When building a business, one of the best things you can do to accelerate your success is to learn from others who have gone before you.
Want to avoid pitfalls? Curious about best practices? Need some encouragement to keep going? We’ve rounded up a few nuggets of wisdom from entrepreneurs in the Wavefront community to help you reach your goals faster.
Here are 6 lessons from young entrepreneurs in our Wavefront Community:
“One thing I learned early on is that starting a business always takes longer than you anticipate. As a beginning entrepreneur, you must be patient and trust in the process. I’d also caution entrepreneurs to be mindful of how growing your business is impacting your relationships and wellbeing. There will inevitably be good days and bad, don’t let yourself get too high or low based on the day-to-day development of your company.”
“Learn how to let go and delegate to your team. You must develop trust by giving everyone an opportunity to contribute and succeed. It takes time to build a great team, but it’s a very rewarding process when you find the right people who are aligned with your vision and want to stick around to make it work.”
“One of the biggest challenges I faced in starting was to take the step outside full-time employment. In order to overcome that fear, I spent as much time as possible focusing on building my network and side-hustling. My best advice is to start by exploring on the side first. And don’t get discouraged by the fact that you may find yourself working for less than minimum wage for a while.”
“It’s easy to get caught up in the day to day as you focus on meeting deadlines. But it’s important to dedicate time for learning, growth and innovation. What has been successful for us is dedicating a percentage of time each week to researching industry trends. This keeps us up-to-date and feeds into our product innovation funnel. So, in the last month of each year we focus on building one or two of these new ideas. That way, we always stay at the forefront of shared mobility and can enhance our services going forward.”
“Building a business is hard. Staying true to our vision and being able to share the story of why we exist has been paramount. It’s allowed us to get the right people on board in terms of investors and great staff, which has helped our growth a lot.”
“Once you’ve gained traction with your first clients you need to get out in the community to help expand your customer base. The best way to do this is to go to Meetups and engage with industry groups where you can expand your industry knowledge and market your company. A word of advice… always be professional, and never over sell. You want to ensure people that you can to deliver on what you promise.”