The Entrepreneur's Edition - Top 10 Things I Wish I'd Known Before I Started a Company.
It's World Entrepreneurs Day on 21st August.
It prompted me to consider what I WISH I'd known before I started my businesses. And to share a couple of articles from the archives (so to speak).
10 Things I Wish I'd Known BEFORE I Started a Company
Everyone loves a list, right? Here's mine:
Be Organised. First impressions count. First impressions are crucial. Whether you’re recruiting, selling, raising funds, or applying for grants, remember that you are creating an impression. This means being punctual, prepared, and organised with your diary and filing systems, and responding promptly. Business basics.
Know Your Numbers. I don't like financial modelling. But, if you agree, that is not an excuse for not knowing your numbers, and understanding how they should be presented during various conversations.
Find Time for Yourself. Being a founder is tough. The juggle is real. You need to carve out personal space for yourself.
Know You Are on a Journey. Last year, I lost a business that was set to turnover £10m this year. It was painful, especially since the cause was beyond my control. This experience taught me that we are all on a journey. The entrepreneurial mindset often suggests the journey starts with the business, but it actually began the day you started working. A business is just a chapter in your story.
Don't Take Every Piece of Advice. The one thing you will be rolling in from the start is advice. Be discerning about who you listen to, as there are more wolves in sheep’s clothing than you might think.
Know What and Why You are Building. (ps. If it's for the money, go back to the drawing board). If your motivation is purely financial, it’s time to rethink. Entrepreneurs and innovators wield the power to shape our future. Yet with great power comes great responsibility. As we build let’s ensure our innovations strengthen the humane virtues that bind us together.
Find a Coach, Mentor or Adviser. Yes I know I said there is too much advice out there. But when you find the one (for that season), stick with them.
Hire Slowly and Carefully. Your team can make or break the business. But as the leader, you are responsible for who you bring into the team. Don't put effort into recruiting, if you are not going to put effort into supporting, nurturing and evolving with them.
Be Authentically You. Be confident in who you are, owning a personal sense of unshakeable confidence (not arrogance), that enables you to embrace having a seat at the table.
Gut, Data and Kpi's. Your gut will guide you on many occasions. But you also need data. KPI's, when communicated at the start, during and end of a project or quarter will drive consistency and accountability.
