7 Things Every Entrepreneur Should Know
Whether you’re a seasoned professional or a first time entrepreneur, you are bound to learn many lessons from starting your own business. After speaking with a number of MBA students, lecturers and businesspeople, we’ve compiled a list of things that every entrepreneur should know before pursuing their business. From personal qualities to advice about your product – read the below seven points prior to beginning your entrepreneurship journey.
1. Success doesn’t happen overnight
You may have a revolutionary idea, but every entrepreneur should understand that tough times are ahead. Months of preparation, planning, networking and marketing are all necessary to build a successful business. Be prepared to be tested, and recognise that success will take some time.
2. You don’t have to be an expert
When you have a business idea, it is okay to ask for help and hire experts in particular fields. Many entrepreneurs make the mistake of trying to do everything themselves, when in fact it can be more cost efficient to hire someone else. Focus on what you do best, and outsource other tasks when required.
3. Your product is everything
No matter how much marketing, positioning and promoting you do – if your product isn’t good enough, you will struggle to succeed. From the beginning, every entrepreneur should do market research, and test their product among key target audiences. This will help to eliminate product flaws early on, result in the best product going to market.
4. Continuous learning is essential
No matter what stage you are at in your journey, it is important to continue learning. Whether this is in the form of a formal programme such as the MBA, or simply learning from mistakes made along the way, every entrepreneur should have a willingness to learn.
5. Do what you love
Every entrepreneur should pursue a business venture in an area they are passionate about. When times are tough, this will ensure that you remain focused and motivated on success. If you truly love what you do, you will want to work hard and see the project through.
6. A mentor is a great idea
One of the best resources for practical experience and advice is a mentor. When looking for a mentor, they do not have to be in your immediate networks. Don’t be afraid to send a person you respect a LinkedIn message, or an email explaining why you would like their advice for your business venture.
7. Persistence is key
Every entrepreneur will experience failures and setbacks. You must be prepared for these, and understand that you will need to be persistent at times. They say that “when the going gets tough, the tougher get going”, and this is definitely applicable to entrepreneurship.
What do you think?
Do you have any other points to add to the list? There are a number of points which every entrepreneur should know, and the above is just a selection. Comment your views below and join the conversation.
This article was written by Laura Hutton on behalf of the Australian Institute of Business. All opinions are that of the writer and do not necessarily reflect the opinion of AIB.