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Top 3 valuable lessons when starting a business

Tuesday 12, 05 2020
Hoping to help people avoid some of the classic mistakes of a first-time entrepreneur and quickly grow your business, here are three valuable lessons to learn from.
Top 3 valuable lessons when starting a business

If I had found a partner in the first place, even though it might not have been finalized, I would have achieved more results and greatly reduced the company's risks. Therefore, you should not start a company alone! Owning 100% of the company instead of 50% or 33% sounds interesting, but the possibility of owning 100% of the number 0 will be quite high.

Hoping to help people avoid some of the classic mistakes of a first-time entrepreneur and quickly grow your business, here are three valuable lessons to learn from.

Do not hire the incompetent

When you're running a company with so many goals, you'll need more people to ease the burden, so you tend to think that it would be alright to pick anyone available. This is an unwise move.

The first engineer I hired was one of the first to respond to my job offer, he was confident of his ability and willingness to take a job with a low salary. At that time, I thought it was a major opportunity, but I was wrong.

How could I be so naïve? I can partly blame my limited budget and my meager relationships but actually the problem is that I did not know what the job entails. I know what to do but do not know what skills the candidate must have in order to meet or how to evaluate those skills. Without those bits of knowledge, my hiring mistake is almost inevitable. My advice to you is to talk to experienced entrepreneurs and people who are currently doing similar jobs in other businesses.

They will tell you what skills your work requires, as well as the criteria for evaluating job performance and results to be achieved. Thereby, you will find the right people and make reasonable requests. In addition, the first employees play an important role in creating a corporate culture. They need not only the ability but also the right character and attitude to help you create the desired environment and business.

Find cofounders

Starting a company without any experience is pain. It is not wrong to say two heads are always better than one. Regardless of whether or not the idea is great, whether or not it is implemented is the actual problem. Having a co-founder will help make up for your shortcomings, which is the key to long-term success.

I had to wait for a long time to finish my work alone until I found a partner. It is also nice to wait because over time I can know exactly what experience and skills I need from my partner to supplement my skills and as a result I have found the ideal person.

Share your ideas instead of keeping them for yourself.

Top 3 valuable lessons when starting a business

I was so wrong in this respect. By taking care to protect my ideas and strategies from being stolen, I had to spend a lot of time and money. Not only was this a waste, but it also made me miss out on a lot of opportunities to get feedback from potential customers. Instead of designing the model and showing it to everyone, I spent weeks (and thousands of dollars) on patent registration and trademark protection.

Now I understand that the idea itself is not as valuable as we thought. In fact, the ability to execute it is something worth mentioning. Nobody will steal my idea because that way they will have to try to implement it themselves. In fact, hundreds of people may have come up with the idea, but the problem is they cannot or do not intend to implement it.

In short, you should enlist the opinions and support of the resources around you.

​>> What do the CEOs say about business in COVID-19?

Source: https://khoinghieptre.vn/

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