I still remember the first week of January 2016. My friends and I were having dinner. One of them was reading out the Chinese horoscopes for the year. While each one of us had a different projection, depending on her sign, one thing remained common, and that is that the year would be one of change for all of us, across all levels from relationships to careers.
I am not a believer when it comes to horoscopes and fortune telling, my friend did entertain us that night – and the year has proved to be one of change. In my entrepreneurial journey, 2016 was the most challenging and eye-opening year, and the one in which I learnt my most valuable lessons.
Here is what I have learnt so far, sometimes the hard way:
Do not pursue something you do not enjoy. This goes without saying, and something I tend to preach over and over again. Never pursue a business that you do not enjoy or are not passionate about, even if it is profitable.
Even if you are running a business and find that there is a service or a product that you offer that you do not enjoy working on, then drop it. I had multiple service offerings when I first launched my consultancy but have narrowed it down to services I personally enjoy working on. I have learnt that no matter how profitable an offering is, when I did not enjoy it, I did not give it my all and that was unfair to my clients who would expect me to give it my best.
The customer is sometimes wrong. While I learnt in school that the customer is always right, when you manage your business you realise that is not always the case. It is important to serve your customer right in every single way and to give them the benefit of the doubt every time, but not at the expense of your employees or yourself. Sometimes there needs to be a line drawn, and this takes us to the next point.
Not every project is worth it. When you are just starting your business, and need to build you client base, you may find yourself taking on any customer.
This is a trap that many start-up entrepreneurs fall into. The thing is that not every project is worth it and I had to learn that the hard way as well. Do not work with someone who sucks up your time, who sets unrealistic goals, who expects too much and who is so picky that you tend to offer them more than what is expected. Make sure that you set your terms clearly in the beginning, and also ensure that your expectations are aligned. They should know exactly what they are getting and appreciate your working hours.
Time is money, outsource. You will learn that time is everything and if there is a way that you could make more of it, then you definitely would. Don’t waste time on administration tasks. As you build your business you may find yourself multitasking. Hiring a virtual assistant or part-time help would free up more time for you to focus on revenue-generating ideas and tasks.
Work on that differentiating factor. Often we focus too much on building our business and forget to dedicate time to building and enhancing our personal brand. At the end of the day, this is what will set you apart from the competitors, and what makes people stick to you even when other newer and perhaps more creative businesses spring up.
Last but not least, not all advice is applicable to your business. You will hear your friends, other entrepreneurs, or even your mentor recommend that you should do this or that and that perhaps this solution would get the results you are looking for. The thing is while their advice may be right, you need to ensure that you tailor it to your business and target market. It may have worked for Company X but it will not necessarily work for you. No matter how similar businesses may seem, each is individual, and so advice has to be tailor-made.
Manar Al Hinai is an award-winning Emirati writer and manages her branding and marketing consultancy in Abu Dhabi. Twitter : @manar_alhinai.
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