Here is some of the advice I have received over the years. Please include your advice.
Remain flexible- Take your ego out of the picture. If you are doing all the thinking, you’ve only got one brain working. If you have hired well, then you have hired people that are smarter than yourself. Use their knowledge too. When I start getting in my own way, I ask myself “Would you rather be right or highly successful?”. Then, I take my ego out of the equation, look at the possibilities, and choose what is best for my company.
Make small decisions quickly- A small decision won’t make or break your company. Quickly choose the best solution (10seconds) and if it doesn’t work, you can always change it later.
Don’t fret about competition- Competition exists when your idea proves worthy of replication. Embrace what your competition executes well and make it better. In fact, they may have undergone rounds of testing which saves you time and money.
Live by your vision with passion- Have a deep, personal passion for starting your company. By writing a personal and company vision you will make company decisions quicker and establish more drive to get you through the tough times. Your vision will inspire and shape your company’s culture.
Look for funding when you are doing well financially.
Protect your assets- Talk to an accountant or lawyer to determine what type of corporation will protect you best.
Hire slowly- One of the quickest ways to going belly up is to hire a bad apple that infects the company’s moral and vision. Read my recent post on having fierce conversations.
Reward positive employee behavior- Rewards do not always require cash. Consider compliments, a pat on the back, acts of service, or a thoughtful gift. Be sure to tell the employee why you are rewarding them. By telling them the reason, you will reinforce the behavior.
Control your anger- This does not mean that you have to take crap. It does mean that you should treat employees how you would want to be treated.
Work on your business, not in it.
If you think starting your own business will solve all your problems, you’ve got another thing comin’. A friend of mine named J.J. said this to me when I was first getting started. She owns Scottsdale Lotus and Lavender’s Day Spa. At first, I didn’t understand the full meaning of what she said. A couple years ago, I finally got it. I already had experience in the field and had prepared for a year so I figured that I had reduced potential for problems. What I didn’t get was that I was solving these problems with an employee mindset. The employee mindset of I can do everything. You can do everything with the help of others. You will always have problems but when you are starting a business you will have problems that you have no idea what to do with. It takes researching options and a qualified support team to make the right decision.
Keep going. The confidence will come with practice.
The most important advice- Have fun and listen to your intuition. You already know what you have to do so start acting on it. It’s easy to get confused with so many options flying at you. Ask yourself- Does this comply with my vision?, Who does this benefit?, What are the pro’s and cons of this?.
I hope this helps. I wish you all much success in your business endeavors.
All the best,
Sally Strebel
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Excellent post. My favorite?
“You will always have problems but when you are starting a business you will have problems that you have no idea what to do with. It takes researching options and a qualified support team to make the right decision.
Keep going. The confidence will come with practice.”
I was talking with a friend once and said, “There’s so much I don’t know. What do I do if I run into a situation where I don’t know the answer or don’t know how to do something.” He said, “Not if, When. You WILL run into those situations… a lot. Surround yourself with the best people you can and draw on their expertise. You’ll still run into those situations. In those cases, do the best you can and fake it till you make it.”
The other option is to sit around doing nothing and wonder why nothing ever happened.
Great advice which is down to earth so everyone can follow.
I think you are dead-on with, “Keep going. The confidence will come with practice”. Having never done radio before or even interviews I had to have confidence even if I had to fake it at first. This shows the audience that I know what I’m doing and it shows me that I can make things happen.
Whatever type of business you are in you have to let your confidence come through for people to see.
[…] Sally placed an observative post today on Advice for the Start-up Entrepreneur.Here’s a quick excerpt:She owns Scottsdale Lotus and Lavender’s Day Spa. At first, I didn’t understand the full meaning of what she said. A couple years ago, I finally got it. I already had experience in the field and had prepared for a year so I figured that … […]