Best Entrepreneur Tips from Young Businesswomen
There are many lessons to be learned as you spend time in the business world. Some you learn immediately and others take time to figure out. This is especially true if you’re a woman entrepreneur as it seems like every day, you’re faced with a new curveball. If you’re a young businesswoman or know someone that is just about to start their own business, look to these entrepreneur tips to help make you as successful as possible.
4 Entrepreneur Tips from Successful Businesswomen
Learn Your Industry Inside and Out
When starting any business venture, it’s important that you know everything about the industry you’re in. Learning about your industry inside and out will only give you more knowledge of potential challenges that may come your way and how to deal with them. And also help you assess if you can bootstrap your business or need some kind of business funding. Luckily you can gain knowledge from many different outlets. Emily Weiss, founder and CEO, of makeup company, Glossier, relies on Instagram and her team to keep her up to date on the latest beauty industry news. Along with this knowledge, you’ll learn of competitors in your industry, what they’ve done right and what strengths and weaknesses your own company may have. Learning about your industry can only help to prepare you and give insights to your own business venture.
Set Both Short-Term and Long-Term Goals
Every entrepreneur has goals and aspirations for when they start their business. Whether you’ve been running your business for a couple of years or are just about to launch, it’s imperative that you have both short and long-term goals for your business venture. Your short and long-term goals can be as simple or as complex as you’d like. You may even find that your goals will change as your business grows further along. Liora Dudar, co-founder of oVertone haircare believes that when it comes to setting your goals, “Don’t be afraid to be money-motivated when building your business. It’s okay to put a pin in your altruism (unless it’s an integral part of your business model) and focus on growing your brand and your company”, which has helped to successfully make oVertone’s hair color products a disruptor in the hair industry.
Find your short and long-term goals and make them known to your entire company. In order to not forget those goals, have them either printed, hung right in your office, or in a monthly progress report that will show you how close you are to achieving them and will keep you held accountable.
Follow Your Instinct
Tat gut feeling that you always have with you is something that shouldn’t be undervalued, especially when running your own business. There are going to be curve balls thrown at you constantly and something that you’re going to have to rely on is your intuition. If you’re being torn about the design of your logo, go with your initial reaction. If you can’t decide whether or not it’s the right time to launch your new line, step back and ask yourself what your intuition is telling you. Your instinct has gotten you this far in starting your own business so don’t be afraid to still rely on it!
Continue Learning and Adapting
The thing with being a young entrepreneur is that industries are constantly changing and evolving. The industry that you’re in now won’t look the same way in 5 years or even possibly the next couple of months. In order to stay ahead of the game, it’s imperative to keep up with your industries news and constantly look for new and innovative ways to stay ahead of the game. As an example we can look at the successful career of Kim Rivers. She is the chief executive officer of Trulieve operating in Florida. With her creativity, tendency to learn and motivation she is now a key driver for the company’s success and vision.
You’ll find through time that as technologies and industries adapt, your business will adapt as well. The business that you have today likely won’t be the same business you’ll have in the next decade. Things are constantly changing and adaptation is an important quality that both you and your business need to have. Don’t be afraid that adapting your business model means a sign of failure in any way, it’s not! You’re simply keeping up with the times so you can continue to have a thriving and relevant business for your customers.