Successful entrepreneurs are an interesting breed, driven by more than just a desire to make money. At the heart of most truly successful startups, you will find a desire to solve problems and help the world in some way.
These innovative thinkers weren’t all born with a great mind for business. This was something they’ve had to develop. Sometimes, the key to unlocking great potential lies in deceptively simple advice. With this in mind, we’ve gathered five valuable nuggets of wisdom from some of Australia’s most successful entrepreneurs to help you get the jolt of motivation you need.
1. Live within your means
This has become common financial advice for individuals. However, it is just as important when launching your own business. Of course, there are things you need to spend on. However, you’ll have far more funds available for product development if you’re not forking out for expensive CBD office space before you’ve started turning a profit. There are plenty of virtual offices in Australia, offering you the ability to present a polished and professional image while working from home (or even your local library or coffee shop).
2. You need more than just a good idea
Though a brilliant business idea is the seed for success, it doesn’t guarantee it. Anyone can have a million-dollar idea. The value comes when you take effective action. No matter how amazing your idea is, you need to take the same steps all business owners must take in the beginning; and the first step is to construct a stellar business plan. This doesn’t have to be a weighty manifesto. In fact, in the early days, a one-page business plan may be all you need as you’ll continue to add to it as you go along.
3. Honesty and respect
As The Fruit Box founder, Martin Halphen, told Business Insider, honesty and respect are central to the success of his business. Honesty and respect should extend into every aspect of the business, from the culture you create once you take on staff to the way you interact with customers, investors, and other stakeholders.
4. Know who not to listen to
It’s tempting to turn to people like Gary Vaynerchuck and others on Instagram and YouTube for that motivation boost you need to “hustle.” However, it’s important to keep in mind that the sleep-deprived, over-caffeinated mindset sold by many of these influencers is not sustainable for most people. It’s also not the only way to succeed.
Spending too much time seeking “hustle porn” from social media can be damaging in more than one way. You end up:
- Losing valuable time you could be putting into your venture
- Slipping into an unhealthy lifestyle
- Unable to concentrate on work
- Wasting money on entrepreneur courses offered by fake gurus
While the brand of hustle porn described above can be damaging, the ability to persevere, be your own motivational influence, and push through challenges is definitely important. If you’ve ever used the wildly popular, user-friendly graphic design platform, Canva, then you may be surprised to learn that CEO Melanie Perkins came face-to-face with failure many times on her journey to success. She credits everything to her willingness to preserve when the odds were stacked against her.
Running a small business is challenging. As a first-time entrepreneur, your chances of success grow every time you seek out wisdom from those who’ve gone before you. As mentioned above, you need to be careful about the sources you turn to. Nevertheless, if you choose wisely, the advice you get can make all the difference. Good luck!
Photo: Christina @ wocintechchat.com/Unsplash