serious about starting or growing a business?
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Lessons from successful business owners.TRANSCRIPT
Serious about starting or growing a business?
Serious about starting or growing a business?
Lessons from successful business owners
To start and grow a business is one of the
most exciting, challenging and
interesting things you can do in your life
But where does the best advice come from when you are starting a business or in the next growth phase?
Q
But where does the best advice come from when you are starting a business or in the next growth phase?
QThe successful business owners who have been there and done it.
A
We have interviewed business owners of all
shapes and sizes, from all sorts of industries
The wisdom they share are the lessons that need
to be learnt
There are 6 key lessons to start or
grow a business
Find a market niche for your product or service
1
Find a market niche . . . 1
Find a market niche . . . 1
Have an idea/vision of what you want your business to become before you begin
Find a market niche . . . 1
Have an idea/vision of what you want your business to become before you begin
No matter what the industry, business is tough and highly competitive
Find a market niche . . . 1
Have an idea/vision of what you want your business to become before you begin
No matter what the industry, business is tough and highly competitive
To be successful, find a unique product or service in market areas where there is a problem to solve
. . . and do your planning1
To start . . .
Measure twice and cut once
. . . and do your planning1
To start . . .
Measure twice and cut once
Do your homework and do your research
. . . and do your planning1
To start . . .
Measure twice and cut once
Do your homework and do your research
Invest the time and effort in the planning
. . . and do your planning1As you grow . . .
You often hear people say hope is not a plan, and that is very true
. . . and do your planning1As you grow . . .
You often hear people say hope is not a plan, and that is very true
Set a goal and plan a path that will enable you to execute that goal
. . . and do your planning1As you grow . . .
You often hear people say hope is not a plan, and that is very true
Set a goal and plan a path that will enable you to execute that goal
Make sure the path includes milestones along the way, so you can identify the progress you are making
Believe in yourself and then back yourself
2
Believe in yourself and then back yourself
2
Believe in yourself and then back yourself
2
You don’t need to be afraid to take the risk if you know you have done your homework
Believe in yourself and then back yourself
2
You don’t need to be afraid to take the risk if you know you have done your homework
Once you have found the opportunity, trust your instinct, back your skills and area of expertise
Believe in yourself and then back yourself
2
You don’t need to be afraid to take the risk if you know you have done your homework
Once you have found the opportunity, trust your instinct, back your skills and area of expertise
Believing in yourself and telling the story of the reason for your business is an incredibly rewarding experience
Remember . . .
Believe in yourself and then back yourself
2
To use your skills in an area you know very well
Believe in yourself and then back yourself
2
To use your skills in an area you know very well
Don’t follow the herd into areas just because you have seen others succeed in it
Be prepared to work harder than you thought imaginable
3
Be prepared to work harder than you thought imaginable3
Be prepared to work harder than you thought imaginable3
There is no substitute for good old fashion hard work
PERSIST, PERSIST, PERSIST
Be prepared to work harder than you thought imaginable3
Owning your own business is wonderful but it isn’t easy
Be prepared to work harder than you thought imaginable3
Owning your own business is wonderful but it isn’t easy
Be prepared to work harder than you ever knew was possible, and expect that you will never truly be ‘off-duty’ again
Be prepared to work harder than you thought imaginable3
Inevitably things will get hard, but the fact that you are prepared to put yourself out there and do the work is a competitive advantage and you need to focus on that when things are tough
Be prepared to work harder than you thought imaginable3
Inevitably things will get hard, but the fact that you are prepared to put yourself out there and do the work is a competitive advantage and you need to focus on that when things are tough
Owning a business is not a glamorous reality and much of the things you will achieve will come down to the hard work you do
Be passionate about what you do
4
Be passionate about what you do4
Be passionate about what you do4
You have to choose something you are passionate about
Be passionate about what you do4
You have to choose something you are passionate about
When things get tough that passion will help to keep you focused and see those obstacles as small speed bumps along the way
Be passionate about what you do4
You have to choose something you are passionate about
When things get tough that passion will help to keep you focused and see those obstacles as small speed bumps along the way
Your clients and staff will also feel your passion and it will resonate through the business
Be passionate about what you do4
The one thing that never changes for successful business owners is the passion and enthusiasm for what they do
Be passionate about what you do4
The one thing that never changes for successful business owners is the passion and enthusiasm for what they do
Owning and running a business consumes so much time, effort, energy (and money) that if you can’t get excited about it then it’s going to be really hard to keep getting out of bed and continuing when things get tough
Another thing to keep in mind . . .
Be passionate about what you do4
There will be challenges, long hours and hard work but you will go above and beyond if you love what you do
Understand yourself and find the right people
5
Understand yourself and find the right people
5
Understand yourself and find the right people
5
Understanding both yourself and the people you will be working with is critical to a successful business
Understand yourself and find the right people
5
Understanding both yourself and the people you will be working with is critical to a successful business
You can’t do everything yourself, so make sure you find people who complement your skill sets and communicate your vision in a way that sees them buy into it as passionately as you do
Understand yourself and find the right people
5
Respect one another and then for each person in the business clearly define roles, responsibilities and their goals
Understand yourself and find the right people
5
Respect one another and then for each person in the business clearly define roles, responsibilities and their goals
For successful businesses, attracting and retaining the right people is vital
Step outside your comfort zone and learn new skills
6
Step outside your comfort zone and learn new skills6
Step outside your comfort zone and learn new skills6
You will need a love of learning
Step outside your comfort zone and learn new skills6
You will need a love of learning
When you are starting or growing a business, you will have the challenge of wearing multiple hats and learning and executing a diversity of skills
Step outside your comfort zone and learn new skills6
You will need a love of learning
When you are starting or growing a business, you will have the challenge of wearing multiple hats and learning and executing a diversity of skills
For successful business owners, this brings great satisfaction
Step outside your comfort zone and learn new skills6
Be prepared to go to workshops and training sessions to fill your skill gaps
Step outside your comfort zone and learn new skills6
Be prepared to go to workshops and training sessions to fill your skill gaps
Step outside your comfort zone. You will be meeting new people, standing up at network meetings to introduce yourself and taking on roles that you just can’t palm off to anyone else
Importantly…
Enjoy the journey
Enjoy the journey
If you are like most entrepreneurs you will always be looking for the next goal
Enjoy the journey
If you are like most entrepreneurs you will always be looking for the next goal
Business is a journey not a destination
Enjoy the journey
If you are like most entrepreneurs you will always be looking for the next goal
Business is a journey not a destination
Enjoy it and take time to celebrate the milestones along the way
Enjoy the journey
To summarise the 6 lessons . . .
Find a market niche for your product or service
1
Believe in yourself and then back yourself
Be prepared to work harder than you thought imaginable
Be passionate about what you do
Understand yourself and find the right peopleStep outside your comfort zone and learn new skills
2
3
4
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