Why You Are the First Thing That You Need to Invest In (Powerful Advice for Startups)
The workforce of today looks quite a bit different from the workforce of fifty — even twenty — years ago. More and more individuals are leaving the traditional office or “structured” environments of the past to pursue careers in consulting, freelancing, or entrepreneurship.
What some don’t understand, however, is that making the transition from conventional to independent requires quite a bit of investment. Sure, you may need startup capital and even a physical location, but I’m talking about the investment you’ll make in yourself.
Don’t make the mistake of forgetting that?you?are your most important investment. Here’s what I mean.
Become the Expert You Would Hire
Whether you’re fresh out of college or have been in the workforce for years, there’s a very good chance that you don’t know?everything?there is to know about your chosen industry. That’s why it’s important to get a solid assessment of what you do and what you don’t yet know.
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Ask yourself whether you would hire someone of your expertise to complete a project or provide a service. What do you understand about the job, and what have you yet to learn?
Are you ready for an eye-opener? Once you’ve mulled over the question in your own mind, it’s time to ask a friend. “Would you hire me to provide this service?” Your friends can provide valuable insight as to which areas require further development.
It’s critical to your success to understand that a business won’t succeed without a knowledgeable and competent founder. It’s?okay?that you don’t know everything. Now is the time to invest in yourself and further your knowledge.
Financial Investments Aren’t Always Wisest
If you began your venture or business with a bit of cash, it’s quite tempting to spend that cash on resources. After all, an agency can help you with your marketing if you pay them. An HR professional can work on payroll if you loathe the idea of doing it yourself.
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Money is not always the answer. As with every job you’ve ever held, there will be aspects of your business that you don’t readily understand, or love being involved with. Rather than tossing money at each problem you can’t easily solve, invest your time instead.
The more prepared you are to handle each facet of your business, the more successful you’ll have the potential to be. In addition to gaining a new understanding of the intricacies of your business, you’ll be in control. Let’s face it — professionals you hire to do a job you don’t care to do will not be as invested in your company as you will.
Take matters into your own hands and learn how to handle elements of your job that are unfamiliar to you.
Time is Money
Not everyone begins a business with stacks of cash waiting in the reserves. Some of you may be newly graduated from college or even high school. Others of you may be starting a business out of necessity, such as early retirement or a layoff. Still others of you simply tired of the rat race and ventured out with no solid plan.
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While I do recommend having a bit of money to fall back on should things not work out, remember that your time is just as valuable as your money.
Not every problem can be solved by investing time instead of money. But if you think outside the box, you’ll find that many can. If you don’t have the money to invest in an advertising campaign, it’s time to start pounding the pavement.
In addition to the actual hours you put into launching your business, you’d be?amazed?at what time spent networking can do for your success. Attend events and conferences in your area that are industry related. Sometimes success is just being in the right place at the right time.
Don’t Expect Overnight Success
Regardless of whether you’re leaving the workforce or striking out fresh out of high school, it’s highly improbable that you’ll experience overnight success.
True, sometimes success comes with a stroke of luck. You’ve developed an app that you subsequently sell to a major developer. But for the rest of us, success requires work. Hard work. And a bit of intellect won’t hurt, either.
Too many times, businesses fail — businesses that were based on impressive ideas — because the founders were not prepared to invest time into the venture. It’s critical that you prepare yourself to become your most important investment, particularly with respect to time.
Grow From What You Don’t Know
As you build and expand your business, expect to learn something new daily. You may be faced with a question about taxes, or you may find yourself dabbling in search engine optimization. Now is the time to learn and grow from — and with — your business.
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With patience (and resistance to temptation) you’ll find that you can easily find the answers to a large percentage of the questions you’re faced with. Don’t fall into the trap of paying someone else to figure it out for you.
Now, there will certainly be aspects of your business that you truly don’t have the skill or desire to do. For some, it may be handling technology. For others, it could be as simple as cleaning. Everyone has their limits; don’t be afraid to acknowledge your own.
For most other elements, do yourself a favor. Invest in yourself and try to learn the skills you’ll need for your new business. You’ll reap the rewards when you discover, more and more, that you don’t find the need to ask others. Your business will begin to grow with you at the helm because of the time you committed.