So, you’ve had an idea that you can’t get out of your mind, and you’re ready to turn it into a living, breathing business. How do you ensure this concept translates into a viable company, and doesn’t fall by the wayside like so many other start-ups?
The simple truth is, there’s no hard and fast rule for business success, but there’s plenty of information out there.
As we touched on in our blog on common mistakes made by ecommerce start-ups, everyone feels the need to offer advice to new business owners. However, there’s a difference between listening to the opinions of someone who has never worked in retail, and the wisdom gathered by some of the world’s top entrepreneurs along their paths to success.
Here are 4 tips for breaking the big time, from business people that have been in the same position as you – and turned their dreams into multi-million dollar empires.
- Be passionate about your venture, give it all of your energy
If there’s one entrepreneur worth listening to, it’s Richard Branson. After being told at the end of his school career that he would either end up in prison or a millionaire, he chose the latter – amassing an empire that includes record labels, airlines, and even his own island.
Branson’s advice is to be committed and truly believe in your vision. “If you aren’t proud of what you’re doing, why should anybody else be?” he remarked in an interview with Entrepreneur magazine.
- Be prepared to roll up your sleeves
“Don’t delegate at the beginning,” urges Honest Tea CEO, Seth Goldman. “The best way to get a handle on the business is to learn every aspect.”
This approach certainly hasn’t done Goldman any harm – his brand was named a Top 5 Company of the Year by The Washington Post in 2010, just a few months before it was purchased by The Coca-Cola Company for more than $43 million.
- Know your sector inside-out
Former Proctor & Gamble Brand Manager, Karri Bass, grew her consumer research agency from a one-woman dream in her bedroom to a company employing 30 people by ensuring she was an expert in her field.
“You need to get credibility by becoming a subject matter expert,” she advised. “Always execute with excellence and lean forward to take smart risks.”
- Don’t just do it for the money
One common theme runs through the advice of most successful entrepreneurs: earning good money is a fantastic bonus, but it’s not the reason they started their business in the first place – and even if they earned a quarter of their current turnover, they would still feel satisfied.
“Money is just a tool to make things happen,” concludes Hamdi Ulukaya, 2013 World Entrepreneur Of The Year. Something businesses of all sizes and maturities could learn from.