Starting a business can be a bit daunting. And why not? Especially if you have neither knowledge nor experience to help you sail through the rough seas that you don’t even know lie ahead. Consequently, your entrepreneur-ship sinks along with everything that you cherish. The good news is that you can avoid many starter mistakes by sticking to age-old business advice applied by successful entrepreneurs such as Vance Fundora.
Avoid Simple Errors
First, let’s address a few common mistakes entrepreneurs make;
- Outsourcing jobs to under qualified personnel
- The shiny object syndrome
- Thinking you have no direct competitors
- Being afraid of failure
With the last one being the absolute most common and as counter-intuitive as it may sound, one of the first business lessons that Vance shares for entrepreneurs is to embrace failure.
Vance explains that not failing fast enough is a problem we as entrepreneurs have. Often we take too long to make decisions because we’re scared of making the wrong choice. Failing is inevitable, anyone who has ever built anything has failed plenty of times.
“Paralyzes by over analysis is real and it’s something I wish I truly understood early in my career.” – Vance says
The next piece of advice Vance shares is trying everything otherwise you’ll never truly know what you enjoy doing. Young entrepreneurs must embrace their youthfulness realizing time is on their side and they haven’t been hit with the baggage of life yet.
With this in mind, Vance recommends that you go places, do things and take tons of risks.
“I don’t advise following ‘passions’ most people’s passions will never fulfill them financially and whether we as a society admit it or not most people have financial goals in life.”- Vance explains
So it becomes a question of “What’s your specific goal?” and being truthful with yourself about that answer. There’s nothing wrong with wanting to be wealthy. Vance shares that one of his goals is to gain true financial independence and although he’s passionate about the game of basketball realistically he won’t meet that goal playing basketball.
In other words, some passions will lead to one’s goals while for a majority of others their passions are blindly leading them astray. This is why awareness at every level is vital.
Business Models For New Entrepreneurs
One of the most important business lessons Vance has learned as an entrepreneur is perception. Just because you believe you have a winning product or great service doesn’t mean the marketplace does.
Vance implores you to understand and learn every component of your business and industry. Unless you have the proper funding to build a solid team, which is unlikely, you’ll have to do your marketing, accounting and be your own sales force.
Next would be to get great at sales, most entrepreneurs shy away from sales but the fact is that your business is going nowhere without it. Every business is dependent on the stream of revenue from products and services sold in the marketplace. Even if you have a winning product or great service, your clients or customers won’t appear out of the blue. You need to establish yourself in the industry and sell like there’s no tomorrow.
“Ideas aren’t sold quickly enough, in quantities great enough at prices high enough and therefore run out of money.” – Grant Cardone
Overcoming The Obstacles and Reaping the reward
The most rewarding time of being an entrepreneur is when everything is going your way. When your calls are being answered, deals are being closed, partnerships are forming and when targets are being exceeded. Your business is growing right before your eyes and it is the most ecstatic feeling as an entrepreneur.
While the most difficult time is when everything is going the exact opposite. You can’t get funding, no one will return your calls, you can’t close new business, bills are stacking up, your team is falling apart and your business is failing. This is without a doubt the most difficult time and every entrepreneur has gone or will go through this.
Everything about you is tested during these times. Whether things are going good or bad you need to double down on everything that’s working and stay focused. When things are going horrible it becomes challenging to continue showing up and that’s a funk that’s extremely difficult to get out of.
“The amount of perseverance and conviction candidly needed to create a successful business in combination with a multitude of skills you need to have available to you or develop in a certain period of time is why some of the most successful entrepreneurs today were once called ‘crazy’ yet build empires that could never be destroyed.” – Vance Fundora