Building your own business is a very exciting activity.
Once you’ve discovered your passion, and committed yourself to its vision and mission – nothing else will seem to matter, and you’ll feel unstoppable.
That is until you come to the point when you’re already running your business, and begin to feel drained and exhausted because there’s just so many things you need to do.
Some entrepreneurs will find the strength to push and persist through this stage; while most, will just give up and look for other opportunities, or worse – go back to being an employee.
If you’re planning to start a business soon, I’d like to give you the secret to overcoming this challenging business phase which often drive newbie entrepreneurs crazy and running towards the exit door.
Early Business Mistakes That Entreprenuers Must Avoid
Entrepreneurs are multi-taskers. We like to do everything, and be in control of all aspects of the business.
I’ve learned that this attitude is one of the biggest reasons why small businesses fail to grow. Because if you want your business to succeed and scale up, you have to learn how to delegate.
Don’t be afraid to hire and train people who can run your business.
I know someone who can’t cook a hard-boiled egg to save his life, and yet he owns a successful office cafeteria where he spends most of his time doing what he loves – eating.
He hired an experienced cook to run his kitchen. He also has an accountant in his payroll who takes care of his books. And a cafeteria manager to supervise everyone, including the training of his service staff.
Because he did all that – he can now focus on doing what’s important for the business – and that is looking for ways to increase his revenue.
As a business owner, you should always focus on revenue-generating activities rather than wasting time in “less-essential” tasks which you could just easily outsource to others.
My friend above asked his mother to come up with the business name, hired a graphic designer friend to do his logo, paid his brother to process the business registration, and treated me to free lunch in exchange for photographs of his food to use in the menu.
Not only that, he simply accepted whatever his mother suggested, he approved his friend’s first logo design, and never said a word when I was shooting his food and simply agreed to whatever I wanted to do.
His reason: “I can always change them later on. I just need something that works now.”
Indeed, entrepreneurs should spend less time on aesthetics so they can spend more time on capturing sales opportunities.
That’s why while we were all doing all those tasks, he was in turn, busy with talking to suppliers and negotiating terms with them. He was also calculating his food pricing, and drafting his marketing plan.
So in summary, these are the three things you should always remember if you’re just starting your business:
- Learn to delegate tasks.
- Focus on growing revenue.
- Spend less time on design.
I hope you were able to learn something new today, I’m planning to write more articles about entrepreneurship soon and if you don’t want to miss them, then you can just subscribe to Ready To Be Rich.