Things I've Learned From Starting a Business With Absolutely No Experience
not that I know much, but here's a few things that would have saved me from some challenging moments...or maybe not!
- •Invest in your team.This is everything. Hire people that are smarter and more experienced than you are and don't be afraid to admit that you don't have the answers.
- •Be willing to get your hands dirty in the beginning.When you are starting out, you can't be too proud to do any job in the organization. Sometimes this is because of limited resources, but it's also important because you have an opportunity to learn every facet of the business and can understand what works and what needs to be changed from the inside out.
- •You will make lots of mistakes and feel like you want to quit (sometimes for a while).Mistakes are part of starting out at anything. No one is perfect and even the most experienced people trip up from time to time. Often times this will get you down and you'll wonder what you were thinking doing something so risky. Give it some time before you throw in the towel. If you really can't fix the issues, maybe it's time to move on.
- •There will be circumstances outside of your control (often bureaucratic ones) that make it really difficult to do your job at times.This is where it's a good idea to call on acquaintances and friends who are lawyers and tax accountants and auditors and a million other types of professionals who might be able to give you advice for a low cost. Mostly, just remember that everyone has to deal with this BS and usually it all works out.
- •You might not enjoy running a business.Just because you come up with an idea for something and are passionate about it does not mean you should be running a business. You may find yourself realizing some time into it that you love working on one or two aspects of the company, but that having people report to you and being responsible for the minutiae is not for you. This is okay! Find someone who does enjoy those things and pay them or partner with them to run those areas. Be willing to compromise.
- •Sometimes having no experience is a good thing.You are less jaded and don't have the knowledge of all the things that are going to be very challenging to discourage you. When you have nothing to compare it against, you're left with hope and excitement...which are really very necessary to all of the work that goes into a company. If people knew what they were getting into, they might never start anything!
- •Think of it as a learning experience.Whether you stay in the same business for the rest of your life or you close down shop, sell the business or merge with another...these things take on lives of their own and at the end of the day, it is just another opportunity to grow. Life is long, so take what you've learned and apply it to the next adventure.