Entrepreneurs often feel they need to be able to do everything on their own, but this can lead to you wasting precious time doing mundane tasks that someone else could do better and faster. Look for ways to automate or outsource repetitive jobs, and you’ll have more time for the important things. You’re also only as good as the team you have behind you. Make sure you have the right people in place to deliver the service you want to deliver.
2. You’ll spend a lot of time running your business
So you’ve started your business because you’re passionate about what you do, but as a business owner you’ll spend the majority of your time on administration, marketing, selling, business planning and answering a whole load of emails. To make any money out of your new business these are things you need to get to grips with, even if admin’s not your first passion.
3. The importance of making friends with the media
However fantastic your product or service, you need to tell people about it if your business is to succeed. Local press can often have space to fill and will welcome newsworthy stories about your new business. Editorial will often seem more credible to the general public than advertising, so make friends with your local media and harness the power of free publicity.
4. It’s about solving a problem, rather than making money
Obviously you’re looking to make a profit, but your first goal should be to provide a product or service that solves a problem for your customers. If you get this right, you’ll attract more customers and create a profitable business.
5. It’s like running a marathon
You can burst off the blocks at a fast pace, but you’re not going to be able to keep that up for the whole race. There will be intense sprints, followed by periods of jogging along to stay in the running. It’s not the destination that’s important, unless that marathon finish line is somewhere you particularly need to be, it’s keeping going for the whole journey.