In times of adversity, there are always gems of opportunity waiting to be found. This is especially evident when we reflect on the start of the pandemic. In 2020, over 4.4 million new business applications were filed. Not only is that the highest total on record, but it’s also a 25% increase from the previous year.
That’s not to say that the pandemic wasn’t a tragedy because it has been incredibly devastating in many ways. At the same time, we cannot ignore its silver lining. In challenging the way we prioritize our life and by making us reassess what it is we truly want from this lifetime, the pandemic also encouraged millions of people to take a risk by starting their own business.
Over the years, I’ve helped mentor new entrepreneurs searching for these opportunities. Starting a business can be one of the most fruitful and rewarding experiences – if you have the right information going into it. So, if you’re looking to make your own mark, here are the 3 business tips I tell new entrepreneurs:
1. Don’t dive into a pool without checking for water.
People when they are eager to do something typically will dive headfirst into it. While this could be beneficial in some areas, it’s not in business. The problem with this is there is no planning or analysis beforehand. I’ve stressed the importance of planning before, but it is something I try to drive home for anyone looking to succeed. With any opportunity, it’s a good idea to assess it as a whole before committing. By not doing so, you risk overlooking areas of opportunity and overcommitting to unrewarding prospects. In business, that can mean losing a lot of money, time, and effort. Learn from the mistakes of others and do your research beforehand. As they say, “Fail to plan, plan to fail.”
I’ll give an example from one of my own students. They had come to me and said they wanted to get a real estate license. Now, if this were ten years ago, I would’ve said that’s a fantastic idea. But going to get a real estate license at the end of a real estate boom when there’s a large group that did that already two or more years ago – that’s not the most strategic plan. In this case, you have to look at the saturation of the market. The competition is too high, and in my opinion, there is much greater opportunity elsewhere.
2. Learn from those in the business.
People can be your greatest resource as an entrepreneur. Before diving in, be sure to exhaust every question you may have by asking those around you. Ask any questions you may have regarding operations, markets, competition, advertising, or anything else. By doing so, you not only build confidence within yourself, but you learn specialized knowledge on how to run a business better.
In the case of my student who wanted to get a real estate license, I suggested becoming a real estate appraiser. Right now, the market for that is booming, and the demand is high. By asking these questions, they were able to get knowledge that can help them achieve their goals quicker and possibly would have been overlooked otherwise. Another fortunate thing for someone who follows this tip is that many other entrepreneurs forgo this, so if you aren’t afraid to ask questions – you will already be a step ahead.
3. Make it your lifestyle.
Running a successful business is like the tip of an iceberg. Most will only see the accomplishments but don’t understand what it took to achieve them. Beneath the surface of success, there are years of hard work and dedication that it took to get there. Understanding this reality is a crucial step for any new entrepreneur.
It goes without saying that running a business requires an immense amount of time. Some industries more than others, but regardless, it is almost always a 24/7 venture. Rather than clocking in and clocking out at a specific time every day, it becomes a lifestyle. From the time you wake up to the time you go to bed, you are living it. Of course, there will be times when you relax with friends and family or watch a TV show; but at some point, you’re going to check your email or do something business-related.
A great way to look at it is it becomes a blend of your life. Your family becomes your business, and your business becomes family. The two play together rather than separate. In some way or another – even if unintentionally – I am always working on my business, whether it’s networking, researching, or communicating with my teams. The quicker you are to embody this, the better off your business will be in the long run.
