We’ve all made personal or professional missteps at one time or another. It’s unavoidable. The important part is to learn from them.
In times of uncertainty, the journalist in me investigates to find answers. I conduct in-depth Google searches. I read online articles and watch Ted videos. I talk to contacts and strangers alike to get opinions. I asked 3 female entrepreneurs to answer one simple question for me: “What were you wrong about?” I’ve learned so much from their answers and hope you will too.
“Size doesn’t matter”
Jenn Greacen, CEO/Founder Highland Productions LLC and Executive Director The Clear Agency and mother of four
What I was wrong about is a classic female debate: does size matter? I spent many years structuring plans for growth, calculating how I could hire more staff and have them bill more time and how this would make me more profitable as it was compounding.
The thing is, I didn’t consider what I wanted in a business as in, how this [growth] would affect my personal choice to become an entrepreneur or how I got here in the first place.
At the end of the day, size didn’t matter. What mattered to me was a) freedom b) quality of work and c) quality of relationships in doing that work. But instead of focusing on those things I was building a top line while allowing my bottom line to have some rough times as a result.
Today I have the word FREEDOM painted on the wall above my desk as a reminder of WHY I started this business (freedom for me). I wish I would have painted that sooner so that any decisions that affected that in a way I didn’t want would not have been accepted into my business structure.
Twenty employees may be impressive, but it is far from freedom. Same goes for a big office or huge client list that all depend on you as the personal consultant or feedback. I’ve got it figured out now. When I was starting out, I thought size mattered to me, but I was wrong about that. For me, freedom’s the thing.
“4 Things I wish I’d heard on day one”
Terri Jelks – President and CEO at Stylish Traditions Wedding and Event Design & Ovative Consultation & Management
I am hands-down, head over heels in love with what I do, and it is a great thing! Owning my own business has become an all-consuming endeavor, so loving what I do gives me the reassurance that I have the staying power it takes to be successful in the special events industry.
That said, of course I’ve been wrong about some things along the way. Here’s some advice I wish I’d heard from day one that certainly would’ve saved me some time.
1. Find A Mentor
There is a plethora of information that comes your way the day you register your start-up business with the state. The amount of associations, clubs, networks, webinars, seminars, SEO experts, and advertising opportunities are endless. It can be overwhelming to decide where to start, what to join, whom to connect with. A mentor is critical, because a little guidance can go a long way (and even open some doors for you).
2. Save Money Early On—Success Does Not Happen Overnight
Success takes time. As the owner of your own business, you can expect to put in way more than the typical 9 to 5 work day, and often you will do so for very little money. Save as much as you can in the beginning—don’t spend on trivial things and negotiate for every dollar so that you will be financially okay for first few months or years.
3. Consider a Subsidiary Income to Fuel Your Main Idea
We’ve already established that it may take you some time to get up and running. Be prepared and have a few spoons in the pot that relate to your new business to help fuel, promote and generate new business. Get paid to speak at seminars, guest blog, teach classes, mentor in an internship program. It will help you and your bank account in the long run.
4. Love Your Grind, but Know When To Wrap Your Day
I said it before . . . I love what I do, and I do what I love. Starting out, you will have so many ideas and initiatives you will want to kick off all at once that you will find yourself working around the clock. Pace yourself. Create—and stick to—office hours. Save some of that fuel. You will need it for staying power and long lasting success.
“Should’ve shopped around…”
Angela Ardolino – Founder and Editorial Director, Tampa Bay Parenting Magazine and host of Parenting with Angela
What was I wrong about? My first year publishing the magazine I paid the printer double what I pay now! I should have shopped around some more!
I don’t like to write and was worried I wouldn’t have enough content. I was really wrong about that. There are so many people out there who love to write and are great at it. I’m glad I’ve been able to connect with so many of them to help fill the publication with helpful, rich content.
YOUR TURN: what missteps have you made? What do you know now that you wish you new starting out? Share in the comments below or connect with me at @heatherlambie.
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