5 Rules of Early Success for Every Business
When you look at some of the most successful entrepreneurs from some of the greatest companies of this generation a few things stand out. Even though these companies are immensely different from one another there are some universal principles that hold true for any great organization. Here are the 5 rules every great business starting out has used to become successful.
Passion Based Business
This may be, hands down the biggest mistake people make from the very beginning. They choose businesses for profits only and not fulfillment. I have done this before and it sucks! Business is hard, it takes everything in you to make it successful and if you cant be excited everyday you get up to do the business then you're in the wrong business. The last thing you want to do is dread the time you spend in your business. It doesn’t bring energy to you and it deflates your employees. Find something you love and then find a way to monazite it at scale.
Don’t Be the Next Same Thing
When the world watches the Facebook movie and shows like shark tank, the desire to start businesses are at an all time high. The problem is so many people are trying to make the next version of the last thing that was hot. Don’t get caught saying we are a better version of _________ company unless you do something revolutionary that the other company doesn’t do. But if your plan is to just to try and out execute a company that already has a ton of market share and brand equity then don’t waste your time. Now am I saying it cant be done? No thats not what I am saying, but your chances of winning decrease drastically. There is no reason to play that game when there are a million original ideas out there, but there are very few people with the ability to execute. Grab an original idea or partner with someone who has a great original idea, go out there and crush it.
Build a Winning Team
This one is probably my favorite! I love team building and growing an organization and the reason is because a great leader will know how to pull greatness out of anyone. Building a winning team has two components to it. The first component is Getting the Right People. This is probably the one people have the most questions about. How do I pick the right co-founders? How do I hire? How do I know when to fire? These are all critical things to learn when building a winning team and there is no cookie cutter answer to theses questions. (Sorry!)
But some advice here is try to pick people you see your self working with long term because business is not a sprint its a marathon and if you going to go on a long road trip you want to have people that not only have the skills to navigate but also those you can have a good time with along the way. The second component is Developing those Right People when you get them. This is where as the founder or CEO it is important to gain some level of leadership ability. Especially in the early days because stating a company is just as much a risk for the founder as it is for the early employees. So its going to take a leader who can clearly articulate the vision as well as coach the people to get the job done.
When starting a business you tend to be locked into the idea you have exactly the way you see it, but every idea has room for improvement. The first group of people you must listen to is your team. Look, you hired the best people possible(hopefully) and if your going to hire them for their expertise then you have to take in some of their insights. So many people in the beginning get into shouting matches with their employees because of a difference of outlook on the way things should be done. In the early day of a business you have to be open to new ideas because 1 person can put 1000 in flight but 2 can put 10,000 in flight, you can do but so much by yourself. The 2nd person you need to listen to is your customers.
So many people lack the forward thinking to hear what the customers are saying they love and what they hate. When you have that information you can adjust accordingly. In todays era in business if your not listening you are DEAD or what I like to call OUT Of BUSINESS! The last person you have to listen to is your intuition. This is so important. When you have to make a decision on a feature, a benefit or a direction you must listen to your gut. What does your gut say about where your industry is and where it’s going? There will constantly be important decisions that will need to be made in business and solutions for those decision will not be easily seen. When that happens allow your intuition to be your best friend.
Sell, Sell, Sell
When its all said and done the number one thing you must always be doing is selling. So many businesses focus on so many things except making sure their business turns a profit. Now sometimes your business is not turning a profit because your marketing is horrible! Many companies are doing the things of the last generation to reach the dollars of the new generation (I will be posting an article about this soon). Bottom line is that when a business goes bankrupt its usually not because they were selling so much that they went bankrupt (which actually can happen but not likely). The most likely scenario for a business going under is the lack of finances which usually comes from a lack of revenue. So as you plan out the future of your business and you get your team together make sure you spend a majority of your time doing and thats what you got into business for, making a profit.
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