Tips to Building Your Business

Rome was not built in a day…nor was any successful enterprise. You may find yourself frustrated and waiting for results with the most promising service or product. You may be doing everything right in theory, however every business needs time to grow and your patience and skill to flourish.

With any start-up, three things are vital – vision, taking risks and embracing failure & building a strategy.

Share the vision you have for the business with your co-workers & employees. Build core values for the company based on transparency and integrity that do not change even as the business grows and expands. Motivate your team to rally behind your vision and reiterate the core values in all your team meets.

Set achievable objectives and key results. And set up a review system to measure yourselves. When the business is in its nascent stages, you may want to review your objectives & progress every day, the meetings becoming less frequent as the days go by.

Another important factor is the ability to understand risk and to embrace failure. If you want to digress from the tried and tested and want to implement new ideas/products/strategies, you must be fully aware of the risk you’re taking. You must be ready for the fall out. You must be prepared to fail. And instead of getting discouraged if you do, embrace the failure, list what you have learned from the experience – what you did right, what you did wrong and then just try again. If we fail, then we know we are trying, but most importantly we are learning what we’re doing wrong, we’re recognizing the weakness within our internal infrastructure/process and we’re learning to overcome the lack of resources and to hire the people we need within the team.

Innovation is to try new things. It means new ideas and new ways of doing business. It’s okay to make mistakes. What’s important is that we do not make the same mistake twice.

The third step is to have a long term strategy. It means to think beyond just the launch and to build a business model & to build a team.

Be prepared to train and mentor your employees. Set achievable goals but more importantly, explain lucidly the expectation you have of each individual and the team, no matter how small your team is -even if it is a team of two.

Hire people who are better than you. Put together a team which is capable of contributing new ideas and which is able to uphold the core values that you have set for your organization. The mantra is to keep trying till you get it right.