Starting a Business - Fun & Scary!

byJohnCWS

767 followers

9 years ago

Starting a business can be very exciting -- and very scary at the same time!

I've started more businesses (and failed) than I'd like to admit. In my experience, it's a bit like driving through a heavy snow storm (I'm from Pittsburgh, we just love the snow...) were you are only able to see a few feet in front of the windshield -- you don't know what's up ahead until it's right on top of you. However, the longer you are an entrepreneur, the better you can navigate through that snow storm.

As I've been driving through the snow for over a decade now, I thought I would take today's post and boil down some of the biggest lessons I've learned over the past decade of building and growing businesses.

1. Some Statistics Don't Matter

People love to throw around the statistic that 80 percent of business’ fail. Don't listen to that -- it's an excuse to make you feel comfortable about giving up. If that number is correct, it's because most people don't commit, they don't follow through to the end or they are stupid in how they manage their money. There are new successful business's that start every day.

2. Do Something you Enjoy

Don't start something you won't want to do in five years. Because if you are successful, you'll still be doing this in five years. If you don’t like the topic material, how are you going to get someone to buy your product if you yourself don’t like it?

3. You are not Going to Know Everything

In fact, you probably won't know anything when you first start. Start anyway. When I first started with the stock market, I had no idea what I was doing. I did countless hours of research and learned the ins and outs of the market. Eventually, it became second hand nature.

4. Finish What You Start

Nearly every entrepreneur I know suffers from the same curse: we like to start things more than we like to finish them. In other words, if you are a good entrepreneur, you'll have a lot of great ideas. Most of them would probably work out well and make you a lot of money. However, that doesn't mean you should pursue them. Pick one and go with it until it dies or it makes you rich enough to buy a private island.

5. Never Partner with Someone because it's Convenient

Partner with someone because it makes you stronger. The wrong partner will drive you crazy, make you hate your work and end up causing more problems than they solve. Remember, this is your business.Your money is on the line.

6. You are Going to Suck at Managing People

It's okay, we all do at first. However, this is one task you must get better about. Unless you’ve gone to school or have some background in supervising/managing, you aren’t going to be able to start hiring mass amounts of people.Start small.Hire an assistant right now, even if it's only a virtual one for $10 an hour. It will give you some great training on managing, with little downside.

7. Social Media Probably isn't that Important.

We just pretend it is so we can look at cat pictures on Facebook.Remember, you need to develop your business first.Build a strong foundation.When you are ready to advertise and gain a social presence, you will know it.

8. Stop Designing Business Cards, Logos, Business Plans & Stationery

They don't matter right now. Go build your business and stop doing busy work that makes you feel like you are accomplishing something.Busy work is a business killer.People will spend untold amounts of time on little things, when they need to be focused on the big things.

9. There is a Fine Line between Dedication and Obsession

Screw the line. Trample right over it. You need to cross that line continually, so never let anyone tell you that you are too obsessed with your idea. I'm completely and overwhelmingly obsessed with the stock market (among other things) -- and it's okay!

10. Don't Quit your Job too Soon

Yes, you'll have more time to build your business, but let's be honest: there are 168 hours in a week, only 40 are consumed by your job and another 50 by sleep. You have plenty of time if you would just hustle and turn off Netflix. But don't be afraid to quit your job if you can afford it.Successful people find ways to achieve greatness.Cut your sleep down if you have too.

11. Focus on your Higher Paying Tasks

Divide up your tasks and determine what your "$10 per hour" tasks are and what your "$1,000 per hour" tasks are. Focus on doing more "$1,000 per hour" tasks and fewer "$10 per hour" ones.

12. Your Spouse & Kids Matter More than your Business

Never forget that. Your LIFE comes first. Unless of course you are me and have no social obligations. Don’t kill yourself or get divorced because your work has consumed you. Go outside and toss the pigskin around. Take a break once in awhile.

13. Read - Learn

If you don't have time, listen to audiobooks; And not just business books. Read motivational books, self-help books, and success books.Always be learning.About your business and about yourself.

14. Get up Earlier

Yes, you can, and you should. I don't care if you are not a morning person. That's an excuse lazy people use.My grandfather use to say, “Oh, you just woke up at 7am? Hell, the day is half over already!”-- He was a hard working business owner until the day he passed away.

15. Don't Worry about Earning Money

Focus on building a business so people throw money at you. Build relationships with people. Earn their trust. They will continue to come to you other than someone else. Be the best at what your product or service represents.

Like driving down a lonely highway on a dark, snowy night, entrepreneurship can be a little scary. But hopefully at least one of the above tips will help you navigate through the snow a little easier with more confidence. If you are just getting started with your business, just remember this: keep driving through the snow. Your future self will thank you. Never give up. Plow threw it!

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