1. Passion is not enough
While some might start a business because they can find a gap in the market, many of us do it because we have a passion. We don’t consider our new business a job or an investment, but rather a calling, a way of life. And that’s amazing. But passion itself is not enough. There is so much more that goes into it. Research, financial planning, reading up on tax laws. You need to also remember that running a business will include a lot of boring tasks such as admin, marketing, and other things that might not be part of your passion.
2. Business is about connecting with people
A lot of people make this mistake. They go straight for the sale! What they don’t know is that they miss out on the most important steps. You need to take your time to connect with your potential customers. The back-and-forth of trust-building needs to happen. I’d say that you need to put 80% into your communication, showing them that you are there for them and what you would do for them. And the 20% into closing the deal.
3. Timing is vital
This doesn’t just pertain to when to actually start the business. Timing is an everyday thing. You need to be quick in making decisions about stuff all the time. If you take too long, you might lag behind or miss an opportunity.
4. Mentorship is more important than you’d think
When you’re just starting out, there is so much you don’t know. While Google is your friend, there are things you don’t know that you don’t know, and you need someone who’s done it all before. It is so invaluable to have someone to talk to, vent to, and listen to for advice. It doesn’t have to be a paid coach, but maybe a parent or an older friend who you look up to.
5. Adaptability is key
This world moves quickly. I daresay quicker than ever before. Something is on-trend, like a video call service, then suddenly, everyone is using something else. You could be marketing your service or product on Facebook only to realize that it’s all about a different portal now. Keeping your finger on the pulse is vital in any business. To be able to quickly adapt to new ways, also. The trick is to never get too comfortable doing things one way. Remember: This too shall pass.