Building a successful business takes hard work, dedication, and commitment. Whether you’re just starting out on your own or have been running a business for a while, there are a few things you can do to set yourself and your business up for success. In this article, we will discuss the importance of hiring the right team, building a personal advisory board, staying persistent and adapting to challenges, advice for women and young entrepreneurs, and focusing on your business rather than your competitors.
Hiring the Right Team
Success in business often depends on having the right people in the right roles. While hiring a team can be a challenge, especially in the early days where budgets are limited and you only have the capital to hire one or two key people, the people you bring onto your team are ultimately either going to help or hinder your success. When you find the right people, you make your job easier as a business owner. The key is to build your team so that every person is working in their area of expertise. There’s no one-size-fits-all solution, so you have to identify your business’ specific needs. Think about the areas that need the most attention and whether bringing in a dedicated team member will help improve things overall.
Building a Personal Advisory Board
Another crucial aspect of business success is having a strong network of advisors, especially in the early stages. Your personal advisory board can be made up of mentors, fellow business owners and entrepreneurs, people from professional organizations, and in select cases, family members. It’s important that the people on your board are providing you with solid advice, and they aren’t just telling you things they think you want to hear. You don’t want ‘yes’ people; you want individuals who will call you out when you’re going down the wrong path, can help you fix things when they go sideways, and will provide unfiltered, real advice.
Staying Persistent and Adapting to Challenges
Perseverance plays a significant role in achieving long-lasting success. Meg Epstein, Founder and CEO of CA South, a women-owned real estate development firm, built her business on persistence. She landed her first deal via cold outreach and being persistent in following up. “To get my first deal it took probably 300 people telling me no,” explained Epstein. Rather than letting those rejections get her down, she persisted until she found the person that said yes. “I always keep up with someone unless they tell me absolutely not. I follow up every six months or so because you never know when something will change for someone.” The moral of this story is to stay persistent because your next opportunity could be one email away – but you won’t know if that’s the case until you send it.
Advice for Women and Young Entrepreneurs
Epstein also offers valuable advice for navigating the business world as a woman or young entrepreneur. “People won’t focus much on your gender if you have a legitimate business model that is needed and wanted in your area and you’re executing it well,” she explained. She advises women and young entrepreneurs to approach things with confidence, not be afraid to speak up, and surround themselves with a strong support system.
Focus on Your Business, Not Your Competitors
Finally, it is essential to concentrate on making your business the best it can be, rather than becoming overly concerned with what your competitors are doing. By focusing on your business’s strengths, addressing its weaknesses, and staying true to your vision, you will be better positioned to grow and succeed in the long run.