Running a business is possibly one of the hardest things a person can do in their life. It’s the culmination of every skill and discipline all wrapped into a journey of ups and downs and all arounds. We’ve learned a lot in the last few years running Lion’s Share and we’ve put together a list of tips we wish someone had shared with us when we were first getting started.
- Your team is everything.
- Solve a problem you are passionate about.
- Never outsource your core competency.
- Be c̶h̶e̶a̶p̶ lean but don’t be afraid to spend.
- Chase the vision, not the money.
- Never eat lunch alone. Always be closing.
- Ideas are worth sh*t. Execution is key.
- Don’t take momentum for granted.
- Learn to monetize from the get-go. [cue Notorious BIG – Get Money]
- Set S.M.A.R.T. goals.
- Focus. It’s easy to get carried away with multiple projects.
- Stay uncomfortable.
- Be metrics driven. You can’t improve what you can’t measure.
- Not everything your customers want is what they need. Learn to read between the lines to really get at the problem.
- Consistently seek out constructive feedback.
- Know your competitive advantage and stay obsessed over your competitors and the industry.
- Be a thought leader in the space.
- Move quickly.
- Talk is cheap. Deliver instead.
- Focus on customer service. Word of mouth is the easiest form of marketing.
- Make something that you know people want.
- Place a premium on aptitude versus experience.
- Learn to say no (respectfully).
- Trust your gut.
- If things aren’t working, ask yourself why and change that. ( This sounds simple. Eh ? Still most of the people don’t do )
- Hire people smarter than you. ;)
- As a founder, you set the tone for others. Don’t forget that.
- Don’t be afraid to ask for help!
- Make deliberate decisions.
- Don’t lose sight of close friends and family. You don’t need to be a hermit just because you work a lot.
- Don’t micro-manage.
- Start with “why?”
- Bring out the greatness in those around you.
- It’s better to own a smaller piece of a bigger pie than a bigger piece of a smaller pie.
- Be humble.
- Utilize your calendar and tasks to the max.
- Tackle your most daunting tasks in the morning. Save the easier stuff for later. ( this simple habit has helped me a lot )
- Read often. ( Plenty of online and offline quality content are available. I would recommend a book : $100 start up )
- Workout at least 4 times a week. Body and mind are one. Oh yeah, and get your sleep too. ( Yoga, Cardio and Light body weight exercises are sufficient. You don’t need to spend on a gym )
- Be authentic and transparent. ( May not give the result immediately. It helps in long run )
- You will hit hurdles, push through and get ready for the next. Stay optimistic.
- Ask questions.
- Nobody should have a personal office. Open floor plans allow best for collaboration.
- You have 2 ears and 1 mouth. You should listen more than you talk.
- Culture is crucial. Your employees should want to stay late and hangout.
- Sell value, not products.
- Always have an attorney glance over any legal documents. Speaking of, document everything so there is a record for all parties.
- There is no such thing a ‘part-time entrepreneur.’ :)
- Learn to move on if you’ve exhausted all efforts. Be honest with yourself.
- Have fun!
We’d love to hear your thoughts. Anything else you’d add to this list? For more resources, check out our post about top business books to read.
