Like many first-time entrepreneurs out there, even though you may be excited to start building a business, you have a twinge of nervousness and uncertainty. Although that feeling is completely natural, having some information on what to look out for and expect when starting a business can’t hurt, and could offer you peace of mind and possibly a head start on other entrepreneurs. That’s why I reached out to some experienced entrepreneurs on what to expect when launching a business.
The first thing I asked these entrepreneurs, is the one thing they wish they had known before starting their own business. “I wish I knew how hard it is, it takes time, it doesn’t happen overnight, you don’t always reach goals quickly or when expected,” said Shana Schlossberg, CEO and Founder of Upward Hartford. “Also, learn how to take feedback from others and turn it into constructive change in your business. You must learn to expect issues and be ready to adjust quickly.”
Meidad Vaknin, CEO of AM.netpro, brought up an interesting point about learning how to choose employees:
“When I rose from the bottom, I passed the typical corporate structure. This is why I wanted to give to my employees whatever they need so they will have the resources to better themselves. I have learned the hard way how to choose the employees for the company. I wish I knew that when we started.”
Many first-time entrepreneurs might focus on their product without looking closely at who they are allowing into the company. This is just as important, as the people can make or break your idea. Vaknin also touched upon giving his employees whatever they need to learn and grow, which many people might overlook. Happy and growing employees can translate into a better product and company attitude overall.
However, this isn’t the only thing to keep in mind as Boaz Zilberman, a three-time startup entrepreneur and the Founder and CEO of Project Ray, states: “The one question I keep asking in all of the companies is – what is the best and most effective way to reach customers?” This brings up an issue some first-time entrepreneurs have. The product might be excellent and work effectively, but how can you get it in the hands of the people who want and need it? Vaknin agreed with this point:
“I would say that our main problem was working only on the technology without working on the sales and marketing. Knowing all there is to know about the technology and doing everything the best you can and staying in your comfort zone will not put food on the table. You need to have a strong technical foundation and a good spokesman that can sell ice to an Eskimo. This is how you can build a good, successful business.”
It seems that many successful entrepreneurs felt they focused so much on the product, they were blindsided by the process of selling and marketing their company. This can happen when the founder is so invested in the product because it is their own brainchild. But, as Kirill Bensonoff, General Manager at Unigma states, the product needs to be high-quality and tested thoroughly: “Test, test, test. There are so many ways to test your idea before spending tons of time and money trying to build it.” Finding the balance of building a quality product, while also focusing your time and energy on the other aspects of running a business, is a key factor in the initial stages of starting your own business.
This can also lead to another thing that popped up frequently when entrepreneurs were asked about their startup history. Most people start their own business to be in control of their professional career, however these entrepreneurs stated the importance of delegation. “In my experience, most young entrepreneurs worry too much about ownership issues, dilution and control,” Zilberman said. “The most important thing in making a startup work and ensuring the founders control of the company, is success. Without it, there is no value in ownership and control on paper.”
Although you may be skeptical about relinquishing some aspects of your company, it may be the only way to ensure success. You could end up with complete control, but if your company is worth nothing, then was it worth having total autonomy? Vaknin also touched upon delegation: “Look into yourself, find your weakness and get the best people you can to cover for that.” He added, “Delegate, don't think you can control every aspect, get others you can trust doing what you are bad at so you can concentrate on what you really love doing. Define where you want to be, then consult with your team on how to get there.”
The running theme here seems to be to look out for falling into the trap of doing everything and not relying on people. This doesn’t mean trust anybody, but spend time finding people to work with who can cover for your weaknesses, whether it’s selling the product, or the actual creation of the product. This could also mean finding the right people to guide you on your path, like friends and mentors. Schlossberg talked about who to reach out to: “Business connections are critical. They give you access to capital and larger companies. Look to your network and find people who intersect multiple needs.” She continued, “Surround yourself with experts, not one specific type; try to expand your reach.” The importance of finding others to help you and rely on is a crucial part of starting a business.
With all that being said, another thing these entrepreneurs stressed is the weight of being the final decision maker and being solely responsible. Schlossberg brought up the feeling of sole responsibility to investors and the guilt that can come with it. She mentioned that when you take capital it feels like you are making a personal promise to investors, and keeping your word is crucial to an entrepreneur’s reputation. Vaknin also had a revealing take: “I was so alone, I had NO ONE!!! Everyone told me I was crazy. People who believed in me couldn’t understand the difficulties. I wish I could have told someone.”
Sometimes just having someone in the same professional field as you who you can ask questions and vent to can be beneficial. Zilberman also shared his sense of responsibility when asked what the hardest part of starting his company was: “Being alone and fully responsible for the decisions you make – where there is never a right answer but a long list of pro and cons.” Zilberman knew he had to look for help anywhere he could: “To make it happen you have to get help from anything and anyone around you. Startup success relies on the founder’s ability to utilize external resources of any kind in any way possible.”
This point relates to what was mentioned earlier. As a first-time entrepreneur, you must be able to recognize when to take the lead and when to delegate or seek help. Many slip up and think it has to be “them versus everyone,” when in reality there are many people out there who can help you lead your new business beyond your expectations.
I will leave you with a poignant thought from Shana Schlossberg on how to grapple with failures during the process:
“My friend’s father would celebrate failure. At the dinner table, he would ask the kids how they failed that day. He celebrated the fact that they failed and learned from it. Failure can be frightening, try to turn it into a positive. Use it. You will experience multiple small failures along the way, it will never stop. Learn to accept failures, it’s a much healthier mindset.”
