Smart Choices: Things To Avoid When Building Your Business
Running a business is a continual series of trials and triumphs. Whether you are a seasoned business owner, or you are just starting on the path to entrepreneurship, you are in for an exciting ride.
Educating yourself while you are building your business is key to your success; one thing to remember when making mistakes is that they are learning opportunities for growth. Your ability to learn valuable lessons and take this knowledge with you as you continue to grow and develop will determine how far you go. To run a smart business, you must make intelligent choices. Here are things to avoid when building your business empire:
Lesson one: Avoid rushing into partnerships
If you are new to business building and creating professional partnerships, perhaps it’s best to go it alone until you become more sure about the direction in which you want to go. Best friends, Uncle Jack, and romantic partners have a place in your life, but your relationship with them does not qualify them to help you run your business. If you do look for a partner, choose someone whose strengths are the opposite of yours. Your partner should complement you by strengthening your weaknesses and providing balance where it is needed. Communicate well and often as to the direction and vision that you both have for your business and commit to being diplomatic in your dealings with one another. The more you can have your expectations in writing, the less it will impact you if your business experiences sudden success or abject failure. Gain some valuable life experience before you take on another skill set and another personality through a partnership.
Lesson two: Don’t quit!
Most start-up companies run for two years before seeing consistent profits; have a plan in place in the interim for payment of bills, buying necessities, and making house payments. It is important not to give up during this critical time, as you are building the foundation for success that will last far longer than this initial period where you do not see considerable profits. Don’t give up on your dream! Failures, fears, and doubts periodically plague every business owner; you must rise above this adversity and keep your “why” in mind as you continue to build something that you will one day be very proud of. Keep going!
Lesson three: Keep your why in the forefront of your mind
You started a business for some very big reasons---when the going gets tough, remember your reason for getting started in the first place. Perhaps a burning passion for creating a better product or service for the world has fueled your fire. Building a business that you can leave as a legacy for your children is another reason people push through difficult times. Regardless of your reasons for branching off from the 9 to 5, they are big enough to help you build your dream. Don’t let the day to day stresses and minutia of running a business dim the light of your passion; regularly revisit your reasons for getting started and use these to help motivate you along the way.
Lesson four: Avoid serial multi-tasking
One surefire way to burn out your first few years in business is to try to take on too much by yourself. Between fulfilling customer orders, maintaining a website, and hiring new employees, you’ll find that the need for doing everything by yourself will leave you coming up short in other areas. While you may initially incur additional expenses that come with contracting work out, you’ll be able to devote more quality time to big-picture items and business building with some of the little stuff now off your plate. Realize that other people can do some of this for you, and you will still experience success and growth as a team.
Lesson five: Embrace self-development and growth as part of your business plan
Many business owners jump into the rat race of building and forget to “build” themselves. A commitment to self-development and personal growth will do more for you in the long run than a series of 80-hour work weeks. The best way to stay relevant in business is to continue to research and develop your niche, to work on your business building skills, and to remain informed about what is hot in the market. Keep growing!
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