Aspiring entrepreneurs are the best. I mean, really. I am not sure it gets more exciting than watching someone see their idea’s potential, and watching them hit the ground running!
This past weekend we had one of those wonderfully exciting conversations with someone who makes our list of people to watch. When you meet these young aspiring entrepreneurs who you see the potential in and they come to you for advice and guidance, take the compliment and do what you can; you were once them and looked to someone for the same.
This conversation sparked deep thinking within me, and the joy it brings to know at this point in our careers, we have the knowledge and the wisdom to give sound advice and guidance. So here it is, my Top 5 pieces of advice for New Entrepreneurs.
1. PLAN. “Failing to plan is planning to fail.” – Benjamin Franklin
Put down on paper an in-depth look at your business. Be sure to include a SWOT analysis (strengths, weaknesses, opportunities, threats), define your vision and mission, and establish SMART goals (specific, measurable, attainable, relevant, time-bound). However, much as a well thought out plan is a crucial stepping stone to success; it’s not written in stone – be open and flexible to allow it to change as your business and life require.
Personal lesson learned: being so keen on details, I spent several years working so hard on planning I lacked in execution. Don’t get so caught up on the details you fail to do – I mean, you’ve got Fine Point for that!
2. NETWORK. “You can get everything you want in life if you will just help enough other people get what they want.” – Zig Ziglar
Trade shows (pre-COVID), social media, Chamber of Commerce, meetups, your hairdresser – all places you need to show up to consistently when you’re starting. Word of mouth will come once you’ve proven yourself and established your brand. Until then, never forget that the world is small or that you should always expect the unexpected – get out there and talk to everyone you can by helping THEM succeed – karma won’t forget.
3. YOUR CIRCLE. “People inspire you, or they drain you. Pick Wisely.” – Hans F. Hanson
In both your personal and professional life, you need to surround yourself with the right people. People who will lift you up, those who will challenge you, those who will be there in good AND bad. Mentors, partners, a great team. Create a collaborative environment so everyone can celebrate your company’s success.
Personal lesson learned: Fake people you keep around because of convenience or fear have got to go. The right people will always keep it real, even when it might hurt, and they will always have your back.
4. EVOLVE. “What is dangerous is not to evolve.” – Jeff Bezos
Remember when I said your plan has to be flexible? This is why. Status quo never wins. Being focused only on where you are and not where you need to go (or the industry trends dictate!) will leave you in the dust of your competitors who are paying attention.
Personal lesson learned: Much as you might want to steer clear of politics and the news, they both play a vital role in your ability to steer the ship.
5. BALANCE. “Don’t get so busy making a living that you forget to make a life.” – Dolly Parton
This should technically be number one, because I think it’s the most important. Starting a business is sort of like having children. It will take an insane amount of time and energy, so much so that it’s easy to let it take over your life. DON’T LET IT. Balance is critical, even though it’s easier said than done. Your business truly can’t run without you initially, but eventually, the unavoidable burnout will affect all aspects of your life if you don’t find a balance.
Personal lesson learned: Time for you, your family and your friends will actually enable you to do more in the long run – allowing yourself time to recharge and enjoy the moment with the people that care about you most will fuel you in ways you might not see right now. But I promise you it pays off in the long game.