When it comes to finding success, there’s no better place to start than by taking advice from professionals in your field. Successful entrepreneurs should be your role models, as they have years of knowledge to share. There are some lessons which can only be learned with time, however taking advice from successful individuals in your field can give you a leg up on avoiding potential problems while simultaneously keeping you on the right track to achieve your dream.
Popular business blog Hackernoon.com spoke to over 100 business founders to discover their tops tips for finding success as an entrepreneur. Many founders shared similar ideas, giving us a list of about 20 excellent pieces of advice, curated specifically for newcomers to eCommerce. Here’s what Hackermoon came up with after their time spent with these successful business founders:
- Just Do It! – As with any goal, the most important part of the process is actually doing it. All to often, we come up with great ideas and then never act upon them. Combat this by continually working towards your goal. Never stop doing things that bring you one step closer to finding success.
- Make the Right Calls – Being actionable is great, but it does little good if you aren’t doing the right things. When starting a business, quality definitely comes before quantity. It’s more important that you take time and get the right things done, rather than rush and get things done poorly.
- Look for Criticism – Like the arts, business is very reliant on constructive criticism. Speak to individuals who will show you no mercy when discussing the validity of your business idea, as brutal honesty is absolutely vital to your idea’s success.
- Enjoy It – Starting a business can be stressful, but it can also be one of the most enjoyable experiences of your life. Be sure to take time and enjoy the journey every once in awhile!
- Follow Your Heart – Business may be about making money and bringing new ideas to the public, but it’s also important to pursue a field you are passionate about. It will take many years for your company to grow into a large empire, so you’ll want to have a vested interest in whatever field of business you choose.
- Measure and Adapt – You won’t always come up with a stellar marketing or product idea, and that’s okay. Take the time to measure the success of your products and marketing endeavors to see which resonate well with your customers, and which don’t. This will allow you to focus on what works and leave behind the tactics which don’t.
- Competition is Valuable – In the beginning, you may despise the fact that other companies have the same idea as you, but over time you’ll come to realize competition is excellent for business. When you have competition, you strive harder to be the very best in your field. This gives you the drive to improve your product, your company, and your products, allowing you to improve yourself.
- Have Confidence – Uncertainty is dangerous to an entrepreneur, as it allows the smallest hint of doubt to cross your mind about your success. If you want to make it in eCommerce, you’ll need to have the confidence to do so. Without confidence, you run the risk of giving up, which is the fastest way to fail at anything – particularly business.
- Be Prepared for Failure – Part of starting a company is facing failure. What you’ll need to remember is that failure is not the end, but is instead a learning opportunity. When you’ve failed, learn why you failed, and start again – this time, fixing the issue that caused your initial failure. Remember: it’s not a true failure until you’ve given up trying.
- Investigate the Market – Good ideas are easy to come by, but not all good ideas are profitable. You’ll want to know what the market is for your idea before you invest your time and money into centering a business around it. If it’s not marketable, some small tweaks to the idea may make it more beneficial, so keep this in mind as you are creating your business plan.
- Create a Gameplan – Business is unpredictable, and there is no way to accurately tell exactly what your future holds. That being said, you should create some kind of plan as to how you expect to run your business. It may not be at all accurate, but it will give you a timeline to work with.
- Be Careful with Other Founders – If you’re solo-founding your company, you’ll have no worries about “founder drama.” But if you’re working in a team, there could be some issues later on. The key here is to play it safe. Surround yourself with people who are already where they want to be in order to minimize the risk of founder drama.
- Ask questions – It’s okay to not know everything. It’s not okay to stay silent instead of asking questions so that you can move past your hurdles. Seek mentors and role models, and be prepared to ask them a lot of questions. Having a mentor is one of the best ways to improve as both a person and as a businessman.
- Don’t Chase Funding – Seeking investors is a common part of starting a business, but it’s easy to get carried away with it. Getting too much funding too early can actually harm you in the long run, so keep this in mind as you search for investors. Remember that you’ll have to pay them back, so you’ll want to know that your company is off the ground before you seek funding from others.
- Understanding Hiring and Firing – You’ll want as few people on payroll as possible as you begin your company. Hire only the best, and hire only for positions you absolutely need filled. Alternatively, don’t be afraid to fire anyone who doesn’t work well with the team. This will save you some grief in the long run.
- Don’t Play by the Rules – Realistically, the most successful businesses of our age did not follow any rulebooks when it came to doing business. Thinking outside the box leads to success in today’s economy, so try to find a creative idea that will sell.
- Focus on Sales – Making sales is the ultimate goal of your company. Once you start making sales, you’ll start to see things falling into place more quickly. Many of your problems will go away once you begin making regular sales, so make this your primary focus.
As an entrepreneur, are there any tips you would like to add to this list? Are there any important tips we forgot? Which tips were your favorite, and which did you find most helpful? Let us know in the comments below!