Entrepreneurship can be unpredictable by its very nature, making it difficult to fully prepare for this challenging and exciting journey. In the process of starting and growing a business, entrepreneurs learn valuable lessons along the way, later applying them as they move forward in their careers.
Absent of this real-world experience, new and aspiring entrepreneurs can learn from the insights of seasoned pros, leveraging their winning strategies and avoiding common missteps. Below, the members of Young Entrepreneur Council reflect on the actions they wish they'd taken before launching their businesses. From developing a strong network to investing in market research, here is their best advice on how to set your new venture up for success.
1. Reading Books On My Mission, Vision And Goals
I ended up learning early on that it is vital to have a company vision, mission, core values and goals for a business to function at its best. So, I would say that I wish I had read books on the Entrepreneurial Operating System (EOS), such as Traction and Get a Grip, which ended up becoming formative for how my businesses operate. From having clear goals and an action plan to Level 10 meetings, EOS has been key. - David Henzel, Love not Fear
2. Testing Paid Ads
Before starting my business, I wish I had taken the step of testing paid acquisition strategies to validate my product-market fit and gauge the demand for my product. This would have helped me get a better understanding of my target audience, their needs and their willingness to pay for my product. By testing paid ads, I would know if my lifetime value would be greater than my cost of acquisition. - Eddie Lou, CodaPet
3. Finding Supportive Mentors
Nothing can truly prepare you for entrepreneurship! However, if I could choose one action I wish I would have taken to help me, it would be to develop a roster of mentors and champions of fellow entrepreneurs in my space before making the leap. Being on your own can be isolating, and having that extra support would likely have made that transition easier and helped me avoid costly mistakes. - Emily Nelson, Ace Media Strategies
4. Starting Early And Challenging Myself
I only wish I'd started sooner, and I probably should have challenged myself more. When you are very young, you can take more risks and try more things. The weight of commitments and responsibilities that come with age is not pulling you down. I also think I should have spent more time networking and building relationships with people. Connections play a massive role in growing a business. - Samuel Thimothy, OneIMS
5. Connecting With Seasoned Professionals
Creating genuine connections with mentors, fellow entrepreneurs and professionals would have been my secret sauce to starting off stronger. Imagine having a community of seasoned business professionals to bounce ideas off, share war stories with and offer sage advice to. Don't underestimate the power of forging meaningful connections. - Rachel Beider, PRESS Modern Massage
6. Exploring Collaborative Opportunities
I wish I had explored potential partnerships or collaborative opportunities before getting started. This would have saved me a lot of time and made it possible for me to turn on the execution mode right away. When you reach out to brands for collaborations, they may take forever to respond, especially when you're new. So, looking for potential opportunities beforehand may give you a head start.- Chris Klosowski, Easy Digital Downloads
7. Investing In Market Research
I would have definitely invested sufficient time in market research. Doing this is crucial for identifying potential challenges and opportunities. Market research can also be super helpful in evaluating your competitors, finding areas of differentiation, determining the size and growth potential of your target market and so on. Knowing all of this can help you create a more effective marketing strategy. - Thomas Griffin, OptinMonster
8. Cutting Back On Personal Expenses
I wish I had cut my personal expenses to a bare minimum before I started my business. Once I downsized my life and moved out of NYC, it took a lot of the pressure off the success of my business. It was once common knowledge that you had to be in a major metro area to become successful, but now connecting online is much more efficient. Embrace minimalism and the digital nomad lifestyle if you can. - Matt Wilson, Under30Experiences
9. Hiring Industry Experts
I wish I had invested more in hiring people as opposed to doing everything on my own. I believed that I should manage legal matters, accounting and more on my own because my business was small. However, that just wasted my time on areas that were not my strength. Instead, hiring professionals in their fields would have helped me grow much faster and saved my mental energy for more important matters. - Syed Balkhi, WPBeginner
10. Celebrating The Small Wins
One mistake I made in the early days of running my business was that I refused to celebrate my small wins. I think this "nose to the grindstone" mentality helped me get where I am today, but I also believe I was way too hard on myself. There were times when I should have sat back and celebrated. I think this motivation and positivity would have made the whole experience more enjoyable than it was. - John Turner, SeedProd LLC