BRX Pro Tip: 4 Key Lessons for Aspiring Entrepreneurs
Stone Payton: And we are back with Business RadioX Pro Tips. Stone Payton and Lee Kantor here with you. Lee, let’s see if we can share some insight or a couple of ideas for the aspiring entrepreneur.
Lee Kantor: Yeah. I’m sure that this happens to you, but it happens to me a lot where a younger person or a new entrepreneur will ask me questions about what it’s like because they’ve either had kind of a normal job where they just work for somebody their whole life or their career and now they’re ready to make this plunge into entrepreneurship.
Lee Kantor: And to me, there are certain kind of pillars of entrepreneurship that you should be focusing in on if you want to get it right and build a company or a practice or a firm that really has a chance to grow and really make an impact.
Lee Kantor: The first thing to do if you’re thinking about starting a venture is to focus in on a customer need. You have to get that product market fit right as soon as possible and be clear about what it is that you’re offering to the marketplace.
Lee Kantor: Second, you have to try different things and you have to quickly iterate and learn from your mistakes. If you’re not trying things and failing, you’re probably not experimenting enough. You have to, in my opinion, reframe failing to learning and just understand that this is part of the deal. You have to be trying things. You have to be putting them out there to the marketplace. And they will help you decide where you should focus your time and energy.
Lee Kantor: [00:01:29] Third, and this is an area a lot of people I don’t think spend enough time is, but you have to master budgeting and cash flow. You have to know your numbers. You have to know what numbers are the metrics that matter. And you have to adjust accordingly when things aren’t going your way.
Lee Kantor: [00:01:45] And number four, if you do this right, this is going to really help accelerate your growth, is, you have to build a strong team. You have to have people that are better and smarter than you. Hire generalists, they can do kind of jacks of all trades. But at some point as you grow, you have to hire specialists, people that are great at doing the thing you need. Because once you’ve identified those metrics that matter and you plug in people that can really move the needle in those areas, then you’re going to really accelerate your growth.
Lee Kantor: [00:02:15] So, build a strong team, empower your people, and you can go pretty far.
