5 Points You Should Consider Before Starting Your Business

5 Points You Should Consider Before Starting Your Business

Starting a BusinessStarting down the road of entrepreneurship is one of the most fantastic adventures of a lifetime. If you’re passionate, have a great idea, or just feel the burning desire to carve out your path, it’s time to consider taking the plunge. But before you go any further, I want to pass on my top 5 most important points I’ve learned during the past eight years of running my company:

1. You will NEVER be your own boss. Ever.

You will never be your own boss. Everyone reports to someone and that someone is either inside your company or outside. If you are the CEO, you report to your board, investors, and customers.

2. The business will become your life.

Over time, you and your business will be inseparable. You will become one in the same. When someone asks you how things are going, what they’re really asking you is, “Hey, how’s the business?”. That’s ok. You will think about it day and night. It will become part of your conversations with your family and friends. It’s like having a child, and that’s the way it should be. If not, you should consider doing something else.

3. You will experience heartbreak.

The business will break your heart. Sometimes you expand, and sometimes you contract. It’s a regular part of the process. If you’re expecting a smooth, steady ride to the top, then you’re setting yourself up for disappointment. It just doesn’t work that way. You’ll meet people that you’ll grow to trust, but won’t have your best interest in mind. They’ll want to steal your success, and they’ll try to bring you down. Outsiders will criticize, and your judgment will be called into question the more you succeed – take this as a sign that you’re moving in the right direction. Ignore the noise and stay focused, but be prepared to have your emotions tested to their limits.

4. If you don’t evolve, your company won’t either.

Many founders aren’t able to scale their businesses. It’s partially to do with the fact that they are not evolving. If you are a founder and have assumed the role of CEO, you need to become the role. You can’t think and act as you did before. Research the part, watch talks of those leaders you look up to or admire. Do what they do and become the role that you need to be for the sake of your business.

Learn how to delegate. Once you start hiring a team, you need to trust your choices and delegate responsibility to them. To empower your team, you need to relinquish control. As a founder, at some point you need to recognize that you can’t handle everything and this requires delegation to a team member you can trust.

If you want your company to grow, you have to have a thick skin to make tough decisions. Referencing point #4, letting someone go that’s not contributing is painful, especially if it’s someone you admire or respect. But you are the only one that can make and execute that decision, so you need to be able to get over it.

Become proficient at public speaking. Public speaking is an absolute must. The best way to grow a business is to meet your prospects face to face, whether at a conference or an in-office meeting. Getting face time with people is critical. Most people are horrified at the thought of public speaking, but if you want your business to grow, you need to get over your fears, step out of your comfort zone, and push through it. It will get easier each time, and the rewards are far more significant than you could imagine.

5. Building a company around an exit strategy will position you to fail.

If you are starting a business for the sole purpose of acquiring wealth, or any other specific goal aside from building a thriving business, don’t waste your time. While is great to have business goals, creating a company takes years of hard work, dedication, and relentless passion. Sometimes not having an exit strategy is a significant advantage over your competition. If you’re pushing to get somewhere specific, then you’re making decisions that will only serve to benefit that particular outcome. I’m not suggesting that eliminate goals or milestones for your business, but to build a company for the sole purpose of selling doesn’t create a valuable organization. The point here is that your business should not be a means to an end. Build a company, not an exit strategy.

If you’re still inspired or motivated to build a company, then you are on the right track.

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