I genuinely wish someone had told me these five things before I started the journey of being an entrepreneur back in high school… yeah I started my first business when I was 15, so it’s fair to say that I’ve seen the whole gamut of the rollercoaster that is “the ups and downs of a startup.”
Networking, Not Quitting, and Non-Stop Hustle
Of course, networking makes the top of this list. We don’t hear the phrase “it’s not what you know, it’s who you know” for nothing. There is an unreal amount of truth to those words. The fact is that expanding your network will only benefit you by opening up your world to more opportunities, knowledge, resources, and potential for success. You’ll also have a better grasp of how to realistically and effectively build your business because networking provides a way to meet people who are more successful than you and whom you can learn from.
Networking and meeting business gurus mean absolutely nothing if you quit, however. Business and success are about perseverance, and if you’re going to start a business, you need to be aware that quitting cannot be an option. You may need to go back to the drawing board a few times. You will definitely experience failures. But the ultimate failure is only admitting defeat and quitting. If one business idea does not pan out, think of a new one, get on your game and try again.
Not quitting goes hand-in-hand with a real sense of work ethic. You have to be willing to put in more than the average 40-hour workweek if you really want to see business success. This is because real business is organic and always requires some sense of commitment and awareness of what is going on with your business. When situations happen that are unforeseen, problems arise unexpectedly, or opportunities arise out of the blue, you need to be ready to respond. You can’t maintain that sense of commitment and urgency if you’re clocking out and pushing problems to the backburner that need immediate attention.
Everyone has an opinion
When you start a business, be cognisant that everyone will claim to be an expert and try to tell you how to run your business. People with zero to little experience will somehow have the audacity to tell you why your business won’t work. What’s worse is that, at the same time, other people will tell you that your business will work perfectly (despite the existence of problems you may not be aware of) simply because they don’t know any better.
This is why it is necessary to tune out the many opinions you will undoubtedly receive from people without the slightest idea what they are talking about. Honest opinions concerning business come from people who have proven and tried success. Please don’t fall into the trap of being pulled in a million directions with your business by every person who gives you their two cents for free.
You probably have to ask for money
Business startups cost money, and if you’re going to go out and risk starting your own business unless you come from a very wealthy family, you’ll probably have to ask for money. This could be in the form of a loan from investors, maybe even family and friends. Either way, you’ll need startup funds from somewhere, and that’s okay. It would help if you prepared yourself for the reality that you will need to ask for money. Doing so responsibly and with a plan for producing profitable earnings is all a part of successfully building a business.
No handouts for customers
Business is not charity. There is a clear distinction between building a successful business and starting a charity or non-profit organization. With that on the table, you need to be comfortable with the fact that customers are meant to be just that: customers. You are not starting a business to be taken advantage of or to supply free handouts. This is where the art of negotiating, standing your ground, and above all, knowing your worth come into play. These characteristics are absolutely necessary for anyone looking to start a successful business and not have their company run over by customers trying to take advantage.
Invest and reinvest your earnings
If you can get your business off the ground and start seeing some profits, you need to be smart about that reality and reinvest your earnings. The successful businessman is always thinking a few steps ahead, and if you’re making money in the short term, you need to reinvest in your own company to secure your prospects of making money in the long term. Self-discipline to not spend everything you gain is the first step to building and keeping what profits you generate; Self-worth is what it takes to realize that reinvesting in yourself and keeping expenditures to a minimum is the key to longevity.
If you have any questions, thoughts, or comments, drop them below – I would love to hear your perspectives…
Thank you for reading my article and being a part of the #inthelab movement!
Consider following me on any of my other social media networks via @AnkurKGarg to get other updates on my entrepreneurship journey, long-format videos, viral short-format clips, my personal cheat codes and advice for startups, and more!
Love this article and want to say thanks — Buy me a coffee: http://bit.ly/akgcoffee