By Monica Eaton-Cardone
Here’s the simple truth: becoming an entrepreneur is not easy. After all, if it was easy to start a business, everyone would.
I run my own business and people often ask me what is the best way to start a business. Here’s another truth for you: there is no one step miracle that will automatically catapult you to success. While I can’t offer an instant secret recipe for success, I can share some of the lessons I’ve learned.
This is not an exhaustive list – ultimately, there is no guaranteed way to achieve success. You have to find your own way, and each way will be different.
With that in mind, here are five lessons I learned during my entrepreneurship journey.
1. Do what you love
As I mentioned earlier, it’s difficult to start a business. They say that 90% of startups fail. If that tells you anything, you must be passionate about what you do and the product or service that you offer.
If you are not entirely convinced of your own idea, then how can you convince other people to spend money on your product or service? It only takes customers a few minutes to figure out if you’re just trying to make a paycheck or if you really love what you’re selling. Your attitude and the way you approach work, when you love what you do, make all the difference.
You need to care enough about your business that you want to spend your day talking about it, promoting it, perfecting it, and telling everyone you know about it. If any of this sounds exhausting, this is it! This is why loving what you do is so important.
2. Commit to hard work
So you have a business idea that you find passionate and enthusiastic about – what now?
Anyone can have an idea, but true innovators have the ability to turn their dreams into reality. It is not enough to just imagine what you want to build. The next step is to commit to your vision and get to work.
First of all, accept that no one is going to want this business as badly as you do, and therefore you must be willing to work harder and smarter than anyone else in the room. You also need to accept that there is no safety net to begin with, or even a guarantee that you will ever make a profit. And even if at some point you start making a profit, the money may not be available immediately. In most cases, you may not be able to make a profit even for two or three years.
Remember, the road to becoming a successful entrepreneur is a marathon, not a sprint. You need to be dedicated and willing to put in long hours and hard work in the long run.
3. Embrace bugs
In the world of entrepreneurship, failure is likely. In fact, I’d say you should plan it out. If recent world events have taught us anything, we need to be prepared for the unexpected and adjust our business plans when we face difficulties.
As a first-time business owner, you will encounter hiccups and unforeseen obstacles while navigating unfamiliar terrain. Understand that overcoming mistakes is part of the process. I’ve had a lot of setbacks in my career, but I’ve found that it is often these unexpected curveballs that help you figure out what you have been looking for all along.
Remind yourself that a mistake is fine. You can’t let the fear of screwing up or making a mistake stop you from taking the next step.
Other items from AllBusiness.com:
4. Never stop learning
I could write a full article on this point alone. I can’t stress enough the importance of continuing to learn.
Don’t think your job is done when you have a functioning business and are making a profit. Complacency is a great danger that must be avoided at all costs. You should always find new ways to expand your skills and then invest those skills back into the company. You have to show up every day looking for opportunities to grow.
Even if you are an established business owner, educating yourself is important. The wheel has been reinvented a thousand times and it’s being reinvented a thousand times. There will be innovators after you who question the status quo and learn how to do something better.
To be an expert in your field, you need to stay up to date with the latest trends and always know how to improve your business. Ask yourself: How can you use your expertise to your advantage? How can you ensure that your business model is constantly evolving and growing?
5. Build your team carefully
The people you surround yourself with have a huge impact on the value of the work you produce, as well as the overall integrity of your company. It is important to attract people who you can trust and who will always tell you the truth.
As you assemble your team, try to select people who will challenge you to get better, rather than just those whose resumes contain the right information. Remember: you build a brand the same way you build a company. Instead of focusing on a candidate’s credentials, think about how that person can add value to your business as a member of your team.
Of course, I also have to underline the importance of showing your team how much you value them. The way you treat your employees is important, and you are defined by your actions as well as your performance.
Believe in yourself at the end of the day
You may have the greatest idea in the world, but if you don’t take that leap of faith, you won’t be going anywhere. We have all heard this advice before, and cheesy as it may seem, it is true.
Being an entrepreneur means working hard, taking risks and truly believing that you have something to offer that no one else does. Your new business may never work, but if you follow these five tips, you have a chance to build something truly remarkable.
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About the author
Contribution by: Monica Eaton-Cardone
Monica Eaton-Cardone is an international entrepreneur, speaker and author. She has more than two decades of experience in the e-commerce sector as a retailer and service provider and is one of the world’s leading experts in payment and consumer disputes. Monica is the co-founder and COO of Chargebacks911®, a global risk mitigation company that helps online retailers optimize their profitability through chargeback management. Chargebacks911 employs more than 350 people worldwide with offices in North America and Europe.
Company: Chargebacks 911
Website: www.chargebacks911.com
Connect with me on Twitter and LinkedIn.
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