Start a New Decade with These 5 Noteworthy Lessons from Small Business Owners
Entrepreneurs, in particular small business operators and owners, are not strangers to trial and error and misstep. What is important is what we learn and take away to fuel our next move. Here are a few lessons from small business owners to lead us into a new decade!
Hiring Key People. Susan Guillory, President of Egg Marketing & Communications, and contributor to Forbes says finding success is easier when you have the right people on your team. She admits to designing her own logo when she started her company 13 years ago and that it was a big mistake. “I can tell you that this DIY strategy is not effective as your business grows,” she says. She encourages all business owners to, in the very least, find one person who can support you.
Take action on new projects. Neal Schaffer is a social business coach and author of Maximize your Social. His advice is to push new projects forward. “Sometimes if means simply turning down things that we used to accept or deciding to simply unplug from other activities,” he shares. What does unplugging, or disengaging from usual practices look like for you and your business in 2020?
Collect your own data. How do you examine your own customers’ behaviours? Their spending patterns? Their aversions? What questions do they frequently ask? No one knows your business better than you do. Or rather…no one should know your business better than you do. But we are not always great at tracking our own data—that is customer demographics, how they found you, their likes and dislikes, etc. For Larry Kim, founder of Wordstream and CEO of MobileMonkey he believes the key to success is to “fail slightly less often by using more data rather than gut feel in project planning phases…”
How do you plan on gathering more of your own business’ data in 2020?
Tune out the noise and follow your instinct. Instinct—we know it’s there, and yet, we don’t always listen. Sometimes it’s because there is A LOT of noise to break through, but, also, listening to our instincts actually takes practice. Not only is it tricky to pin down that initial feeling we had about a certain business move or hire, but to ignore the other pressures that exist in business environment or society in general can be difficult. Caroline Ghosn, co-founder and CEO of Levo League, says there are always warning signs. “As an entrepreneur, the latitude of failure and of success is directly correlated to people. I am growing more and more attentive to my first instincts, even if I can’t justify them, as they apply to people.”
Keep it simple.
That’s Neil Patel’s simple advice. He is an entrepreneur, investor, advisor and well-known blogger, with expertise in online metrics and analytics. He admits to having many of his start-ups fail. “Typically the failure wasn’t due to the idea. Instead the solution was complicated and hard to use.”
Wishing you every success for your business ventures in 2020!