You think entrepreneurship is all fun and games? Here are the raw unspoken truths about being a business owner.
#1. Your Business is About Service, Not Personal Achievement
I ask you this ‘Why did you start your business?’ or ‘Why do you want to start a business?‘ Now the tricky part is that there is a wrong answer and a right answer. Some of the wrong answers include ‘for more money’, ‘I want to be my own boss’ and ‘I dictate my schedule’. And now some of the right answers ‘to solve a problem’, ‘to provide a service’, ‘to help people’, ‘to fill in a gap in the market’. Do you see where I’m going with this?
A business should be centred around the customers and satisfying their needs better than the competition does. So unless there is a real drive to serve others, you may be in for a disappointment.
#2. You can’t do it all by yourself
At the beginning when you start your business, you will be the owner, the salesperson, the accountant and the cleaner. As you grow and develop, as your company begins to expand proportionally with your To Do list, you will find yourself struggling to fit everything in. You may try some productivity hacks or simply working after hours but here is the truth: You can’t do it all yourself, so don’t try. Hire people you feel confident assigning tasks to, use a good CRM system that will help you automate some of your sales and marketing tasks. Work smarter, not harder.
#3. You Do Need Marketing
Some people believe that if their product is good enough, they don’t need marketing. To which I respond with, how about all the luxury offerings such as Ferrari cars and Rolex watches? These companies more than made names for themselves, yet they still advertise, they still use every tool in their marketing boxes and haven’t stopped doing so since day one.
Marketing is a fundamental part of any sound business strategy. Think about it, how would people buy from you if they don’t know that you exist, if you are not top-of-mind.
#4. When It Comes to Recruitment
Always hire people who have skills you are lacking, who are better than you. It only makes sense, why would you hire someone who is not better than you. Why are you paying them?
You need people who can bring in something of value to the company. This being said, think about compatibility on a personal level as well. No matter how good someone’s credentials are if they look like they wouldn’t fit the company culture, maybe you shouldn’t hire them.
#5. Get The Fundamentals Right
When it comes to leadership or marketing or selling, get the basics right. Whether it is team management, recruitment, email marketing, leads and sales management, you have to know the basics. As a business owner you will not be able to actively participate in each and every aspect of your business, however you should be familiar with the nitty-gritties and be able to understand how things fit together.
#6. People Don’t Buy Pizza, They Buy The Experience of Eating a Pizza
Similarly to the first point we made, business is not about the immediate gratification (money and/or the product) but rather the experience. People often buy products and service because of emotional stimulus such as how it would make them feel, how it would make them look, what cause it will support etc.
In this highly digitalized world, when consumers are incredibly savvy when it comes to our products and services, it is the experiences that we offer them that stand between them choosing us over the competition.
Early on in your business focus on the experience you give people, because that is the key to success and the sooner you realize it the better.
So here you are, the six raw truths about business. I hope they help you in your journey!
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