First, congratulations on your decision!! You have already accomplished the first and the most difficult step.
Let that sink in for a minute!
Honestly, nothing can be more liberating than being your own boss! And this is the rewarding part of the entrepreneurship journey (obviously the profits too).
But what’s on the flip side? What about the sleepless nights, hours of procrastination, stress anxiety, and relationship sacrifices?
Have you given much thought to it?
Most businesses fail in their initial stages. The reason? Because most entrepreneurs are blind-sided by the idea of running their own business but never take time to hone themselves for the challenges. Yes, an entrepreneurship journey is tough — that doesn’t mean it’s impossible. The reason some entrepreneurs become successful while others struggle to keep their business afloat — is completely proportional to their mindset, the way they prepare themselves for challenges, and how brilliantly they handle themselves during such toilsome time.
If you consider yourself among such brave hearts, we bring you 5 nuggets of advice. Following these will help you find your footing as a new business and ace your entrepreneurship journey for success.
5 Must-Do Things For New Entrepreneurs
I left a reasonably comfortable job with India’s top IT company and took a plunge to found HoneyVeda because I was really passionate about helping people discover and enjoy pure honey. However, I soon realized that passion alone wouldn’t cut it.
I discovered the following truths about being an entrepreneur during my journey. Surely you’ll find your own truths as you grow as an entrepreneur, and I’m confident that there will be lots of overlap in my list and yours.
1. Think About The Impact You’re Making
What is your basic motive for establishing your business? Is it only to enjoy profits? Is it because you don’t want to be bossed around? Whatever it is, if you’re pursuing entrepreneurship solely for personal reasons, it will not help your business grow in future years. You might survive but not prosper. Go beyond your personal interest and think: what problem is your business trying to solve?
All successful entrepreneurs have one thing in common: They all want to add value to the world. They want to create something innovative that makes people’s lives a little easier. Be certain of the ways you want to add value. Look for ways how your business can make the customers happy. Surely it will take a lot of time and energy, but if you do it right, there's no stopping you.
2. Understand the Power of Delegation
Now we know you have just started your business and are embarking on your entrepreneurship duties. Kudos!
As you’re running a business, obviously your motive is to grow your business and spread its reach. And to achieve this, you must be very mindful of how you try to get there. We know you have lots of tasks on your plate, but the way you handle them makes all the difference. When you have a task, ask yourself: is it a priority? Should I be investing my time and energy in this? Should delegating this task make it a bit easier for me? Can I trust anyone with this job?
According to the answers, make your decision, and delegate everything that you can (and should). Be focused on what’s important and put your valuable time and energy into it.
3. Figure Out Your Unique Selling Point (USP)
The dream of every entrepreneur is to create a business that’s unique and give something to the world that they will remember for the rest of their lives. So as a business, what is your unique selling point? Why should your potential customers trust you and not your competitors? What extra are you bringing to the table? As an entrepreneur, if you’re struggling to discover your ask, I suggest you read Lean Startup by Eric Ries.
4. Learn From Famous Entrepreneurs
Learn everything… their mistakes and enrich yourself with their knowledge. You don’t have the answer for everything, nor do you want to learn it through trial and error. Save yourself the effort and learn from the experts who have already walked the walk themselves. Those who came before you have plenty of wisdom to offer-make the most of it.
5. Work Hard On Self-Discipline
Do you know what’s the “one” thing without which entrepreneurs can never succeed? It’s self-discipline!
It is that one tool that keeps you going, despite endless temptations to abandon it.
Ways to develop self-discipline:
— Develop small habits — and stick to them.
— Be 1% better each day.
— Choose growth over comfort.
— Remember, you are in control!
Are you prepared?
Remember, entrepreneurship is not a destination! It’s a journey that you have chosen to follow — and hopefully, will follow for the rest of your life. It can be intimidating to be your own boss, but at the same time, you must be mentally prepared to face everything that comes your way.
Meet Our Contributing Author — Hardik Joshi
Hardik Joshi worked for India’s largest IT company before the entrepreneurial bug bit him. His love for raw, unadulterated honey, his eagerness to help everyone discover and enjoy pure honey, and his passion for sustainable farming practices led to launching HoneyVeda. As a founder, Hardik travels a great deal but always finds time for workouts and music. Bee healthy, bee productive, bee happy is the mantra HoneyVeda follows today!