Jonathan Gary is the CEO of i-Kare Treatment Center and a business owner, author, motivational speaker, entrepreneur and investor.
Being an entrepreneur is a challenging and rewarding career choice. It takes grit, determination and resilience to succeed as an entrepreneur, but the potential rewards are worth the struggle. There are plenty of challenges that come with being your own boss and having your own business. However, if you’re willing to take the risk, there is also plenty of opportunity for profit and personal growth.
If you’re thinking about taking the leap into entrepreneurship, it’s important to understand what that means before diving in headfirst. Becoming an entrepreneur requires more than just starting a business or striking out on your own in a particular industry. It involves creating a company—as well as learning how to become an effective owner and operator of that company.
These five tips can help you up for success.
Know your strengths and weaknesses.
Not all entrepreneurs are exactly alike, so it’s important to understand the strengths and weaknesses of your own personality and skill set. To see where you stand, ask yourself questions about your strengths and weaknesses, and answer honestly.
• What do you enjoy most about your career so far? What do you dislike the most?
• What are you naturally good at, and what do you tend to struggle with?
• What skills do you need to improve upon?
• What do you bring to the table as an entrepreneur above and beyond what a regular employee might?
Knowing your strengths and weaknesses will help you decide which areas of your business to focus on and make the most of your strengths. It’s also important to be honest with yourself in this process, or you’ll end up hiring employees who are a poor fit for what your company needs, which can, in turn, create an unnecessary turnover.
It’s much better to hire employees who are a strong fit for your company and complement your weaknesses. This way, you can ensure you’re not hiring employees who are just like you.
Define your mission and vision.
Next, you’ll want to define the mission and vision for your new business venture. What is the overall purpose of the company, and what does it hope to accomplish? What is the company’s vision for the future? What is the company’s guiding vision statement or motto that employees and customers can use to understand the company’s purpose?
You’ll also want to define your personal mission and vision. What do you hope to accomplish as the founder of the company? What do you hope to leave behind as a lasting legacy? What are your long-term goals?
Knowing what you and your company stand for will help you make important business decisions as you start to grow. This also provides a clear message for current and future employees, customers and investors. You’ll want to make these mission and vision statements public on your company website so visitors to your site can understand the company’s purpose.
Create a product or service that fits the mission.
As the founder of a new business, you’ll want to choose a product or service that fits the company’s mission and vision. The company should produce a product or service that’s necessary for consumers and solves a problem in their lives.
If you’re not providing a needed product or service, customers simply won’t buy from you. You’ll also want to carefully consider the type of product or service you offer. For example, if you’re launching a new travel agency, you have the option of offering flights and vacation packages or focusing on cruise line travel. You might also want to choose a specialty within the travel industry, such as senior travel.
Build a team of trusted advisors.
You’ll want to build a team of trusted advisors to help you with your business. You can hire employees as needed, but advisors are people who are not directly employed by the company but are still a part of your team.
You’ll want to find advisors in your industry who have years of experience and success. Find out if they’d be willing to mentor you and your business or even join your board of advisors.
I also suggest finding business advisors who are successful and work in fields that are related to your business. If you need funding, you can look for business advisors who have connections with venture capitalists and angel investors.
Make a plan, and stick to it.
Create a business plan for your new company, and stick to it. A business plan isn’t just a pie-in-the-sky idea of what you hope to accomplish. It’s a detailed plan that outlines everything, including your mission, vision, values and the products and services you plan to offer.
Your business plan should also include financial projections, marketing strategies and a list of potential employees. All of these things will help you get off to a strong start. Your business plan can help you build credibility with investors and lenders. It will also help you stay focused and reach your goals.
An important part of starting a new business is being flexible enough to change your plan as needed. However, it’s better to have a detailed plan that you can sometimes adjust than to have no plan at all.
If you follow the pieces of advice given above, I am sure that this will lead you toward a successful entrepreneurship journey. I believe all you will need is patience and motivation to get the life you want.