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Just after my tenth anniversary as a business owner, I’ve been reflecting on my journey and the many lessons I’ve learned over the course of a decade as a CEO. Below, I’m sharing my ten most profound takeaways—the ones I wish I’d known when I first began entrepreneurship. Apply them to your journey if you’re on a similar path!
1. Have clear expectations and consistent accountability
In my opinion, these two aspects are the foundation of successful leadership. Without clear expectations, your team members may not understand what you actually need from them, and their definition of success may not align with yours. Without consistent accountability, they may not meet those expectations and will have a harder time learning improve.
Establishing clear and consistent communication ensures everyone is on the same page and working towards the same goals.
2. Understand the difference between evolution and revolution in the context of executive hiring
When it involves hiring for leadership positions, make sure you understand the roles you really want. My best advice is to rent a manager when you wish evolution, and a director when you wish revolution.
I learned (the hard way!) that not all leaders are created equal. A growing organization will eventually need each, but understanding whether you’re looking for evolution or revolution will show you how to make more strategic hiring decisions.
3. Know that company culture goes deeper than “fun”
Fun is part of the company culture, and I think it’s value investing in—whether it’s through team breakfasts, team outings, or other activities that go beyond just work. But true culture is about creating an environment where everyone feels valued and supported, and that goes beyond just having fun together.
If you would like to cultivate a company culture that isn’t about throwing parties or catering lunches, remember the little things, too: how your leadership team answers tough questions, the way you balance transparency with protecting your team from difficult truths, and the way you treat people on a day-to-day basis. Your employees will notice all of these details, and they really add up.
4. Expect every thing to cost twice as much and take twice as long
Over the years, I’ve learned to expect that every thing—from latest projects to hiring decisions to latest products—will take longer and cost greater than I expect. And even when I attempt to apply that lesson in advance, I’m still prone to underestimate it.
(*10*) with this principle in mind may help manage expectations and reduce frustration when things don’t go exactly as planned. A buffer is a good thing!
5. Hire a coach
My two co-founders and I began working with an executive coach about eight years into our business, and I wish we had done it sooner.
Coaches show you how to find your leadership weaknesses, provide an unbiased sounding board when you’re facing challenges, and help other members of your team advance with you. Finding the right person for your needs can take some time, but in my experience, it’s value the effort.
6. Co-founders are every thing
Co-founders are people with whom you possibly can share your truest experiences: your deepest fears, your most extravagant concerns, and your best triumphs. A robust co-founder relationship is essential for surviving the ups and downs of entrepreneurship.
Find the right individuals who will hold you accountable, balance your skills, and make running your corporation a little less exhausting.
7. It sucks, but it gets higher
In the early years of Lemonlight, I used to be repeatedly working 14-hour days, putting out constant fires, and feeling like my to-do list was never-ending. Today, the company runs quite easily because of the structures and people we have in place that allow me to focus on considering about the greater picture and finding areas where my expertise may help.
I won’t beat around the bush: starting a business is hard. But if you only do it day in, day trip, it really does get easier.
8. Slightly progress every day matters
Speaking of taking it one day at a time, the little bits of progress each day add up. We’ve had days where wins and milestones have been particularly noticeable, but most of the last 10 years have just been moving the needle forward, a little at a time.
Ten years later, someway that is 20,000+ videos, 5,000+ clients, and 150+ team members. The progress is not at all times noticeable, but it is often there. The consistency is powerful!
9. Financial knowledge is necessary
Having stable funds is an necessary part of entrepreneurship. Finding experts you trust and who can support you is necessary, but having personal knowledge of your organization’s funds is just as necessary.
The ability to read and understand basic financial statements, track KPIs, and move the needle toward financial goals is invaluable. Don’t just trust another person to do it right, especially in the starting when you almost certainly can’t afford world-class help.
10. You’re not saving money if you spend it elsewhere
In the early days at Lemonlight, we were conscious of every dollar we spent, but we had a bad habit of “saving” money in one area, only to spend it unproductively elsewhere. We patted ourselves on the back for cutting costs, but that cash wasn’t really helping our bottom line.
If you discover an opportunity to get monetary savings, make sure those savings stay saved—or at least get spent on something of real value. Don’t fall into the trap of considering you’ve done a great job, only to waste that cash elsewhere. Real savings should strengthen your corporation, not be thrown around.
Entrepreneurship could be seen as a solo endeavor, but the truth is you don’t have to figure all of it out on your personal. I hope these lessons from my business show you how to bypass some of the uncertainty in yours, moving forward without as many obstacles.