Starting a new business is a thrilling time in any professional’s life, but it can also be one of the most stressful and frustrating times as well. It’s one thing rising to the top of your profession but something else altogether different when it comes to opening and managing your own company. If this is your first experience starting a company of your own, here is some sound advice on running a business that just might help get you over that opening hurdle.
Don’t Be Afraid to Ask for Help
When it comes to running your own company, never be afraid to ask for help when help is needed. No one can be expected to know everything at all times, and so it is with owners of businesses. Whether it’s hiring key professionals and trusting in their judgement or finding a mentor who has been where you are now, you should never be afraid to get help and guidance. Conversely, you can’t trust everyone, so make sure to vet their credentials carefully. Remember, you may know a lot but there are going to be things you don’t know, so don’t be afraid to trust someone with more training or experience if their track record proves good.
Learn the Principles of Business Administration
Just because you are not trying to climb the corporate ladder for some large, well-established company, it doesn’t mean that you should stop trying to further your knowledge and levels of professional degrees. Yes, you are spending a huge amount of time on your startup but that doesn’t mean you can’t register for, and benefit from, online MBA courses.
A Master’s in Business Administration will serve you well in all areas of running a business from taxation to finance to organisation and marketing. Schools like Aston University have courses designed to give you all the tools you need to make a success of your business, so take time out to learn.
Video – What is Business Administration?
Business administration includes everything related to managing all aspects of a business. This includes HR, finance, marketing, accounting, and business operation.
Build a Solid Network
Also, it pays to build a solid network of peers within your industry. Whether you are seeking B2B business or simply want to join a network where you can learn from shared experiences, networking can be vital to your success. Sometimes you will get invaluable contacts through a peer and those might be prospective customers or even suppliers of quality materials at amazingly affordable prices. Networking helps you stay in touch with industry trends as well. Most successful entrepreneurs will tell you they have a solid, tight-knit network that has played a vital role in their growth.
Your key takeaway in all this is that no man (or woman) is an island. Even entrepreneurs who have risen to the level of Warren Buffet, Bill Gates or Jeff Bezos listen to and learn from their contacts. As the old saying goes, two heads are better than one and so it is in the business world. None of these amazingly successful entrepreneurs rose to the top without listening to and learning from other successful professionals. It is the wise man who knows he doesn’t know all there is to know. Keep that in mind and you will do well.