Entrepreneur Sam Mustafa’s Top 5 Tips for First-Time Business Owners
Being a first time business owner can be a daunting and exciting experience.
Founder of Charleston Hospitality Group and owner of a number of South Carolina restaurants, Sam Mustafa, is all too familiar with this feeling. Having initiated many successful and new business ventures, Mustafa has acquired a lot of knowledge, learning the ins and outs of being an entrepreneur. Giving rise to a hospitality empire hasn’t been easy, to say the least. Learning the ropes on how to be a successful business owner motivated him to work tirelessly and pick up on a handful of lessons. Now, Mustafa is providing helpful tips for every first-time business owner on how to thrive as an entrepreneur.
Here are some things to be mindful of:
Pitching Your Business
Have a clear elevator pitch ready in the back of your mind. You never know who you might encounter, so it’s important to be able to pitch your business, including its mission and services, when conversing with potential investors or customers in a clear and concise manner. Having said this, Mustafa warns business owners to avoid sounding too rehearsed. Instead, think about who it is you’re speaking to and how they can benefit from your service.
Manage Your Cash-Flow
It can be easy to be swayed by fancy things when you first begin your business. Starting from the ground up tempts many first-time business owners to spend their finances needlessly on expenditures that make them appear professional. Purchasing colorful office supplies and amenities are unnecessary when it comes to the growth of your company, especially, when you’re just starting out. Mustafa says before you can raise capital, you need to be saving! He advises starting on a shoestring budget and limiting yourself to only spending when deemed necessary.
Maintain a Healthy Lifestyle
You’ll notice that most successful entrepreneurs share one thing in common: A healthy lifestyle. Outside of their work element, these business leaders know how to take care of themselves mentally and physically. They understand that in order to refuel their energy as a big-time entrepreneur, they need to eat right, exercise, and find time to be creative outside of work. In order to avoid exhaustion or “burning out”, business owners should be responsible for their lives outside of the hustle too.
Know When to Call it Quits
Knowing when to walk away from an idea that just isn’t working will save you time and money. Unfortunately, not everything is going to pan out the way you anticipate, and though it’s easy to become overly attached to your own ideas, in business there is no room for an ego that gets in the way of success. If something doesn’t work out, assess where you’ve made your mistakes and figure out what you would do differently in your next endeavour. Many entrepreneurs will tell you failure is inevitable, but handling it well is what will help you to get through the obstacles.
There are always opportunities to learn more about the industry you’re about to be immersed in. Though you may be an expert in your field, it’s good to stay grounded with the reminder that not everyone knows everything. Keeping informed on industry trends, constantly doing your research, and learning from mentors will help you to stay ahead of the curve and become a better business leader.
Sam Mustafa has dedicated his life to building his restaurant group and managing a portfolio of brands and services that include fine dining restaurants, casual dining, entertainment venues and catering. As an accomplished entrepreneur, he has gained numerous experiences that has taught him how to navigate life as a thriving business owner. For first-time business owners aspiring to do similarly, Mustafa advises to bare in mind all of the business fundamentals mentioned above!