In collaboration with the Camilo Josw Cela University, which has launched the Degree in Entrepreneurship and Business Management, we started ‘Learn or undertake’, a series of contents focused on defining the skills, resources and strategies that future entrepreneurs should have. Learn to know about how to starting a business.
Take advantage of the experience of those who have already traveled the path of entrepreneurship, stumbled and learned from it so that you do not have to make the same mistakes again. Keep these Ten Commandments in mind; they will save you scares, the occasional upset and a possible failure.
1. Entrepreneurial mindset
You are going to need a good dose of mental strength, discipline, patience and optimism if you want to undertake. Being at the bottom of the canyon means that you must be ready for the challenges and difficulties that you will have to face. Now the responsibility is yours. Knowing this is important in advance and you can even prepare yourself practically and psychologically for it if you think you lack or have to reinforce these aspects.
2. Feed your passion, without losing your mind
Being in love with the problem you want to solve will give you the necessary gasoline to continue advancing day by day and overcoming obstacles. It is good to remind yourself from time to time, especially in moments of discouragement, what was the impulse that led you to undertake and thus, regain the illusion and initial strength. However, always do it intelligently, analyzing the possible risks and results, so as not to lose everything.
3. Before you start, prepare
If you want to build your company on a solid foundation, learn all you can about business and develop the skills you think you’ll need. Although learning will always be present in the process, it is better that you are well prepared before going to market, or mistakes will take their toll on you along the way.
4. There are no bad ideas, only poorly executed ones
In a world where almost everything is invented, it is not necessary for your project to be totally revolutionary. It is enough to identify a product that covers a need or solves a problem. If your idea isn’t getting the desired results, you may need to change your approach, as it’s often not the idea that fails, but the way you deliver it to the market.
5. Analyze the market
Knowing about marketing, finances… all of that is fine, but something essential is that you understand how the market works before launching into a business. Gathering information and knowing growth strategies, business models in different countries, legal requirements… will give you the necessary perspective to design your project.
6. Long-term vision
No one achieves success overnight, so you will have to be patient. Having clear and achievable objectives in the short, medium and long term will help you achieve the final objective that you have set for yourself.
7. Don’t take all the responsibility
Even if the business is yours, it is important to seek wise support to accompany you on your way. Use advice from other entrepreneurs or people who can bring fresh ideas to your project. Many will want to help you and you can even delegate to them some practical tasks that lighten the load of your work.
8. Choose well who you ‘marry’
If you are going to undertake with other partners, do not do it lightly. Make sure they share values, risks, and responsibilities with you. A good way to connect the dots is to make a prior written agreement with the guidelines that will guide your project, something to which you can return to solve problems or difficulties.
9. Surround yourself with a good team
Hire efficient people who cover your gaps or the tasks you prefer to delegate. And it creates a business culture –better if it is enjoyable– to generate unity and a good atmosphere. Having trusted staff frees you up to focus on your strengths or what you really love to do.
10. Take care of your sleep and your personal life
Excess sacrifices will take their toll on you in the long run. So make sure you set aside time for rest, family, and other things outside of work. Check from time to time if your plan is meeting your objectives, if you feel satisfied and if it brings you financial well-being. If not, you may have to give the project a spin.