World Entrepreneur Day falls on a Saturday this year, which says something about how it’s all work and no play for those making strides in their careers.
It’s no secret that starting a new business is no easy feat – it requires dedication and commitment, because you’re building from the ground up.
Even a side hustle can be a rewarding, yet time consuming project.
But people make these ventures all the time because they can bring fresh life into a career that’s reached a plateau.
Etsy found that over the pandemic there was a 72% increase in side hustles, as people turned their passions into money making schemes during lockdown.
So if you’re tempted to make the jump but aren’t sure where to start, here’s some of the most important lessons to keep in mind.
At the start of something new, unexpected things could arise, especially as you learn more about how to run your own business.
‘Resilience is the most important skill to have as an entrepreneur,’ says Chris Schutrups, founder of The Mortgage Hut.
‘There will be plenty of times when your plans don’t work out the way you think they will, so nurturing that skill to bounce back when faced with disappointments will make you a stronger business owner.
‘Being adaptable and flexible will help you take on the challenges of starting your own business,’ he adds, and being this way will keep your approach to problems creative too.
The importance of planning
It can be easy, after reading the above, to go too far down the road of flexibility – you might just end up with obvious issues that could have been planned around and therefore prevented.
‘Success is like running a marathon. It takes time, it can’t be rushed, but you must be prepared to seize opportunities, and always be ready to move.
‘So much of being successful as an entrepreneur comes in the planning stage,’ says Janthana Kaenprakhamory, CEO of gig economy insurance provider Tapoly.
‘Of course there will be things you can’t predict, but creating a solid foundation helps to mitigate challenges.
‘Do plenty of research to really understand your target market, any compliance or insurance requirements, get the right people on board at the start, have a three year plan and make sure you raise enough money to support your initial launch.’
Making use of your networks while putting the plan together will help too, as plenty of people will be on the same journey as you.
‘Seeking the advice of others who have been through a similar situation can provide you with invaluable insight, support and friendship,’ she adds.
Authors Warsha Joshi and Evan Le Clus also advise knowing your bank balance every single day.
‘A very powerful exercise is to also map out your cash conversion cycle and find where your cash gets stuck.
‘Know how long it takes for cash that is put into your business to find its way back into your bank account.
‘The object here is less about shortening the conversion cycle and more about finding and removing blockages and leaks.’
Ask for help
Just because it’s your own idea, doesn’t mean you need to fly solo all of the time.
‘You don’t need to do everything on your own. In fact, if you can outsource some of the work then definitely consider it.
‘As long as you’re pricing your product or services correctly, it will be more profitable in the long run than struggling through unfamiliar tasks by yourself,’ advises Oumesh Sauba, founder of MyT Accountancy software.
‘With that in mind, don’t be afraid to employ people who are smarter than you.
‘You can’t be an expert in everything but the world is full of people with specialist skills and knowledge, so be sure to make good use of their expertise.
‘Delegating will free up your time to build your brand and get your name out there,’ he says.
Fall in love with the problem
Rather than be disheartened by setbacks, start to build the muscle of seeing them as challenges to overcome.
Love the problem, because the problem drives your innovation.
Kajal Sanghrajka, director of Growth Hub Global, says: ‘The best advice I can give to entrepreneurs early on is to fall in love with the problem you are solving and be obsessive about your customers.
‘New founders often fall into the trap of building a solution that they want to build versus what the market wants.
‘Before starting the entrepreneurial journey, ask yourself – do you care about solving this problem enough to invest your time and energy in it over the next several years?
‘If the answer is yes and you believe you have an edge to solve it – then go for it, entrepreneurship could be one of the most rewarding career paths for you.’
Stay true to your idea
When problems arise, it’s the prime time to experience doubt in yourself and your idea.
But Neil Gaught, co-founder of Single Organising Idea, says you should be wary of the first year mark when straying from the idea can start to happen unnoticed.
‘Staying true to your original idea, the “why” of your business is so important, but it so often gets lost as the business grows.
‘The pattern that many entrepreneurs tend to follow is that they get into business, they run it for a year, and suddenly it’s no longer about the idea, but about money. They forget why they set it up in the first place.
‘What we’re starting to see now emerge in the business world is a new kind of entrepreneur, one who knows that it’s about preserving that original idea, above money, power and all else.
‘The most successful entrepreneurs of the future will be the ones who can enable an idea that makes the world better,’ he says.
Credit: Original article published here.