5 points I wish I’d known before starting a business

5 points I wish I’d known before starting a business

The actual process to establishing a successful business is like a roller coaster ride.

A lot of it consists of forks, you never wanted, pits that you didn’t want to fall into and unexpected alternatives that you had to take.

The astonishing part is, most of the business owners out there didn’t have it any other way.

It’s certainly something that we all are publicly proud of!

Now, To err is human!

And so there have been many points that now I wish, if I’d known before, the journey could have been a tad-bit easier.

With that in mind, I am sharing those 5 points with you so that you can take care of me:

1. Have a detailed feedback process for your team

Often we all just keep going. Without keeping a track of where and how we are proceeding with the tasks on our journey. This eventually wears you out of your zeal to continue. When all the misses outnumber the hits, and you have no clue where they came from, it is really tough!

Keep in mind that you can only improve what you are measuring. This needs to cover sales growth, operational efficiencies and your teams’ performances.

2. Delegate whenever you can

Business owners often have this habit of doing everything on their own. Not only is this bad for business but it also leads to massive burnouts. Your time should be spent on tasks that you enjoy doing and are great at handling. It is important for you to learn to delegate. The more quickly you learn this, the more you can grow.

3. Managing team expectations

You might have heard about this quote:

“ You can’t keep everyone happy.”

Well, that’s true. There are so many people in your team. Whatever you do, you might sometimes not end up living up to everybody’s expectations. Everyone is unique and so are their expectations. For some it’s about flexibility, for some it is really about technical growth and for some just about money. You have got to build personal relations with your team members to manage these expectations in a much better way.

4. Recruitment

While you are a business owner, you might think most of the time that because you are offering jobs, you will always find a bunch of candidates lined up. Well, that’s not true. It’s important that you realise this very early on in your journey. Recruitment is one of the toughest jobs you’ll have to do because you always want the right talent as per your business culture, values and ethics.

5. Failures

No matter what you do, you’ll definitely face failure or a bunch of’em at sometime during your journey. You’d think, you did your best then why did it happen? Worry not. This happens with all of us. What’s important is to learn to pick up the pieces and move on. Remember they aren’t the roadblocks in your journey but the stepping stones to your success!

I hope you’ll keep these in mind and learn from my experience.

Even if you follow the above advice, it is not certain that your business journey will be just smooth. However, knowing these priorly will surely amplify your chances of survival.

Let me know in the comment section down below what you think of this!

Also for some amazing startup stories, funding and updates,

do check out Business Mocha!

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