Business is an experiment: there is no one-size-fits-all recipe for success, but aspiring entrepreneurs often make the same bad decisions. Today, we will tell you about business lessons that will help you avoid mistakes.
1. Treat people with understanding
Some managers think that the main goal of employees is to satisfy the needs of the boss. This attitude can create a hostile atmosphere in the team. Basic knowledge of human psychology is a prerequisite for becoming a successful entrepreneur. If you don't get along well with people, you are likely to fail in business.
2. Be ready to be laughed at
When we talk about our plans to launch a startup on our own, people around us think of us as dreamers and don't take us seriously. Those we do not expect at all can laugh at us – for instance, our family members and loved ones. People take great pleasure in imposing their advice about a business they do not understand anything about. In such situations, stand on your dignity and do not laugh back, since laughter is fear.
3. Meetings do not make money
Don't overdo it by making thirty appointments a day since the profit does not multiply with this approach. If you can't remember why you called this or that meeting, cancel it. Most questions can be resolved via text or email.
4. Don't count on venture capital
Venture capital is like an executive. Investors are interested in profits, not in the success of your business. Young entrepreneurs often attract outside capital because they want skyrocketing growth for their startup, but it is better to focus on product quality and promotion.
5. Hire employees with complementary skills
You need to hire someone who can point out the founder's mistake at the right time, and you don't need to hire permanent employees. You can use the services of freelancers for all sorts of tasks. Hiring is a rather outdated concept. People don't have to be attached to your business, come to the office, like you, or have a salary job. There are hundreds of other ways to get outside help.
6. Build a healthy financial cushion
Spare money can save you time. An additional source of income helps you stay calm and plan your business development strategy more judiciously. You shouldn't invest all your savings in a business. Without money, you become an entrepreneur who makes stupid decisions that lead to bankruptcy.
7. Your business will inevitably differ from the original idea
The initial idea usually has little to do with what the business is turning into. As soon as the entrepreneur starts working with real people, he/she will understand which of his/her ideas will really be relevant in the market and will find a response.
8. Good people will stay with you
You can meet pleasant companions and friends anywhere. Some can follow you from business to business, while others can follow you through life. Therefore, a business can become not only your source of profit, but also a way to expand your circle of acquaintances.