The Biggest Lessons from Entrepreneurs and Startup Founders
Looking to gain an edge in your business or startup? There are thousands upon thousands of other people just like you, hustling to make a difference in the local community with products or services. Entrepreneurs, startups, and businesses come and go every single day, but those that are committed to succeeding are the ones that will pull ahead.
Take a look at these great tips and suggestions from other successful businesses, startup founders, and entrepreneurs that will help you to look out for the opportunities and lessons they had to learn the hard way.
Don’t spend valuable resources on getting the “latest looking office.”
Barry Maher & Associates warns business owners, entrepreneurs, and startup founders about the risk of trying to have the latest looking office when he says, “Never overpay for office space or luxurious appointments that have absolutely no impact on customers. I’ve watched companies whose customers never see their offices waste hundreds of thousands of precious capital remodeling old warehouses and buying the latest and coolest office furniture, when they should have been developing their business in a garage someplace.”
If you’re new or starting out, save your capital and put it into worthwhile ventures that will grow your business.
Get a head start by testing the market.
Kevin Liu of T&K Canada Enterprises Ltd. in Vancouver gives quick advice on how to determine if your idea is the right one:
1.) Test the market before you start (make sure people are really paying you, not just saying your idea is nice).
2.) Find the right customer. If B2C doesn’t work for you, move to B2B for even less margin.
Make sure that your product or service is needed where you intend to market it, and then market it to the right demographic.
Be flexible and ready to adapt.
Madeline Johnson of MJMPR says that the key to a successful business, no matter if you are in a service or product based industry, is “Be ready to adapt, pivot, and adjust constantly. Your original idea for your business, whether it be a service or product, will never be your final go-to market idea.”
Being flexible and adaptable will help you to find business opportunities and survive changes in the market and industry.
Equip yourself with emotional fortitude.
Will von Bernuth of Block Island Organics (Non-Toxic Suncare) gives his best tip on how to survive the path of the entrepreneur when he says, “The biggest lesson for me is that emotional fortitude is an entrepreneur’s most important characteristic.” Be ready for the road ahead by doing whatever it takes and withstand adversity.
Samantha Cohen of Neon Bandits shares her experience and best tip about the power of connecting with others by saying, “Working to launch my startup, Neon Bandits, has been a true adventure. One of the biggest and most relevant (to date) lessons I have learned is the power of a conversation.
So often, we get lost in our heads and our tasks, lists, etc., and it’s easy to sit behind a computer and bang out email after email. But a conversation, phone call, or in-person goes a lot farther and is far more personal than even the most creative and thoughtful notes.
And yes, sometimes it is uncomfortable, and you need to pump yourself up to make a scary phone call or walk into a place and introduce yourself blindly, but the payoffs far outweigh any awkwardness.”
Jump out of your comfort zone, make a personal connection with someone and maintain the strength to go further than you’ve ever gone. The more you do it, the easier it gets.
Value the people that reach out.
Every now and then you will find people who have the courage to reach out to you before you can get to them. LIV – Swiss Watches shares their biggest tip when it comes to connecting with customers and business partnerships:
“#1 Lesson Learned from launching a Business: Take everyone who reaches out to you seriously! … As a business owner, you will be inundated with emails from people who want to do business with you. A lot of these emails may appear spammy, but don’t be fooled! These people are usually reaching out to you because they see some potential alignment between you and them, so it’s worth reading and considering their proposals!”
Treat every person that reaches out to you as an opportunity to establish a business partnership or new customer.
There are so many ways you can excel in your business, startup, or entrepreneurial adventure. Make sure to keep these words of experienced business owners in mind as you continue on your trek to success.
