While starting a new business is a tough task in itself, sustaining it is where the true task lies. Once you have zeroed on a killer idea, matched it with your talent and skills, there are still a few things which can go downhill and take your dream of owning a successful business away from you. Today, we at IndianWeb2.com gear up to tell you about the 3 vital things you should know if you’re starting a company.
1) Don’t try to do it all
While we understand that since it’s your idea and hardship involved, you consider your company more than just business; it is figuratively your baby. But, the one thing that you have to keep in mind when you become the pilot of the plane is the fact that you can’t do it all. While multitasking can be achieved, but a pilot can’t also do the cabin crew job, maintenance job while flying the plane, can he? Exactly! This very rule also applies to entrepreneurs as well. While in the starting you might want to do all the jobs and make sure that everything is being done in the best way possible, but as the work load grows, it becomes harder and harder to be involved in each and every task of the company. This is why, it is necessary to hire people who can do it for you. Find the people who are considered some of the best available human resources at a particular task and hire them to do it for you; of course you can give your inputs time to time but you will not have to take the tension that if you aren’t available the task won’t be done. One can have a referral system at place in the office, where the existing employees can refer people whom they consider to be apt for a particular vacant job profile, and earn themselves a certain bonus amount.
2) Once you’ve got the right people, make them stick around
This is one of the toughest tasks in the daily lives of an entrepreneur: employee retention. While you can hire some of the brightest minds in the industry, you still have to train them and work on them almost daily so as to make them understand the company’s aims and objectives. All this hard work involved and resources spent end up going down the drain when suddenly one day the employee stands up and decide to leave.
Being the captain of your ship, you have to ensure that your staff is happy because only when the staff is happy and enthusiastic about the work will they be able to keep the clients happy. One of the ways to ensure that the office environment is always at its cheerful best is to keep the lines of communication open. Your staff shouldn’t fear talking to you about their problems, and consider you approachable at all times. Make the team take office trips, lunches, picnics and develop a friendly bond among themselves.
3) Ensure there’s money in the bank
Once you become an entrepreneur, you’re not only responsible for your own lives and expenses, but also for all the people that you have hired. As an entrepreneur, you have to make sure that there’s enough money in the banks to pay the salaries and keep the work wheel running. But, if you take care of the two points mentioned above, the third one takes care of itself. Of course, as an entrepreneur, you still have to keep working on forging great investors relations.
As an entrepreneur, always keep your existing investors updated about your company’s progress. Also, keep meeting new people and forming new investor relationships even if you’re not explicitly looking at raising funds. Always remember, fundraising is an ongoing process and not a one time event.
So, if you’re a young entrepreneur, these three learnings can make a huge difference in your career path. The road to success is hard, but with the right people and right resources, it can be much easier to tread.