Five Success Tips for First-time Entrepreneurs | Ep 10
Bill Gates, Jeff Bezos, Warren Buffet, Mark Zuckerberg--we hear their names and are inspired by the work they have done, the business empires they’ve built, and all the success they’ve achieved. We see them as among the greatest examples of entrepreneurial success and look up to all they stand for.
On the flipside however, as first-time entrepreneurs, it’s tempting to think this to ourselves, “Man, that’s out of my league. I don’t think I should aim that high.” Off the bat, I humbly ask that we suspend this kind of thinking and consider this for just a moment--what if each of us had just as much potential for entrepreneurial greatness regardless of what stage of our journey we are at?
How brave would you be about taking the necessary next steps toward your vision and your goals?
While we think about these things and allow our thoughts to roam free, I want to give you an extra boost of encouragement by sharing some success tips for first-time entrepreneurs.
These are inspired by the wisdom that some of the best entrepreneurs have shared, and my own experiences as a young female entrepreneur as well. My hope is that these tips would encourage you to take that step of faith you’ve been wanting to take but just can’t seem to. If you’re someone who has already taken the brave first step and is navigating through the early stages of your entrepreneurial journey, these tips may come in handy for you too. In fact, even if you’re someone who is farther along, these might serve as good reminders to reflect on. Whatever the case may be, I hope you all take something away from this episode that will add value to your own journey.
5 Success Tips for First-Time Entrepreneurs
Tip 1: Have a Clear Vision
Write it down. Draw it. Map it out. Chart it. However you prefer to visualize it, do so. It’s important for you to actually see your vision. Don’t let it stay in your head. Your vision will set the direction and the pace for every aspect of your business, so being as specific as possible is a plus.
Having a vision that can easily be communicated to others is important too. Remember that you will be sharing this vision with your team, your customers, and other stakeholders. If they can’t understand it, the disconnect might just prove costly down the line.
Keep it simple and let it come from your heart. A sincere vision won’t simply drive up revenue, it will inspire dedication and hard work when it comes down to the nitty gritty parts of building your business.
Tip 2: Find your Own Voice
Looking up to role models is a good thing, but walking too closely in their shadows? Not so much. As an entrepreneur you should practice using your own voice. This takes time and practice, but being intentional about it everyday will go a long way. On some days, you will doubt everything you’re doing and think that maybe you’ve got it all wrong. On some days, you might make a bad call. You might even go so far as to think that you don’t deserve to be running your business. There will be such days.
But these are the days that you have to preach to yourself--remember your vision, remember how far you’ve come, remember to trust the process. See how your confidence grows as you use your own voice in the decisions you make, the risks you take, and the goals you set. Listen to sound advice, yes, but fight against tendencies to rely too heavily on the opinions of others. The bonus is this: as you learn to trust your own voice, you will develop good judgment and find yourself able to trust in your instinct as well.
Tip 3: Listen to all Feedback, But Use the Necessary Filters
Feedback is an unavoidable ingredient for any entrepreneur to go from “starting up” to “successful”. It’s important to take everything into consideration, but it is equally important to keep in mind that not everything will add value to your business all the time. You must learn to be discerning.
For example, a client gives really good feedback by suggesting an interesting idea. While it may be a good one, from where you stand, you discern that acting on it wouldn’t be aligned with your business goals. In this case, you might want to file that piece of advice for a later more fitting time.
On the other hand, say a client gives you negative feedback for something you and your team put so much thought and work in. You start to think of all the ways you can prove this one person wrong, and in effect get distracted from the more important work of growing your business.
If you put too much energy into trying to please every single person who gives you feedback, you might lose sight of your vision and just get all jumbled up in the process. Feedback is best used as a thermometer that allows you to gauge the health of your business, not as a road map for success.
Tip 4: Be Bendable and Unbreakable at the same time
This is another one that takes time, but consistency is key. As a first-time entrepreneur, you will surely encounter almost every kind of hump and hiccup in the early stages of your journey. This is ok. Failures and mistakes don’t disqualify you from becoming a successful entrepreneur. In fact, they do just the opposite.
Through failing and making mistakes, you learn to become flexible and to think on your feet. Some of the best systems are born out of some of the worst failures. Some of the most refined business processes are developed over the course of making several mistakes. Keep going and track your progress as well.
If and when you feel like giving up, pause and celebrate small wins! I’m sure you will find a thing or two to be thankful for and proud of. After all, your journey is uniquely yours and that’s what makes it special. Exercising your gratitude muscles will fuel you for the times when you need to bend without breaking.
Tip 5: Learn to Manage Risks
Risk management sounds like something only discussed by people wearing suits in high-level corporate board meetings. The idea of it is intimidating, I get that. But a basic understanding of risk management is essential for any entrepreneur’s journey to success. As a business owner, you will inevitably be taking risks every now and then. It’s a part of the job. The good news is that there is a way to manage risks, and strategy is key.
Here’s a simple way to go about it for first-time entrepreneurs. Identify risks and write them down. As much as possible, elaborate on the details of every risk. This will give you a good estimate of what the risk involves, and help you come up with the appropriate response plans. Don’t overthink this part! Otherwise, you might fall into the trap of never taking a step forward. In a nutshell, the objective is to be as prepared as possible for as many scenarios as possible. You won’t always be, but this is a good practice that will help you grow as an entrepreneur for sure.
There you have it. Five success tips for first-time entrepreneurs. I hope this list encourages you to persevere in your own journey! Before I go, let me leave you with some wise words from Steve Jobs.
“Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma – which is living with the results of other people’s thinking. Don’t let the noise of other’s opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.”
Do you have any tips to share from your own experiences as well? I’d love to hear your thoughts. Let’s connect on social media!
