As we move through the pandemic, many aspiring entrepreneurs have either founded or are thinking of founding a new business. Whether new entrepreneurs left a pre-pandemic gig, had to put off starting their company because of Covid, or saw a need that needed to be filled, the number of new businesses is soaring. Reuters found that in 2021 the number of new business filings bested the average number of filings from 2005-2019. You may have read here about my podcast The Business Behind Small Business. Each week my co-host and I share our advice on launching and running a small business. We’ve covered everything from business jargon every business person should know to how to successfully network. Definitely tune in. I enjoy helping new business owners. I came across a list of tips for aspiring entrepreneurs from Entrepreur.com Here are six that we think are the most helpful.
Build a strong team
A great business is almost inevitably built by having the right team. First and foremost, hire members that possess relevant skills and are truly good at what they do. Even more important, perhaps, is that they should demonstrate a willingness to learn.
Learn from mistakes
Don’t look at failure as an enemy; the most successful companies have failed in some shape or form, yet focused energies on doing better. When you make a mistake, it helps to ask yourself meaningful questions like, “What was my goal? What lesson have I learned? How will I prevent this in the future?”
Make certain that you use insights from team members, customers, and colleagues — good or bad. In the case of complaints or other critiques, it’s vital to learn how to manage them gracefully, then apply their lessons. This isn’t personal; thank the person who provided the feedback, then act on it.
As a young entrepreneur, you’re likely considering the myriad of things you need to spend money on, including tools and technology, office space, staffing, and marketing campaigns. Make sure to set a strict budget, but one that includes an emergency fund.
Always have a backup plan
There are legions of potential shocks to a business system, large and small; cybersecurity issues, conflict with clients, and problems in your personal life, to name but a very few examples, can make you lose focus. This is why, to every extent possible, you should prepare for such events. Preparation is the coin of the realm.
With the limited amount of hours you have each day, it’s important to make a list of priority tasks. And while you’re working, focus on the immediate task only; multitasking sounds industrious, but it wildly increases the chances of making mistakes, which — ironically enough — leads to wasted time.
Managing time can be especially challenging for entrepreneurs. You’re used to doing everything yourself. Once your business starts to grow, consider offloading some of your tasks. At VersaTel Solutions, we can help with bookkeeping, HR duties, and administrative tasks. By letting us take those jobs off your hands you’ll have more time for the important job of making your business grow and succeed.