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With all the political unknowns and market changes these days, with a new administration, tax changes, and natural disasters, many aspiring new business owners I know are hunkered down and unsure how to proceed. My advice is to get in the game now, but do it with strategy and discipline, to complement your passion and dream of changing the world. I don’t foresee a better time.
I am convinced that the key strategies for long-term business success haven’t changed and will work today as well as they have worked for decades. Yet I concede the times are gone where anyone could take a new idea or innovation, publish it on one of the many crowdfunding sites, and get hundreds of people and investors ready to throw money at you.
Here are some key disciplines I recommend to every business professional I mentor:
- Document your goals with a solid business plan. Creating a well-defined plan helps you think through a business mission, potential challenges, and strategies for success. Too many aspiring business owners start with an idea and assume their passion will carry them through all the details, including competitors and target market size.
- Nurture a habit of constant curiosity and update. Don’t allow yourself to become fixed in your thinking or believe that business tomorrow requires the same approach as yesterday. In today’s rapidly changing global economy, customer demands are evolving and new cultures put priority on different needs and expectations. Change is constant.
- Maintain a work ethic that surpasses all competition. Most great business owners I know routinely work extended hours and claim to require very little sleep. They have no sense of success entitlement and may assert that the work at their business is their hobby. Often, they insist on driving all aspects of the business, instead of hiring a team.
- Never give up on overcoming key challenges. In my experience, successful new business founders simply never give up, and are willing to continue pivoting and working with customers until they find a successful path. They don’t let funding challenges discourage them from finding a way to get the job done, to continue scaling the business.
- Be willing to sacrifice now to enjoy success later. Starting and growing a business these days is not the path to instant gratification. Success usually requires long-term discipline in business operations, as well as a concerted focus on customers, including trends, feedback, and service. Be prepared to enjoy the journey, as well as the destination.
- Celebrate with satisfaction after every small success. Even real problem solutions must be seen as business and learning successes and positively positioned. This mindset has the power to inspire and motivate team members, attract future partners, and bring in more customers. Don’t forget to show humility and appreciation for feedback.
- Constantly look ahead and be willing to take smart risks. Too many of us are too busy shoring up short-term results to look ahead and really invest in the future. The real winners are always looking to anticipate future demands and opportunities, investing now to be ready ahead of competitors. Take smart risks now to avoid catch-up costs later.
If you adopt these strategies to start and grow your business, I assure you that your odds of success and satisfaction in the business world will be greatly increased. In addition, you can enjoy being your own boss and working to achieve your dream of changing the world.
Start now to create a business that works for you, despite challenging times.
