7 Important Startup Lessons For New Business Founders
There are some important startup lessons people need to know when they first start a business because no matter the experience you have before, you won’t know everything there is to know about a business immediately.
To prepare yourself for challenges and also to avoid saying “I wish someone told me”, you should know the important lessons of starting a business and also learn from those who have more experience than you.
The important things for new founders to know and be are:
(1) All-round Expert
A founder of a startup should be an all-round expert in the senses that he or she knows everything about his or her business. A new founder should learn from all fields of his or her business so that when questions are asked, when tasks need to be done or when anything is needed, he or she will be the only answer.
Being an all-round expert for your startup shows that you are capable of starting and doing the business and also be confident, no startup needs an incompetent or fearful boss.
(2) Your Mission, Your Guide
Make your mission your guide in your startup and ensure you follow your mission. Following your guide is important because it is what makes you stand in whatever path you have chosen to tread for business, it is also the key that unlocks strategic steps your business needs to take and you will finally achieve your aims and objectives if you truly follow your mission.
So, as a new founder, know that it is paramount you follow your mission as you start your business.
(3) Firmness in Decision Making
As the founder of a business, it means you are the CEO, you should be firm in making decisions. I am not saying you should not allow your employees to express their opinions, give suggestions and ideas, you should allow them to do all this but once you make a final decision, be firm so that they don’t act against what you have said.
Understand that you are doing business and in doing business, you don’t satisfy everyone, some will be satisfied with your decisions while some will not. Do not deliberately step on people’s toes and at the same time, do not try to satisfy everyone, just do your business.
Also, be firm in your beliefs and don’t conform to the perceived general norm because business founders and owners are measured and then respected based on their actions, beliefs, reactions, and success and you should not only be after making your startup a success, you should also be after leaving the right legacy so that the world can be a better place for people to live in.
(4) Having the Right Employees
When starting your business, endeavor to hire the right people. You should hire people who are even better and smarter than you. Do not let your ego stop you from hiring those that are better than you. Ego won’t do the business for you, hiring people with poor performance will really affect your startup, so you should avoid it.
You should also have backup for your employees so that when one person quits or get fired, you won’t have to stop a particular operation until another person is hired.
(5) Listen and Communicate with Customers
The type of customers you have, the way you communicate with them and their level of satisfaction with your startup will determine it success. Be open to their feedback, take their ideas and suggestions into consideration and have an active communication with them.
There are even situations where customers give brilliant business ideas to business owners or employees. Through their feedbacks, you can also know the problems you should face and solve in your business and also to stay competitive.
Another important startup lesson for new founder is ‘focus’, new founders should be focused because there will be many distracting opportunities and challenges and if you are not careful, they might steer you off the right path you are to follow which will eventually result in failure.
There will even be opportunities that will be so tempting you won’t want to lose it but you just have to let go to avoid distraction, overload or cost that the business can’t afford. You should only focus on the market segment you have chosen as the business to do.
You have to be focused because there are lots of business ideas but you cannot win everything at the same time, it has to be done one after the other.
(7) Startup Business
Do not for once forget that your business is a startup and do not question your business status or compare your business to the big ones because it will only depress you, waste your time and it’s won’t help your business to succeed.