Building a company is hard, and in the long run, far more businesses fail rather than succeed. That said, with the right insights and hard work you may be able to establish your own successful business. Wondering how to get there? Adam Adler, who was recognized as a top 30 CEO under 30, is going to share some sage insights.
“The first fact any entrepreneur should come to terms with is that establishing a business often takes a lot of work,” Adam Adler says. “I don’t say this to scare you away, but you want to make sure you’ve taken full stock of the situation. Expect 60 hour plus work weeks and minimal time off for the first few years.”
When you own a business, you’re your own boss. That also means that your company and employees will rely on you to set the tone, to solve problems, and otherwise put in the needed work to take your business to the next level.
Further, an entrepreneur may be his or her own boss, but they still have to answer to customers. The customer may not always be right, but regardless, if they’re not happy, they may stop doing business with you.
“You should try to ensure that the customer is always happy,” Adam Adler argues. “The best way to increase customer happiness is arguably to provide them with high-quality products and services that add a lot of value. Whether you’re running a restaurant, selling pastries, whatever, you need to offer a good value proposition.”
The best products and services market themselves and convert happy customers into loyal brand champions. Typically, this means offering a good mix of value and quality. Whatever your price point, you want to make sure that your offerings are better than the competition.
Many companies, even small startups, consist of teams. A large company may have hundreds or even thousands of teams working together. The CEO of a small startup might be able to count his or her employees on her fingers. Yet no matter the size of the team, getting everyone to perform at their best is vital.
“When building a team, pay attention to personality fit,” Adam Adler suggests. “A person could be super smart and driven, but if their personality is a bad fit, they could hurt productivity.”
It’s also smart to think of employees as pieces in a puzzle. Team members can address their own weaknesses and increase the overall skills of your organization.
“Find people who are smarter than you, especially at specific things,” Adam Adler says. “If you’re bad at accounting and numbers, hire someone who’s good at them. If you’ve got a great programmer on staff, but he’s not so good with designing user interfaces, hire someone who is.”
Do all the above, and you may be off to a great start while pursuing your entrepreneurial ambitions.