The life of a new entrepreneur is certainly a busy one. In the early days, there are a huge number of tasks that must be completed before to get a startup business off the ground. One of the primary considerations is to put essential business contracts and legal documents in place. For example, standard terms and conditions of business should be created to formalise the sales agreement and give customers and clients a clear idea of exactly what they can expect from the transaction. Depending on the structure of the business, shareholder/partnership agreements are also essential to make sure everyone involved in the business understands exactly what their role will be.
But that’s only one small part of the tasks entrepreneurs must complete. For some more insight, we spoke to Vasco de Castro, the business development director at office fruit provider “Fruitful Office”, for his views on the essential ‘must dos’ for new entrepreneurs.
- Remain focused on your product or service
It’s unusual for a new business’s product or service to be perfect from the off. Over time, it will usually undergo a number of tweaks as the company learns from its mistakes and reacts to client and customer feedback. The product or service is by far and away the most important asset of a new business. For this reason, it’s essential it is as good as it can be from the off. It’s also essential the startup is prepared to make improvements as and when they are needed.
- Be prepared to take the plunge
It’s absolutely essential to conduct plenty of research before you go to market. That can include everything from competitor research to pricing strategies and potential areas for growth. But, it’s important for an entrepreneur to appreciate that at some point they must take the leap into the unknown and launch the business. Valuable time can be wasted by stalling the launch too much, so be prepared to learn as you go.
- Surround yourself with your right people
Entrepreneurs must ensure that everyone involved in the startup has the same vision for the business and is 100 percent committed to making it work. Everyone must share the same passion and any doubts must be ironed out ideally before the launch. Putting shareholder and partnership agreements in place and simply having those discussions will help to make sure all parties are on the same page.
- Delegate to grow
Entrepreneurs must be able to accept that they do not have the time or the skill set to complete the never-ending list of tasks they will be faced with. In the early days, learning to delegate and being able to trust the team you have put in place is essential. Richard Branson touts something similar in this article. He has said: “It’s a fairy tale to think you can do everything yourself. It’s vital to the success of your business that you learn to hand off those things you aren’t able to do well.”
- Empower your team
Picking the right team to work around you is certainly part of the battle, but you then need to put the tools in place to allow them to be effective. Empowering your team to do the best job they can do will help to keep them motivated and give your business the very best chance to flourish.
Do you agree with Vasco de Castro? Are there any other things an entrepreneur can do to give their businesses the very best chance of success? Please share your views below.