Starting a business is a big challenge. In fact, most businesses will fail during the first two years. Entrepreneurs need to be prepared for a marathon, not a sprint, to make it. They’ll need to overcome several obstacles to make it. These include everything from overcoming personal mindset issues, to timing the market correctly. By looking at entrepreneurs and businesses who thrive, it’s easy to see which behaviors can lead to long-term success.
Entrepreneurs who make it are great at managing their time. They learn to get their key tasks done early in the day, and find ways to balance their personal, family, and work lives. A big part of this is delegation. For even small businesses, hiring is actually key. No one is great at every task. All businesspeople have a blind spot, and hiring or partnering with someone who has a complementary skillset is one great way of controlling for it. For example, some businesses find that having one executive who excels at sales and one who specializes in operations is the best fit. Being able to delegate can lead to a better flow and less risk for everyone.
Having solid business fundamentals are also important, of course. Conducting market research is key. It can help identify openings in the market and which needs consumers feel are unmet. It’s a great way of understanding what competitors are doing, where they are failing or succeeding and why. Conducting thorough research can also help a founder drill down and formulate an effective elevator pitch. Market research helps people crystallize what they want to do, what need their business fills, and why it’s important.
Staying in control is also important for entrepreneurs. This means messaging effectively. Remember, the founder tells the story of what the business will be. Ultimately, those choices determine the narrative and course the company takes. Also, understand that business is not personal. Try to maintain some critical distance from the business. While it’s important to have passion as an entrepreneur, emotion can sometimes cloud decision-making. Don’t fall into that trap.
Finally, capital is also crucial. Many times, entrepreneurs underestimate how much money it takes to really get up and running. Some experts advocate raising or saving twice as much money as the founder thinks they’ll truly need. Business is expensive. Whether it’s a shift in the market, a new technology, or a new opening in the market, there will always be things companies need to spend on. This will be true at every stage of the business, from start-up to maturity.
At Alliance Leasing, we make it possible for businesses to access the equipment they need. Our funding is different from lenders like banks and credit unions. We make decisions in as little as 24 hours. We make it possible to finance used equipment, which can be a big savings up-front. We work with entrepreneurs in a number of industries. If your business is growing and you need to finance equipment, contact us today. We’d love to be a part of your success story.