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Start-up Advice

How To Forge Your Own Path In Business

Finding your own way doesn’t require reinventing the wheel.

Timothy Sykes

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You don’t need to be a visionary to forge your own path in business.

Honestly, you don’t even need to be a business owner to forge your own path. It’s more about a state of mind where you’re able to think for yourself professionally. To clarify, that doesn’t mean you’ve got to be a lone wolf: ideally, you want to be able to to work with and even for others, but without being a follower.

The ability to balance being an independent thinker yet simultaneously remaining accountable for your actions will make you a much more valuable worker, no matter what field you’ve chosen. The good news is that with targeted effort, anyone can adopt this mindset. Here are some of my tips for how to forge your own path in business, and why it matters.

Learn the rules first

This might sound out of place in a post about how to forge your own path in business. After all, aren’t we talking about independence?

Here’s the thing. Before you want to break the rules, you have to actually learn what they are. Take the time to learn the “rules” of your trade before you start trying to reinvent the wheel. You’re likely to pick up wisdom that will serve you, even if you intend on using the rules to inspire new and creative ways of breaking them.

Related: 30 Top Influential SA Business Leaders

Seek guidance

Once again, you might find yourself thinking: Why should I seek out guidance if I want to forge my own path? Picture a cliche movie scene of a parent teaching their kid how to ride a bike. There’s that magical moment where the parent lets go of the back of the bike, and the kid is doing it on his own.

In business, you often need that initial helping hand before you can ride smoothly on your own. Before you can think for yourself, it can be helpful to absorb all of the wisdom you can from others.

One powerful way to do this is to find a mentor, or someone established in your field or a similar field who can give you words of advice and help you avoid making mistakes. Another is to make sure to take part in networking groups and to engage with other entrepreneurs. The more people you connect with and the more knowledge you gain, the better!

Set realistic and specific goals

If you want to gain confidence, become an independent thinker, and a better problem solver, do this one thing: Set realistic and specific goals.

Say that you want to increase sales for your business. It may not be realistic to say that you want to double your sales, but to simply have a goal to “increase sales” isn’t specific enough. However, setting a goal of increasing sales by 20% this year might be more realistic and is definitely more specific.

A goal like this is motivating, as it gives you something specific to work toward. It also allows you to break it down into actionable steps. You can begin to problem-solve, making specific plans for ways in which you could make your goal a reality. As you reach these milestones, you’ll gain more confidence in your abilities, which can help you move forward more confidently in your career.

Observe, but don’t copy

It can be very helpful to look at what your competitors and other entrepreneurs are doing. It keeps you relevant, gives you ideas, and can help keep you nimble in your chosen field.

However – this is important – you should never copy what others are doing. For one thing, it doesn’t work. Say you see someone killing it with a brand new hummus restaurant start-up. You can’t just start crushing chickpeas and expect success. There are lots of inner workings to the business that you’re not privy to, so even if you were to try, you couldn’t quite replicate someone else’s success.

Further, by the the time you copy, you’re already a follower and behind the curve. It’s better to use the information you observe as data, so that you can gain insight on things like effective marketing techniques and aesthetics, and apply these things to your own original ideas.

Think for yourself

You probably already guessed this one, but to forge your own path in business, you need to learn to think for yourself. So…how do you do that? Education is key. You need to absorb all of the knowledge you can, talk to as many people as you can, and observe as much as you can.

It’s almost like you’re forming your own personal library of data and resources. As time goes on, you’ll become better able to use this knowledge that you’ve gained to put your own unique ideas out in the world. You’ll be better able to generate ideas and to come up with intelligent solutions.

Related: Business Leadership – Learn How To Embrace Change

Let yourself grow over time

Ultimately, if you want to forge your own path in business, you need to be patient. Expertise, independent thinking, and autonomy won’t all happen overnight, so take the pressure off of yourself.

Remember: Patience is a trait of some of the most successful people. Focus on progress, not perfection. If you want to be successful for the long haul, allow yourself to learn and grow and continue to improve over time. Slow but steady, right?

This article was originally posted here on Entrepreneur.com.

Timothy Sykes is an entrepreneur and a penny stock expert, trader and advocate. He has been featured on CNN, Fox News, CNBC and more and has spoken at prestigious institutions such as Harvard University.

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Start-up Advice

Put On Your Wellies: It’s Time To Wade Into Risk

Entrepreneurs aren’t all leaping into the unknown like lemmings off a cliff, but they do need to consider it…

Chris Ogden

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You’ve had a great idea. You’ve looked into its development. You’ve recognised that it has potential beyond just what Auntie Mabel and Mike From The Grocer think. And you’ve clearly nailed a pain point that can make money. Now it is time to take the risk of running with it.

Every big idea comes with risk. You can’t step out into the world of entrepreneurial thinking and business development without it. Your idea may fail. It will also be time consuming, demanding, hungry for money, and hard work. It is unrealistic to expect that your project will leap out into the world and be an unmitigated success.

It is also unrealistic to assume that it isn’t worth taking this risk.

There are steps that you can follow to ensure that your risk is managed so you aren’t blindly leaping off that cliff…

Step 01: Do your research

No, canvassing your neighbours, friends and family is not doing research. You need to know that your idea will appeal to a broad market and that it will have significant legs. This may sound like daft advice, but you would be surprised how many people think an idea will take off just because Susan in Accounting said so.

Step 02: Understand the costs

Projects are hungry for money and investment. Realistically work out your budgets and how much it will cost to take your project off the ground and then stick to it.

A calculated risk is a far better bet than one that shoots from the hip and hopes for the best. You can also use this as an opportunity to draw a clear line under where you will stop investing and end the project. If it keeps eating money and isn’t getting anywhere with results you need to be able to walk away.

