Hello there, it’s JP Moery with Observations from the Field. Here are five observations for new entrepreneurs.
- Accept that business is very personal.
- This endeavor is going to require everything that you have and then some. Don’t buy into the old adage that, “oh it’s just business, it’s not personal.” It’s very personal, and it’s going to get personal very fast.
- Burn the boats.
- What I mean by that is I’ve run into some fantastic people that have good ideas around entrepreneurialism and new endeavors, but they never fully commit to it. They just ran a series of side hustles, and in fact they continue to do that so much that their main job became a side hustle too. This resulted in them never fully being successful they way I think that they wanted to be. I think it’s best to say, “I had no other option than this one.”
- Be transparent around your financials with your team.
- As you’re starting to build your team, they may not know how it’s going, so show them the P&L so they will understand some of the decisions that you make, or at least have context within those. I think it’s really important and very helpful for your culture to be transparent, and show folks what the numbers look like.
- Never forget that you as the entrepreneur and the founder should still be a big part of the sales operation.
- Why is that? You might have other people helping you out on sales and they may take it as a main responsibility. I think you should hear what the objections might be, how the themes of your marketing and all that might be working in the marketplace. So stay in touch with your sales operations.
- Build your brand.
- If you don’t have brand, your company might struggle.
Hope these are helpful to you. Best wishes. Take care.