The question is always out there: “What do you wish you knew before you started a business?”
Sure, in hindsight this may be easy to answer. However, successful businessman Ryan Hibbert wants you to have this information before you start a business.
Let’s take a look at some of the problems start-up companies and young entrepreneurs have. Here are seven must-know bits of information that you should understand before starting your own company.
- Things can be very unpredictable at ALL times. It’s important to read a lot before starting your own business and realize that unexpected things happen. Having said that, the frequency in which unexpected things happen can be an eye-opener. You really need to learn how to adapt everyday to things you may not have foreseen waking up that morning.
- Before going into business, you should understand the importance of having an established “Advisory Board”. Having a mentor is one thing, however having a council of people who are not only experts in various business-related functions, butis also strong advocates and coaches for your success is another.
- It’s critical to appreciate the value of keeping things simple. Starting out young with plenty of energy and great ideas lead people down many paths of distraction. Instead, by focusing first on what sells, why and at what price and then staying true to that over time, you can save yourself a lot of headaches and time. Furthermore, you can grow profits quicker as well. The saying “KISS” is popular for a reason and it is particularly applicable when you’re an entrepreneur.
- The one thing that many people wish they knew before starting a business was how much time you spend learning – it is constant and ongoing. From self-development to business basics, to marketing, you’ll inevitably be wearing many hats! While people love to learn new things, many people have no idea how it much it actually is. You have to learn how to act, present, close, keep in contact, prospect, and sustain customers.
- It is equally important to focus on yourself as much as your product/service. After all, the recipe is only as good as the chef preparing the dish.
- Whatever you think your startup budget is, multiply it by three.
- In order to grow in a good economy, and in order to survive in a bad one, it’s necessary to understand that one person can’t do it all. It requires the efforts of a team (sales, accounting, production-service delivery, management, etc.) to be effective. Too many young entrepreneurs, myself included, feel they can do it all. That’s a huge mistake. You must learn the art of delegation.