What advice would establish entrepreneurs give those wishing to foray into the world of independent business ownership? Through our Founder Series survey, kowrk.com was able to pick the brain of numerous coworking space Founders and the information we came away with is essential reading for anyone looking into becoming an entrepreneur. Their advice is as follows:
1) Network Network Network
This never stops being true, even after you have established a successful business. Every person you meet could be a potential client/investor/business partner. You never know how the people you meet can directly or indirectly impact your business, so don’t ever stop attending networking events, no matter how successful your enterprise becomes. Plus they’re fun!
2) Perfect your elevator pitch
You should be able to recite your elevator pitch in your sleep- there’s no telling when a potential investor will come along! Plus, you don’t want to have to stop and say “uhh” before explaining to a friend or family member what it is you do.
Not sure how to craft elevator pitch? Check out the infographic here.
3) Pivot if needed
Don’t be stuck on one idea! Sometimes we get so fixated on trying to make our ideas work, we fail to realize it might not be what’s best for the business. That’s why (according to the Founders), the best thing to do with an idea that just isn’t working is to pivot away.
And if you need any more motivation, look at Pinterest (started as Tote – a mobile shopping app), Android (pivoted from being an operating system for cameras) or Instagram (born as a photo and gaming app).
4) Follow Big Ideas That Can Pay Your Bills Today!
Nothing beats having cash in hand. Chasing projects and ideas that can generate money with which you can use to pay your bills is always a sound strategy. Once you have the money to pay rent and keep the lights on, you can focus on the really big stuff.
“ When it comes to business, Us ‘being cool’ doesn’t pay the bills” – anonymous.
5) Know When To Use Your Exit Strategy
Knowing when to admit defeat and move on is a skill and one that you must have. Using your exit strategy, a minute early and cashing out may turn out to better than using your exit strategy a minute too late and leaving with nothing.
Don’t know how soon is too soon to prepare your exit strategy? Read here
6) Be Open To Feedback and Suggestions
The best advice- the kind that we need to truly advance a business- usually hurts to hear. It stings. It’s not pleasant. But that’s why we need it! Closing our ears to tough feedback and suggestions can also lead to closing our ears to some potentially good idea.
Your customers, investors, fellow entrepreneurs, friends and family great source of getting feedback and suggestions. So make sure you listen well!
Have something to add to our list or just want to share your thoughts? Leave a comment below!