Starting your own business can be a very daunting yet exciting time, especially as you will be learning on the go – figuring out what works and what doesn’t, overcoming challenges, managing your finances effectively and much more.
As well as business acumen, you will also be learning things about yourself – some encouraging and some not. Realising your strengths and overcoming your weaknesses can help to prepare you for the future, and also experiences outside of your entrepreneurship.
Below are some of the top things you will learn from setting up your own business which will be valuable skills for life:
Organisation is a priority
Keep all your business documents and paperwork filed away in an organised fashion to save yourself time, money and stress. Organisation is particularly crucial for tracking progress and monitoring your business’s development. It will also allow you to keep on top of accounts.
You cannot plan everything
Although you should map out your business and plan your finances well in advance, when you set up your business you will realise there are some things you really cannot control. These include unexpected payments or unplanned expenses that may crop up every now and then. You need to accept that these setbacks are part of the process, so embrace them and do not let them get you down. Believe in your business and fight for it.
Keep your personal life separate
It is expected that you will channel a large amount of emotional investment into your business, but you need to remember that you have a life outside of work. Making the most of seeing friends, going on holiday and enjoying hobbies around your business is important for health and well-being, and will help to enhance your performance at work. Developing this healthy balance between work and personal life ensures your business is still very meaningful but does not define who you are at your centre.
Ignore the cynicism
Setting up your own business may mean you face cynicism from people who are jealous or do not believe in your vision. It is important to ignore this negativity and not let it affect your decisions. Focus primarily on constructive criticism and suggestions from people that may help to enhance your business. Sometimes you can become so fixated on your ideas and vision that you miss out on innovative opportunities to explore new avenues of marketing and business development.
You can’t do it all yourself
First time entrepreneurs in particular are often guilty of trying to manage all aspects of their business by themselves. From the manufacturing, the social media interaction, to content writing and website design, there are so many things to keep on top of that you are likely to experience a burnout. Figure out where your strengths in the business lie and focus on that, then hire trained personnel to manage the other areas.
If you need extra help and support in setting up or running your business, you can seek help in the form of a business coach. To find out more about the services they offer and where to find one near you, please see our business coaching page.
View and comment on the original Lifehack article.