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Success doesn't just happen. Entrepreneurs often have many different tasks, coupled with consistency, habits and strategic decisions. While founders usually find fulfillment in building a company from scratch, the road to success can be difficult and full of hurdles. There will be moments of doubt and you will wonder if it is all worth it or if it is time to give up hope.
These five lessons that enabled me to start a business and grow my business quickly are something someone could have given me when I was just starting out a few years ago.
Related: I wish I had known these four things before starting my own business
1. Niche down
Entrepreneurs want to be able to do everything. But today it is more important than ever to focus on your expertise and your target audience in order to become an expert and be remembered.
As a founder, I decided to shift the majority of my conference attendance to events specifically in the healthcare sector, as a large portion of our PR clients are in the healthcare space. This helped me speak to my target audience in a much more personal way, as I took the time to learn about their problems and offer them personalized and data-driven solutions.
2. Hire a trainer
Earlier this year, I hired one of my business coaches, Lauren Powers, through Pinnacle Global Network. She is also in the agency space and has experience helping founders reach nine-figure revenue. I was able to quickly gain a deep level of expertise without having to learn hard lessons or go through a bunch of different options before figuring out what worked financially. She also helped me see where there were other revenue opportunities in my business that I had missed.
I also hired an acquisition coach who specifically helps agencies acquire other agencies. I've seen dozens of mergers and acquisitions but have never implemented strategy for an agency. I want expert advice that condenses knowledge into exactly what I need in the moment so my brain isn't clouded by information that isn't relevant in the moment.
By hiring a business coach with years of experience, you will gain deep insights into achieving exponential growth and discovering untapped revenue opportunities without lengthy trial and error periods, which can save you time and resources.
Related: 21 lessons I swear by after 21 years as an entrepreneur
3. Offer free work
There may be a lot at stake when you're starting out and companies may be reluctant to give newcomers a chance, so offering to work for free in areas you're interested in gaining experience in can open many doors for you.
Early in my career, I often worked for free just to gain experience and not feel the pressure to get something else in return, just because I knew I had to navigate new and unfamiliar territory. By offering my time, I got a seat at the table on high-stakes deals and learned first-hand how the private equity and VC space works.
Today I am one of the most sought-after media consultants, so it was definitely worth it. Sometimes the experience and contacts you gain are worth more than the immediate paycheck.
4. Put opportunities before salary
Some incredible companies can't offer high salaries, but pursuing coveted positions, even at a pay cut, has always been beneficial to me.
A few years after passing my Series 7, I applied for a job with a much higher title that required me to take on managerial responsibilities I was not yet familiar with. The catch? It was a less glamorous company with lower pay and benefits. I decided to take the job anyway because it offered me opportunities and potential for advancement.
After about a year and a half, I was promoted to a new position where I doubled my original asking salary because the company recognized the value and results I brought. During my tenure, I learned more about broker-dealers than I ever could have learned or experienced at my previous company.
5. Read, read, read!
Successful entrepreneurs are often voracious readers. I am always willing to read 4-5 books on the topics I want to delve deeper into. Books still have tremendous value, whether as an audiobook or in paperback, which I personally still prefer.
I have always found that it is best to learn from multiple people through multiple mediums. If you rely on others to train you or provide you with the education you need, you are limited to their perception and methodology of the subject.
Related: 8 Important Lessons From Leading Entrepreneurs
Having a strong hand makes all the difference in entrepreneurship. It means using available resources – no matter how trivial they may seem – to strategically expand and increase your competitive advantage. While entrepreneurship is a calling, it is also a skill honed through consistency and intention. It is never a fluke. It is about smart bets and a thirst for knowledge. It is about turning every setback into a learning experience. In this competitive industry, playing the strategic game will help you succeed.
Create your very own Auto Publish News/Blog Site and Earn Passive Income in Just 4 Easy Steps
