Starting and running a successful company is the ultimate goal of many business-minded individuals. However, while it’s easy to believe that your business idea will hit the limelight, failure to learn fundamental business tips from world-class entrepreneurs can limit your growth. It can be tempting to resort to trial and error techniques to get your business off the ground. That said, the best way to avoid making costly mistakes is to take inspiration from accomplished business moguls. Here are the top four best pieces of advice aspiring entrepreneurs may want to consider.
- Put emotions aside
According to seasoned business owner John Osher, aspiring entrepreneurs should try to find the feasibility of their ideas before they make the wrong move. Osher specifically emphasises that being willfully blinded to negative reviews from clients constitutes a catastrophic decision. One most important step in entrepreneurship is to listen to the facts, no matter how hard they are to believe. You may assume that your products are great, only to receive unexpected feedback from customers after launching them. Entrepreneurs who place truth before any other thing are able to resolve challenges, and one way to embrace reality is to put your personal feelings and passion behind the fact.
- Challenge yourself to be challenged
It’s a good idea to pay heed to external feedback to gain insights into business opportunities. Jennifer Fonstad of Aspects Ventures advises entrepreneurs to nurture an open mindset to visualise new opportunities. Enlisting the help of your colleagues will allow you to foster a new way of thinking. Fonstad believes that people who embrace challenges and challenge themselves will become better at decision-making as time goes on. Business leaders have to ponder over different voices ranging from their employees to co-founders. Embracing diverse perspectives is vital to starting a new business successfully. Take it slowly, and don’t start a business only because of the money.
- Recruit builders, not joiners
Abe Ankumah of Nyansa IT firm suggests that besides hiring skillful employees, entrepreneurs need to hire business partners with a builder mentality. So try to recruit business people who are hard-working and smart — not joiners who only work for the paycheck. Your employees should be workers you can trust, so find the right culture to build your team around.
There are two types of business partners; those who are ready to build up the business from the bottom and those who only want to join successful companies. It’s better to partner with people who will contribute to make your business an industry leader in the future than people who want to join your brand today because of its success.
- Develop good character and habits
Launching your own company is no easy task. Even if you have a million-dollar idea, your entrepreneurial success will hinge on your personal traits and habits as a founder. Nurturing good habits and behaviours is the key to establishing a sustainable business brand.
According to entrepreneurial geek Dee Agarwal, who spent his whole career learning the ins and outs of the corporate world, developing a critical set of skills and core values is what it takes to move a business to the next level. For example, entrepreneurs may want to stay committed to their companies and learn how to manage uncertainties.