The startup culture is filled with entrepreneurs who are unable to successfully net a profit. Why does this happen? The thing is this: many startup entrepreneurs are unaware of the path or methods to best shift their business from one point to the other.
Trust me, I’ve found myself there during the inception of The Buddy Effect. Here are a few lessons that I’ve learned along the way.
Do what you love
Doing something that you love keeps you going; when your heart is it in, you’re more likely to keep at it. At difficult times, the attempts to bailout can be tempting. For a “bailout” to not feel like your only option, you have to truly be dedicated to your business.
What is your why?
Look, it’s not going to come easy, so be prepared to devote more hours of work. Are you used to working 40 hours at your job? Initially, you may be working 60 hours within your business. You should be willing to give your best around the clock. Work hard now, and you will find that you will soon be rewarded with the time freedom that you deserve.
You must have a high level of confidence in yourself. Self-doubt will cripple your initiation. Giving 100% ensures success, but you have to believe that you can succeed truly. If you aren’t confident now, find the mentors and invest in the classes that are needed to perfect your craft. Typically, people are not assured when they don’t feel well-prepared. Arm yourself with the knowledge and networking that is required to leverage your business.
Surround yourself with supportive people
There is no need to have people near you saying ‘yes’ at all times. At the same time, having people speaking down of your business and showing the negative sides should be kept at bay. You don’t need a tribe full of cheerleaders — you need a mixture of cheerleaders and coaches. Especially during the startup phase of your business, you need to be surrounded by supportive people. Avoid wasting energy or time speaking in defense of your efforts.
Do not take criticism to heart
Incessant negativity is useless, but thoughtful criticism is valuable. Do not be so quick to internalize everything in a negative light. Instead, use all feedback, good and bad, as opportunities to improve your business aspects. Welcome criticism and use it favorably. Make it a point to ask for feedback; you can’t do better if you don’t know better.
There are lots to learn in every industry. Do not make the mistake of thinking that you know everything. Remember, you should always be willing to become a student. The fact is that startups will have to bear the burn of mistakes; learn to accept your flaws, and rectify them. Your willingness to invest in your education will save you a ton of money and errors in the future — don’t think about the cost that takes for you to educate yourself; think about the money that you’d be saving by preparing ahead.
Grab your business by the horn and serve your market. Do the research that’s needed to find out who your client is and what they want. Ask your network, reach out on social media, search forums…do whatever it takes! Your job is not to base your business on your desires. Your job is to base your business on the desires of your target market.
In closing, I want you to keep this in mind: Startups do not fail; they give up. Your success can be attained if you refuse to throw it away.