Twists & Turns

Image credit: Katie Godowksi

Becoming an entrepreneur and launching my own business has been rewarding. I have enjoyed the journey so far, but it has been filled with twists and turns.  

Here are some of takeaways:

• Be bullish. We set up businesses for a reason. Be clear what that reason is and articulate what your objective is. Be confidently optimistic about your vision and passion.

• Be humble. Asking for help may seem daunting. However, asking for help is a strength. Do not be scared to ask for help.

• Be careful with scope creep. It is very tempting to take on projects that do not fall within the stated vision and mission because there are bills to pay or pressure to get the name and brand out. Be confident in what you set out to do and work towards achieving your business objectives.

• Be structured. Have a business plan with clear milestones for the first year and maybe up to year 3. Be intentional about ticking off each milestone. Track your cashflow, expenses and revenues on a daily and weekly basis.

• Be courageous. The path of entrepreneurship is a long and windy road. Fluidity and change are constants. It was nerve-racking and scary in the beginning. I have learned to embrace the fear and soldier on anyway.

• Be collaborative. I learned this early. Some of the best pieces of work Piedmont Advisory has produced has been through partnerships with other SMEs. I have been exposed to individuals with different skills and experiences which have enriched Piedmont Advisory customer experience.

• Be ready. Make sure the back-end operations are sorted out before launching your business. This is usually where SMEs trip up. There is a natural inclination to start chasing business before implementing needed systems and processes. It can sometimes be a chicken and an egg situation. We are often faced with the question of whether to chase revenues to pay for the systems or pay for the systems and then chase revenues? I advocate the latter. This process can be painful and slow but, in the long run, will save you a lot of money and headaches if done right from day one. Hire an independent resource if you need to build your governance, legal, finance and administration operations. Most SMEs want to just get on with it but that is a mistake. However, it is much harder to retrace steps further down the line. At a minimum, the effort will have been worth it when the tax authorities come knocking.

• Be innovative. Excel spreadsheets are fun to use for about 2 or 3 minutes. They require a lot of time, time that could be used in other ways. Technology will make running your business more seamless especially when needing to generate reports and the like.

• Be vulnerable. A diverse team of advisors and creatives is critical. Leveraging different skills and experiences enriches the decision-making process.

What lessons or takeaways from your entrepreneurial journey would you like to share?