Step 03: Know when to walk away

As mentioned before, this can be defined by a line you’ve drawn in the proverbial sand (and budget) but no matter where you draw this line, you have to stick to it. Often, when time, money and energy have been poured into a project it can be incredibly hard to walk away.

You think ‘but I have put so much into this, just one more’ and then it gets to a point where the ‘just one more’ has taken you so far down the line that walking away feels impossible. Leave. Learn the lessons. Apply them to your next project.

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Start-up Advice

Mind The Gap

The entrepreneur’s guide to finding the gaps and building the right solutions.

Chris Ogden

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Innovation may very well be the key to business success but finding the gap into which your innovative thinking can fit is often a lot harder than people realise. Some may be struck by inspiration in the shower, others by that moment of blinding insight in a meeting, however, for most people finding that big idea isn’t that simple. They want to be an entrepreneur and start their own high-growth business, but they need some ideas on how to find that big idea.

Here are five…

1. Network

It sounds trite but networking is actually an excellent way of picking up on patterns and trends in conversation and business problems. The trick is to note them down and pay attention. Soon, you will find patterns emerging and ideas forming.

2. Look for pain

Just as networking can reveal trends in the market, so can spending time reading. The latter will also help you find common business pain points. These are the touchpoints that frustrate people, annoy business owners, affect productivity, or impact employee engagement.

Be the Panado that fixes these pains.

3. Luck

luck

This is probably the most annoying of the ideas, but it is unfortunately (or fortunately) very true. Luck does play a role in helping you capture that big idea. However, luck isn’t just standing around and random people offering you opportunities. Luck is found at networking events, it is found in research and it is found in conversations with other entrepreneurs.

4. Luck needs courage

You may have found the big idea through your network, a pain point or pure blind luck, but if you don’t have the courage to take it and run with it, you will lose it to someone else.

Being bold in business is highly underrated because most people assume that everyone is bold and prepared to take big leaps into the unknown. However, not all brilliant entrepreneurs were ready to throw their family funds to the wind and leap into an idea – they were courageous enough to figure out a way of harnessing their ideas realistically.

5. Pay attention

This is probably one of the most vital ways of finding a gap in the market. Often, people are so busy that they don’t really pay attention to that niggling issue that always bothers them on a commute, or in a mall, or at a meeting. This niggling issue could very well be the next big business opportunity. Pay attention to it and find out if that issue can be solved with your innovative thinking.

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Start-up Advice

5 Things To Know About Your “Toddler” Business

As you navigate this new toddler phase of your business, here are five things to bear in mind.

Catherine Black

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Ah, toddlers. Those irresistible bundles of joy bring a huge amount of energy, curiosity and fun to any family – but there’s also frustration and worry that comes with their unpredictability, as they grow and start to become more independent. If you own a business and it’s successfully past its “infancy” of the first year or so, it’s likely it will also go through a toddler stage of its lifecycle.

Pete Hammond, founder of luxury safari company SafariScapes, agrees with this. “Our business is now three and a half years old, and we’ve found that we’re not yet big enough to justify employing a large team of people to handle the day-to-day admin tasks, yet we still need to grow the business as well,” he says. “As a result, our main challenge is finding the time to step back and see the bigger picture. Kind of like when you are raising a busy toddler and you spend most of your time running after them!”

As you navigate this new toddler phase of your business, here are five things to bear in mind:

1. This too shall pass

Everything in life is temporary – and that goes for both the good and the bad. It’s as helpful to remember this when you’re facing the might of a toddler temper tantrum, as it is when you’re facing throws of uncertainty in your business. If your new(ish) venture is going through a rough patch in its first few years, it can be easy to think about giving up – but don’t. As long as you have an overall big idea that you believe can add value to your customers, keep pushing through the rough parts until you come out the other side.

2. Appreciate what this phase brings

The toddler years mean that the initial newborn joy is officially behind you. But these small humans also bring their own kinds of joy, as you watch them learn new skills, say funny things, and give affection back to you. While your two-year-old business may not hold the same exhilaration for you as it did during those first few months, there are now different things to appreciate about it: Maybe you’re expanding your product range, or employing new people who can take the workload off you.

3. Establish boundaries

Toddlers thrive on boundary and routine – and your toddler business will too. As it grows into a new phase, try and establish limits in terms of the type of clients you want to work with and the type of work you’ll do. It’s also a good idea to make a decision about the hours you’ll work and when you’ll switch off, which will help you establish a good work-life balance.

4. Take a break

Every parent with a toddler needs a break every now and then, even if that means a walk around the block (on your own!), a dinner out with friends, or even a few days away. The same is true for a demanding small business: every so often, remember to take time out to rest properly, where you switch off your laptop and completely unplug. You’ll return much more inspired and resilient to deal with the everyday uncertainty that it brings.

5. Give it space to make mistakes

While the unpredictability of a young business can be stressful and tiring, it’s also a time for trying new things without the risk of huge consequences if they don’t quite work. After all, it’s much simpler to change your USP if you’re a small business employing a few people, rather than a big company where 50 people are relying on you for their salary, or where you’ve received a huge amount of investment capital. While you may fail in some of the things you try with your business (in fact, this is almost guaranteed), see it as a toddler that’s resilient enough to pick itself up, dust its knees and keep moving forward.

During this phase of business growth it’s also essential to have the right type of medical aid cover. There are medical schemes such as Fedhealth which has a number of medical aid options and value-added benefits to ensure that your health and wellness is taken care of too. After all, the healthier you and your staff are, the more productive your business will be – during the toddler (business) stage and beyond.

While this phase can be frustrating, it’s a sign that your business is growing and adapting, rather than remaining in its infancy, and that can only be a good thing! So embrace the difficulties, learn from them, and watch as your business strides forward confidently into the next exciting phase.

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