ reach is worth far more than one who offers only a cash injection.
Know your business from the inside out, from IT to HR, from production to sales, from operations to finance. This doesn’t mean you need to be an expert in each division (hire great people for that). However, you need to understand each division’s unique challenges and the value they bring to the business. Spend a day each week in each division, if you need to.
It’s better to have a small slice of a pie that’s worth something than to have a big slice of a pie that’s worth next to nothing. Many entrepreneurs want to hold on to the biggest slice, but having investors who’ll grow your business might be the recipe for your success. Remember, you can always buy back a slice once your business is established.
Assess on a regular basis. Always assess where your business is compared to where it’s planned to be and where it has to be. This will help you to make changes that’ll benefit and grow the business. If you stick with the same business plan you drafted a year ago, you might be out-of-date before you’ve even started. Remain agile and relevant, and stay on top of changes in your industry.
Culture is everything. Whether you actively build a company culture or not, one will develop. So, it’s better to build a culture that’s positive for both your staff and your business. A culture of boldness, accountability and freedom to come up with new ideas. A culture that encourages staff to buy into the existence and the values of the business.
You don’t always have to lead. Sometimes, entrepreneurs have the great ideas but not the leadership skills, and there’s no shame in admitting this.
The main aim of starting a business is for it to grow, and with growth you’ll eventually be able to stand back and reap the benefits. Embrace the growth.
Give back. Writer, JK Rowling, put it perfectly: ‘I think you have a moral responsibility when you’ve been given far more than you need, to do wise things with it and give intelligently’.
Work/life balance. To be maintained at all times. It’s great to achieve your business plan goals and run a successful company, but it’s greater to make the time to do the things that make your soul smile. Pay attention to everyone around you, nurture your relationships and build lasting happiness. Because work isn’t everything.