Every successful business starts from scratch—nothing more than a great idea. When building a business, what makes it successful is a mix of the right people, the right plans, and a generous dose of knowledge and ambition—easier said than done. Acquiring these ingredients takes patience, persistence, and compromise.
If you’re new to the business world, scaling the peak of success will seem daunting, almost impenetrable—which is natural. Nothing worth pursuing comes packaged without a bit of fear and apprehension inside. Don’t worry; we’ve got your back. This simple but helpful guide will give you the ideas and confidence to start your ascent to the top of business.
Study
Study is a broad term; we want you to embrace every inch of its broadness because great ideas won’t grow on their own. You need the necessary skills and knowledge to bring them to life. Without this theoretical and practical framework, you risk condemning your idea to the mantlepiece in your mind to gather dust.
The logical place to start? A small business course. Any business course, for that matter. The basics of building a business apply to every industry and enterprise. Everything from creating business budgets and strategies to analyzing competitors to understanding risk and reward. Knowing these things will stand you in good stead as your business grows.
Don’t stop there. If your business idea is organic sunscreen made from plant extracts local to your area, a little chemistry knowledge won’t hurt. Particularly when it comes to emulsification and incorporating UV filters. While you’re at it, get your head around the principles of effective product design. A good product needs all the help it can get.
Be compliant, too. If your industry demands certification, waste no time gaining it. The last thing a new business owner wants is heat from industry regulators.
Too much study is never enough. That said, ensure it does not put unnecessary strain on your business or disrupt progress. It should complement your business, not compete with it.
Become an industry authority
Industry Authority. Subject Matter Expert. Key Opinion Leader. Call it what you want. At some stage, all that study and practical experience will help you reach a point where industry contemporaries look to you for guidance and advice. If you have dreams of being a CEO or a well-renowned entrepreneur, mark this point in your professional development plan.
Becoming an industry authority is the flipside of studying; instead of absorbing lessons, you exude them. Integrity, hard work, and a strong online presence are the keys to developing your credibility as an industry authority.
The ways to become an industry authority are abundant and diverse. A job for a freelance writer that lets you write about industry-relevant topics might provide the channel that enables you to build an authoritative presence in your industry. The most important lesson here? Become selfless. Being an authority is not about improving yourself (this will happen); it’s about improving others. Be generous and genuine with your time, and your reputation will grow.
Network
A successful business is not a silo. It gains success by integrating into the world around it. Even if your business employs a total of one, it still needs connections to thrive. This is why you need to network. Networking is acknowledging you’re a star in a greater galaxy that shines brightest when everyone knows each other.
It’s all about strengthening your soft skills. Start with being kind, curious, and good at listening. The more affable you are, the more people will soften their guard when engaging you.
The trick is finding the balance between being social and being strategic. If you don’t have a plan around who you want to meet, a networking event can easily become a night of fun without much gain.
Above all, avoid the hard sell. Future business between new connections is best left to the future. Pitching your business the moment you meet someone will only sour the conversation.
Find a mentor
One of the most significant benefits of building your professional network is meeting people you want to emulate. Humans learn by imitating; toddlers learn to walk, talk, and argue by copying their parents. Building a business is no different.
Consider finding a mentor if you want more personable guidance for your professional development. In addition to the inspirational aura that follows them daily, a mentor can offer honest feedback and support—vital interactions if you’re serious about reaching the top of business.
Like everything on this list, planning is essential. Ask yourself: Why am I seeking a mentor? You must be crystal clear about this to convince someone to mentor you. Next, write down your personal goals and a list of potential mentors, then work out which suitor best aligns with your goals.
Before reaching out, plan what you’ll say. Do not freestyle. And be patient. It’s a considerable gig mentoring someone. Your first choice might turn you down, and so might your tenth.
The tips in this guide are considered best practices for building a business, no matter how old or established. Successful businesses are engines of improvement and innovation, run by owners restless to be more efficient and effective. For these people, learning new things and meeting new people are as familiar and constant as your morning coffee.
You must adopt this approach if you want to succeed. A growth mindset enables you to recognize and take advantage of new opportunities.
Photo by LYCS Architecture; Unsplash
