The 5 Most Valuable Things I Learned My First Year as An Entrepreneur
- CEO, Anika Watkins
- Aug 14, 2015
- 3 min read
Almost four years ago, I set out to do the craziest thing I had ever done – start my own company.
Some people laughed, some thought I had lost my mind, and some didn’t think I had what it would take. But I was determined! So I slapped on some lipstick, strapped on my heels, and sidestepped their negativity flow to make my goal of becoming an entrepreneur a reality!
Looking back it would have been nice to have a roadmap to prepare me for this roller coaster of a journey (and possibly a more comfortable pair of heels), so that’s why I’ve put together this list to help those who want to achieve the same.
Don’t Do It Yourself: If you truly want to succeed as a viable business, “doing it yourself” in areas where you are not an expert, (i.e., an accounting, legal, design, etc.) is not planning for success. Invest your money wisely and hire those to help you who know that subject inside and out to free up your time to keep developing your business. It’s completely worth it. You didn’t start your business to be an accountant, you started your business to do what you love, so do that - and let someone else handle the details.
Network Smart: You only have so much time, so make it count! When I first started, I could hit up networking groups 4 or 5 days a week! It was extremely time-consuming and frustrating, since it didn’t always lead to clients. If you are going to network for your business (which you most definitely should) make sure that you are Networking Smart. Seek out networking opportunities that will help connect you to your ideal customers. Be selective about who you network with and don’t waste your time with groups that aren’t helping your business grow. Ask other successful business owners what networking groups have worked for them - they might just work for you!
Not Every Client is The Right Client: In the beginning it can be tempting to take on any client that has a pulse - for the sake of bringing in sales. This, however, can prove a fatal mistake. You must first identify the long-term vision of your company – Who is your ideal client? What do you want your company to look like in five years? What do you want your brand to represent? Take time to really answer these questions! Staying true to the integrity of your business and saying “No” to clients or projects that don’t fit, will free up your space to say “Yes!” to the ones that do. And if you can’t tell by now, your time is the most valuable!
Take a Vacation: Yes, believe it or not – it’s perfectly acceptable to take a vacation during your first year as an entrepreneur. While the world may have you convinced that all “real” entrepreneurs must eat, sleep and breathe work, putting in 70+ hours a week – it’s not feasible. The pressures can be intense, but giving you some time off is essential. The best decision I made in my first year was a 10-day trip to Hawaii (I mean if you’re going to do it, do it right!) I felt guilty and a bit panicked, but the time away really gave me a fresh perspective. Don’t get swallowed up! Put it in your calendar and don’t apologize for it!
Learn to Embrace Every No: If you are an entrepreneur, expect to hear the word NO – a lot. It doesn’t mean your vision sucks or you don’t have what it takes. It simply means that you’ve joined the ranks of every entrepreneur who first got their start. If you’re getting rejected – consider it a badge of entrepreneurial honor. Colonel Sanders, the founder of KFC, had his famous recipe rejected more than one thousand times before a restaurant picked it up. More than 200 banks rejected Howard Shultz, the founder of Starbucks, when he set out to build his coffee empire. “No” is simply part of the game. So embrace every “no” as an opportunity to learn and improve.
Moral of the story? Being an entrepreneur is hard and certainly not for the faint of heart. For those of you who are dreamers, visionaries and believe in something great – I encourage you to go for it. Seeing the labors of your hard work and effort develop into a functional, thriving business, is one of the most rewarding experiences a human being can have.
So take a deep breath, buckle up for the ride, and enjoy every single minute of it!
Welcome to the crazy world of entrepreneurship.
Your Entrepreneurial Ally,
Anika Watkins
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