The views expressed by (*5*) contributors are their very own.
Success doesn’t occur by accident. Entrepreneurs often wear many hats, combined with consistency, habits, and strategic decisions. While founders typically find achievement in building a business from the ground up, the path to success could be difficult and fraught with obstacles. There will probably be moments of doubt, and you’ll wonder if it’s all price it, or if it’s time to provide up hope.
These five lessons that helped me start a business and grow it quickly are exactly the ones I wish someone had taught me when I used to be just starting out a few years ago.
1. Niche down
Entrepreneurs wish to be a tinkerer. But now greater than ever, focusing on your expertise and audience will assist you grow to be an expert and stay ahead of the curve.
As a founder, I made a decision to shift the majority of my conference attendance to healthcare events because a large portion of our PR clients are in the healthcare industry. This helped me connect with my audience on a much more personal level because I took the time to learn about their problems and provide personalized, data-driven solutions.
2. Hire a coach
Earlier this yr, I hired one of my business coaches, Lauren Powers, through Pinnacle Global Network. She also works in the agency industry and has experience helping founders scale beyond nine figures. I used to be in a position to quickly gain deep expertise without having to learn difficult lessons or go through a lot of various options before I found out what worked financially. She also helped me see where there have been other revenue opportunities in my business that I wasn’t tapping into.
I also hired an acquisition coach who helps agencies acquire other agencies. I’ve been on the other side of dozens Mergers and acquisitions but I have never executed a strategy for an agency. I need expert advice that condenses knowledge to precisely what I want at the moment, so my brain is not clouded with information that will not be relevant now.
Hiring a business coach with years of experience can provide you with in-depth knowledge on the right way to achieve exponential growth and discover untapped revenue opportunities without the need for lengthy trial and error, which may prevent time and resources.
3. Offer free work
The stakes could be high at first, and firms could also be reluctant to rent newcomers, so offering to work for free in areas you would like to gain experience in can open the door to many opportunities.
I worked for free a lot early on in my profession to realize experience and not feel pressured to get something in return, just because I knew I needed to navigate recent and uncharted territory. By volunteering my time, I got a seat at the table for high-stakes deals and learned firsthand how the private equity and VC space works.
Today I’m one of the most sought after media consultants, so it definitely paid off. Sometimes the experience and contacts you gain are price greater than the immediate paycheck.
4. Put opportunity before salary
Some great firms are not in a position to offer high salaries, but applying for sought-after positions, even with a pay cut, has at all times been useful for me.
A few years after passing the Series 7 exam, I used to be interviewing for a much higher-titled position that will require leadership tasks I hadn’t yet encountered. The catch? It was a less glamorous company with lower pay and advantages. I still selected the position for the opportunity and growth potential.
After about a yr and a half, I used to be promoted to a recent position that doubled my original salary because the company saw the value and results I brought. During my tenure, I learned more about broker-dealers than I could have ever studied or experienced at my previous firm.
5. Read, read, read!
Successful entrepreneurs are often voracious readers. At any given time, I have 4-5 books on topics I need to delve into. Books still have a lot of value, whether or not they’re audio or paperback, which I still prefer.
I have at all times believed that it is best to learn from several people through different mediums. If you rely on other people to coach you or provide you with the education you wish, you are limited by their perception and methodology of the subject.
Keeping a strong hand makes all the difference in entrepreneurship. It means using available resources—regardless of how seemingly trivial—to strategically build and speed up your competitive advantage. While it is a calling, entrepreneurship is also a skill honed through consistency and intention. It is never a lucky guess. It is about making smart bets and having a thirst for knowledge. It is about turning every failure into a learning experience. In this competitive industry, playing strategy will assist you thrive.