10 Things I Wish I'd Known When I Started
By Richard Lorenzen CEO of Fifth Avenue Brands, entrepreneur.com
When I started my company eight years ago, back when I was a student, I had no idea of the learning curve I would face before I might actually make it. Today, as I continue to run my firm as well as speak to and advise other startups, I continually go back to some of the lessons I learned through direct experience (many times, the hard way) and
through helping other companies avoid the same mistakes.
From all the years I've been an entrepreneur, a few of those lessons stand out as defining moments in my career. They also represent moments in the trenches when I had to make a significant change, to either my business infrastructure or my personal mindset, in order to advance to the next stage in my company's growth. Here are 10 of those lessons from my personal experience:
When I started my company eight years ago, back when I was a student, I had no idea of the learning curve I would face before I might actually make it. Today, as I continue to run my firm as well as speak to and advise other startups, I continually go back to some of the lessons I learned through direct experience (many times, the hard way) and
through helping other companies avoid the same mistakes.
From all the years I've been an entrepreneur, a few of those lessons stand out as defining moments in my career. They also represent moments in the trenches when I had to make a significant change, to either my business infrastructure or my personal mindset, in order to advance to the next stage in my company's growth. Here are 10 of those lessons from my personal experience:
1. If you don’t start delegating as soon as your budget allows it, you will burn out fast.
One
of the most important lessons for me as a founder was that you need to
spend as much time as possible, as soon as possible, in building teams.
You may be able to last a year or so as a one-man show. But if you’re
seriously growing your business, you will not be able to wear all of
those hats on your own. You can only hoard your cash and keep your
overhead low for so long. Start reinvesting into team building and the
dividends will multiply.
2. Shoot for goals that are 10 times bigger, and actually believe in them.
A
lot of times, it takes just as much effort to close a small deal as a
big one. The only barrier is your own thinking. Further, if you build
your business plan around a goal that’s ten times larger, and take that
much more action, it’s a lot more likely that you will hit and surpass
your original goal anyway.
3. Do the stuff you don’t want to do.
In
almost every case, the stuff that you least want to do is the stuff
that is most important to do. I learned very early on that I needed to
suck it up and do those boring/hard/not-fun tasks if I was ever going to
move the needle. Even when you delegate what you're weak at, you still
end up with something on your to-do list you don’t want to do. This is
what separates the best from the rest.
4. There are some things you shouldn’t do.
I
spent a lot of time in the beginning doing tasks that I shouldn’t have
been doing simply because I tend to be a taskmaster and perfectionist.
Now, each morning, I review my to-do list; and if there is something
there that ultimately isn’t necessary and consequential, I either
delegate it or eliminate it altogether. Focus on the top two-to-three
areas where you can make the most impact on your business.
5. Watch out for information overload.
I
love to read, and I read a book per week. But I’ve also learned to be
careful about overloading myself with too much information. There are a
thousand books about everything out there. Find a few really
high-quality sources of information that serve you and drill down on
them. Read them over and over and immerse yourself in them. Implement
what you learn and then move on to your next source. Don't get lost in
the bog of information out there to the point that it keeps you from
taking action.
6. Know your 'why.'
You’ve got to know why
you’re doing this, and it can’t just be money. There needs to be a
reason beyond financial goals that pushes you to get up and do this
every day. Building a company is hard, and lots of obstacles will make
you want to give up. You need to have a reason for hanging in there that
is much bigger than the problems you are going to face every day.
7. Recognize that many wins were originally far-fetched ideas.
Oftentimes,
the idea that you think is least likely to work or is too far-fetched
is the idea that becomes your next home run. Whether it’s that potential
client that you are unsure about contacting because he or she is out of
your league, or that marketing campaign you never thought could work,
just do it (while managing your downside) and let results dictate what’s
a good idea or not.
8. Measure everything.
The only way to improve anything is to measure it every single day. Why? Measurement brings clarity and awareness.
9. You need only one service/product.
When
you are a fledgling company (and especially if you're an agency), don’t
waste time, money and effort trying to offer 20 different services.
Sell one service and become the best at it. Down the road, an expansion
will be much easier when you have the cash.
10. Keep in touch with everybody.
Always
look at every contact as a relationship, and not just a transaction.
Keep in touch with as many contacts as possible on a regular basis. Send
personal notes, articles you think they’ll enjoy (such as this
one!) and holiday greetings. Relationships are critical to long-term
success.
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