9 Lessons I’ve Learned From An Established Entrepreneur

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Photo by Austin Distel on Unsplash

Lesson One: Be passionate about your work.

I’ve discussed the importance of mission statements in a previous article. An established entrepreneur believes strongly in her mission. She is passionate about the industry in which she works, contributing to that industry and achieving company goals.

Lesson Two: Treat your employees like family.

I’ve been happiest in my career working for companies with a family feel. Whether it be parties at the CEO’s house, potluck lunches, being invited to a coworker’s wedding — these types of relationships contribute to a company’s culture. If you’re personal life is in shambles and there is no compassion at work, it’s going to affect your work ethic. If you’re not personable with your employees, you’ll create a culture that’s easy to walk away from.

Lesson Three: Pay well.

Want to show your employees you value them? Pay them what they deserve. Low balling your employees in salary or bonus will result in turnover. To show your team they are valuable, pay them the standard, or above if you can afford it. A well paid employee working in a company with good culture has no reason to leave.

Lesson Four: Care about the greater good of the industry.

Passionate people are usually successful. You can feel their passion in their speech and focus. A passionate entrepreneur not only runs his company well but contributes to a greater good. He may match a donation to a particular charity or create free solutions for the good of the industry.

Lesson Five: Be honest with your customers and employees

Have a bad quarter? Lose a deal? Tell your employees. Discuss lessons learned and ask for assistance in developing a plan for success.

Lesson Six: Don’t hire a sales team until you have an established customer base

Lesson Seven: Keep administrative costs low

With so many people working virtually now, consider if you need office space. Consider the tools and resources you need to succeed. Just as you would create an MVP (minimally viable product) to verify its effectiveness, create a MVT (minimally viable team) of doers. You can add as you grow.

Lesson Eight: Give everyone a voice

Let everyone be part of the company’s success by empowering your employees to make suggestions. Listen and try solutions recommended by your employees. A person vested in a company’s success will work hard for the company to be successful, especially if the idea was her own.

Lesson Nine: Decide on tradeoff between the company’s culture and financial success

Prior to committing to a customer, determine the affect of the sale on your employees. Are you staffed adequately to deliver the product in the requested timeframe? Or are you putting a drain on your current employees to deliver? Sometimes a company’s culture is more important. Saying no may cost you a sale but may keep your entire team.

Written by

Indian American. Mama. Wife. VP of Product. I write about personal growth, life lessons, parenting and love.

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