In my last post which was part one of starting a successful startup business, I shared eight key points.
If you haven’t read that yet, then I highly recommend checking it out here How To Start A Successful Startup Business Part 1 of 2 before you continue reading this post so you get the whole idea and make sure not to miss any important point.
Today I want to share six more crucial steps that one should keep in mind before starting a business.
Let’s go and see what they are.
Step 9: Find A Mentor
This was one of the major turning points in my business journey.
I had launched my first software product and it had taken me almost 18 months to get to where I was.
I remember myself always messaging other successful startup founders on Linkedin and hoping they will give me some advice and luckily I got one great mentor who agreed to join me!
Now looking back, I can say that it was one of the best decisions I made in my business, that single act has saved me thousands of dollars in unnecessary mistakes and months of precious time.
Having a mentor does not mean you are weak, if you look around closely you will find that most successful athletes also have personal coaches that help them become who they are.
Remember, you need a coach or a mentor for four major reasons:
A: They see in you what you don’t see in yourself
What I mean here is potential.
Sometimes a coach or a mentor can see the potential that you have in you that might not even occur to you.
A great mentor is someone who sees you better than you are today, someone who always envisions you in your next best version.
B: They see things around you that you don’t see yourself
What I mean here is the the opportunity.
I have been there and let me give you a heads up now, it’s very very easy to get caught up in the day to day works of your business and miss on what might be more important.
What happens here is that you get so busy at times that you don’t even get a chance to sit down and think clearly, so your mentor from outside the noise can share great ideas and insights with you to help you elevate your business to the next level.
C: They have already made the mistakes you are about to make
I always like to repeat this Chinese proverb that says, if you want to walk a path, find someone who is coming back that way!
It’s such a true and valuable piece of wisdom.
Your mentor has probably made most of the mistakes you are about to make, so he or she can save you out of most of them.
D: They hold you accountable
If you are a hardcore entrepreneur like myself then you may not need someone to hold you accountable because you work day and night regardless.
But it’s great when you have someone who has more experience than you and can review your progress with you from time to time and ensure you are on track and working on the right things.
Step 10: Understand That Running A Business Is Like A Marathon
You read it right!
You see, hear and read a lot of those overnight success stories, but there is no such thing as an overnight success.
Jeff Bezos says for us in Amazon every overnight success has taken at least around seven years! But the thing is people do not see the work that goes behind the scene and only hear of the glories.
Warren Buffett says one of the key elements to his success is long term thinking.
When you run a Marathon, you are already thinking long term, you are not thinking of the next ten or twenty minutes but for the next few hours.
This kind of thinking makes you stronger, forces you to plan things better, and be patient with the results when things don’t go as you expect them.
Therefore, develop a marathon runner mindset, think and plan long term for your business and you will be good.
Step 11: Learn Business
Yes, learn the business!
Let’s be real, this is actually where most people go wrong including me in the early days.
Before diving deep into the business world, I was training to become a pilot which was my childhood dream.
And to fly a commercial airline in the left seat as a Captain, It will take you around seven years of flying if not more.
The same applies for many of the occupations out there, this means you have to put in the time, money, and effort to study.
But the sad part is when it comes to business, people tend to fantasize and think all they need is just an idea and all will be well.
Yes, all will be well, and glory will be yours, but if you pay attention to all the points I have mentioned in this post part 1 and part 2, you will see that the first step is only an idea but there are many more steps for you to take before you succeed.
So approach business just like anything else in life or else you are going to pay a high price for not knowing and I’m saying this from my painful personal experience until I started to become a learning machine.
That is now my advice to you, become a learning machine, read any book or take any course related to your topic that you can get your hands on and you will achieve your goals so much faster.
I try not to let any day go by without me learning something new. I now have a list of books and courses that I want to go learn from as I continue this exciting business journey of mine.
I have recently combined my mistakes, learning, pains of sleepless nights, and lessons I learned personally and through my mentors into a systematic 90-day coaching program.
This is exactly what I wish I would have access to when I was getting started and it would have surely saved me 2 years and thousands of dollars in mistakes!
During these 90 days, I go through A to Z of starting and growing a business from scratch or any stage, just imagine a step by step guide that you just need to follow, take action and build your idea into a business.
I believe this is one of the best favors you can do to yourself, check it out here ( LINK ).
If you decide to join, you will have direct access to me during the 90 days and you can ask any questions and I’ll help you out, see you there!
Step 12: Go Deep And Aim For Mastery
The last thing you want to do is being average.
It’s a one time life and you have the potential, so just aim for the best.
This comes in two parts, first, you have to have a burning desire for greatness, and second, you have to work for it.
This is almost like the last step I mentioned but in a more specific way, whatever business you happened to be in, make sure you know more than anyone in your league.
This comes by really studying deeply in your niche and reaching the level of mastery until you understand your business and industry like a teacher.
This ensures you always stay ahead of the competition and continue to become better and grow every day.
Remember, you don’t want to be a jack of all trades but instead be the master of one.
Step 13: Learn Marketing
If you build it, they won’t come!
Yes, even if you build the best product in the world but no one knows about it then they are not going to buy it from you anyway.
Big and successful companies spend millions and billions of dollars every year in marketing despite being massively successful, ever wondered why?
It’s interesting, whenever I drive on the road and notice the advertisements, I see that they are from the most successful companies such as McDonald’s, Toyota, Emirates, and so on.
But the question is why so? Aren’t they already known? Aren’t they already big? Aren’t they already successful?
Yes, but what made them successful in the first place? Any guess? Yes, marketing! So they know the moment they stop marketing, people are going to start forgetting about them and lose their customers to other players.
Master the art of marketing and this will have a huge impact on where you will take your business.
Note that I do not mean you have to become a marketer yourself and learn how to run Facebook or Google Ads, not at all, but what I mean is learning about different marketing strategies and then finding the right people to execute them for you, this is also something that I go deep in my 90-Day Infinite Growth Startup Coaching.
Step 14: Know Your Numbers