For the majority of entrepreneurs, achieving success can be a long and unpredictable roller coaster, filled with amazing highs and crushing lows. The hardest part about embarking on the journey of entrepreneurship is simply getting started, adapting to the struggles as you go. Creating a business can be overwhelming and intimidating, but with the right knowledge and insight, you can avoid many common mistakes and make your start much more smooth and efficient. Fortunately, serial entrepreneur, Ryan Rezaie joined us to share five key tips that every beginning entrepreneur should know.
Formulate a Plan With Goals
Many entrepreneurs have some idea of what their vision of success looks like, but very few actually take the time to plan out each step of the process. Once you have a clear vision of your end goal, create tangible goals that you can work towards in increments. “Your goals can revolve around your number of sales, clients, or revenue,” says Rezaie. “Whatever you want to achieve, write it down and stick to it.” Without an estimated roadmap, you are essentially just “winging it” and hoping for the best.
Mindset is Everything
It may seem obvious, but having the right mindset is everything when it comes to starting and growing a business. If you don’t have a positive outlook on your own abilities, business, or overall future, it will be very hard to endure the difficult times that come with being an entrepreneur. “At the beginning, no one else is helping you out with your business,” says Rezaie. “Even when you bring in more people, it’s still your vision in the end, and you’re the one who has the most to lose. You need to have the ability to look forward and see yourself and your business flourish before it actually happens.” Entrepreneurs should work to have a fearless, positive, and ambitious mindset. As hard as it is to hear, if you don’t possess these traits, you may not be ready to begin your entrepreneurial quest.
Failure is Inevitable & Necassary
Failure is an essential part of being an entrepreneur. Every single entrepreneur fails at some point, and that’s a fact. The key is to learn from your failures and improve upon them. Think of failure more as an opportunity to grow and get better as opposed to something negative. There will be times when your business has issues or a new idea doesn’t pan out whatsoever. Try your best to not be discouraged and always keep your focus ahead. It’s very easy to get down on yourself and fall into a cycle of negativity, but you have to do your best to stay positive and keep working. “Failure isn’t the end of the world,” Rezaie says. “You can come back from failures even better than before, and you’ll learn more in the end from your failures than your successes.”
Pay Attention to What is Working
Although it’s best to focus on yourself and not get too caught up with what others in your industry are doing, paying attention to what is working for the leaders in your industry is extremely important. You can always learn something from others, and observing what is working for the top players in your field is crucial for success. While you should never copy your competition, it can be helpful to see where their businesses, products, and services are headed. Not only can you adopt similar strategies in your own business, but you can find ways to differentiate yourself from your competitors to stand out from the crowd.
Be Relentless in Your Pursuit
Giving up on your dreams is never an option if you’re passionate about working for yourself and creating the future you’ve always wanted. Sure, you will face difficult times, but it’s imperative to keep your eyes on the prize. “When you have a dream, it’s important to see it through. Never let a small setback change that,” says Rezaie. Building a business is hard work; however, Ryan Rezaie and other successful entrepreneurs have learned that it’s all worth it down the road.