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Aug 06

Don't Learn These Business Lessons the Hard Way

Posted on August 6, 2021 at 9:33 AM by Public Affairs

ORII Dont Learn the Hard Way

The modern era has brought many innovations and helpful tools for startup businesses. The internet alone has become the primary tool that has been used to support a boom of startups. 

However, though there may be additional tools and helpful resources to help these startups flourish, the most important elements to any startup are still the fundamentals.

Without a great grasp of the fundamentals and the proper way to run a business, all of the work you put in may end up being wasted. Here are five lessons about fundamentals you should learn now, instead of learning the hard way later!

It’s Your Vision

The phrase “money follows passion” is never truer than for those who are starting a business. There are hundreds of thousands of businesses in the world but only one of them (more if you become successful) is distinctly yours. It’s important to follow and stay true to your vision because, at the end of the day, that’s what your employees and customers truly care about.

You may be tempted to follow in the footsteps of others because you think it’s what you must do to succeed, but you should always follow your own conscience first. Of course, there are plenty of lessons to learn from others in business, but don’t follow the advice or past examples because you think you absolutely must at all times.

You Need a Solid Foundation

A business is more than just selling a great product or service. A business is a structured and disciplined entity that tests and responds to many hypothesizes and assumptions about human nature. To truly run a successful business, you must build a framework and structure to ensure you can test your own assumptions about the market and your own product or service.

For example, you need to know every method you’ll use to test your assumption and how you’ll evaluate the results. What element of your business are you testing, and what will be considered a “success?” You should keep track of your progress and always come back to the data to know if you’ve succeeded in your assumptions.

Don’t Stretch Yourself Too Thin

One of the most common mistakes many startups make is to focus on more than one revenue avenue at a time and try to appeal to the broadest market possible from the word go. There’s always time and room to expand, but a great startup will cater to one need and do it exceedingly well.

Once you’ve built up a customer base that provides you a steady and solid revenue stream, you try to expand your brand offer more products and services. First, however, you must focus on your initial customers, offering great customer service and quality products or services so that you build up trust and respect with your current customer base.

Don’t Take Shortcuts

It’s always tempting to think you have the answers and knowledge to beat around the bush or rush through a series of projects or foundational steps, but this is always the wrong route to take. Other companies and third parties will offer to do your job for you, “helping” you build up your business for a fee, but this is rarely the right step to take.

If you rely on yourself and your employees, you’ll find that your efforts are more valuable and usually of higher quality than what a third party can offer. Always feel confident about what your company is doing and don’t rely on anyone else to effectively do what your company does for you.

Focus on the Details

In tandem with avoiding shortcuts, you should remember to focus on the details and “sweat the small stuff.” These details are usually more boring and aren’t as glamorous or flashy as the meat of your business, but they’re incredibly essential.

Like a great film or piece of art, every detail needs to feel purposeful; this attention to detail will help your customers feel that they’re in good hands and it will keep your employees and upper management focused on what matters most. There are unlimited possibilities when you first brainstorm about your company, but as practicality sets in, you need to be able to focus in on only the most crucial and doable. 

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