Top Four Areas to Focus on When Starting Your Own Business

Why is it that some people succeed in the transition from corporate world to entrepreneur and others don’t? Take for instance two individuals with similar corporate background, who went through the same coaching program and left their corporate jobs at the same time. Three years later one is doing well for herself and the other is going back to work for a company. Why is that? What makes one succeed and the other fail in the life of a small business owner?

I took it upon myself to study people who have done really well for themselves and compare them to those who have not transitioned successfully. I found that there are four areas that make the difference and all of them to do with how individuals invest their time and money. If you want to be successful, these are the top four steps to take as you are starting out in your new venture.

Invest in your business knowledge – often times as an entrepreneur you are afraid to spend any money on yourself. You try to get information on building your business for free. This isn’t bad, but as a long term strategy you will not be getting the level of guidance and expertise that will help you become successful. Think of it this way, when you are in the corporate world, you don’t hesitate in finding the experts to gain the knowledge you need and your company pays for this expertise. As a small business owner, do the same, especially in areas you have no prior knowledge or experience.
Don’t reinvent the wheel- there are many who have been where you are before. They have great customer management systems, marketing solutions, financial tracking systems, etc. Don’t make things up on your own, especially in the early stages. Learn what others have done, even if you have to pay for it, and then plug and play. No sense in building something from scratch when it’s already invented, especially when it comes to setting up your infrastructure.
Delegate – Sometimes the word entrepreneur is interchanged with solo¬-preneur. Although this is often the case, it is a bad way to go. If you are doing everything for yourself and not delegating, you will spend long days just trying to keep up with your business. One of best ROI’s is hiring an assistant. Whether virtual or local, paying someone else $ 15/hr do to some of the little things that take up a lot of your time and energy is worth every penny! Don’t forget about friends/family and the bartering system to save money here.
Take Action – As you invest in yourself and learn about all the resources out there for you, remember to act quickly. Most of the leadership books out there will tell you, great leaders act quickly. They take in as much information as possible, make the best decision with the information they have and then execute. Otherwise you will be stuck in the analysis paralysis and will never move forward in your business.

Investing in your business by gaining knowledge, assistance and time are keys to succeeding as an entrepreneur. These investments coupled with action, is a formula for true success and the difference that makes the difference for those who succeed and those who don’t.