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Start-up Advice

The 7 Business Lessons You Should Learn by 30

Start with an understanding that “the right people are worth everything.”

Jayson Demers

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Starting a business – or even getting involved as a professional – when you’re young can be intimidating. You might have knowledge about business from school, books or practical advice from sources online, but there’s a big difference between understanding business fundamentals on paper and gaining wisdom through actual experience.

By the end of your career, you’ll have accumulated a wealth of knowledge and hundreds of lessons, but there are some lessons that you should learn early on – ideally before you turn 30.

These lessons are some of the most important to learn while you’re still young enough to make use of them:

1The right people are worth everything

building-a-business

It’s almost impossible to build a successful business by yourself. Even if you’re a solo entrepreneur, there will be mentors, partners, vendors and peers alongside you helping you achieve your long-term vision. So, recognise how valuable other people will open you up to more opportunities, help you keep an eye out for new contacts no matter where you are and make you more discerning in decisions like hiring and long-term deals.

Learning this lesson early will prevent you from wasting time on the wrong people and give you more time to work with the best people you find.

Related: 10 Young Entrepreneurs Under 30 Share Their Start-Up Secrets

2You’re going to fail – and that’s okay

No matter how much you know or how much you prepare, failure is going to be inevitable for you. Your business may become successful overall, but there will be individual strategies and campaigns that crash and burn, and ideas that fizzle out entirely.

Facing failure with the realisation that it is, in some contexts, unavoidable, makes it. easier to accept.

You can view it as a lesson and an opportunity to improve, rather than an end point or a sign that you should give up entirely.

3Time is your most valuable resource

time-valuable-resource

The adage that “time is money” is an apt metaphor to describe the power that time can hold when budgeted and used as a resource.

This works in a few different dimensions. For example, the sooner you start something, the more time you will have to generate benefits for yourself, and the more time you’ll have to work with that project.

Additionally, you only have so many hours in the day, and how you spend them has a direct impact on how much value you’re able to produce. The sooner you learn this lesson, the more time you’ll save.

Related: 29 Things You Should Accomplish Before You’re 30

4Communication can prevent or fix almost any problem

The power of communication can’t be underestimated. Communicating proactively can prevent the development of almost any problem – by explaining things clearly, setting firm expectations and mitigating misunderstandings.

Communicating well can also help you resolve any problem, whether it’s making an apology, coming up with a mutually agreeable solution or explaining circumstances.

5Perfection is the enemy of progress

perfection-balance

Because of the fast-paced business environment we live in, waiting to move forward with a new initiative because it’s not quite perfect can mean the failure of that initiative.

Agile, flexible, adaptive businesses that demonstrate an understanding that things can be tested and optimised while they’re already producing a return on investment are the ones that succeed.

You’re never going to get it perfect on the first try. But be sure to balance your initiative’s “readiness” with agility and speed.

Related: 9 Top Tips For Young Entrepreneurs

6All ideas must be rooted in practicality

No matter how good or original or appealing your idea is, it’s only as valuable as it is practical. For example, if you have a vision for an amazing video, but you don’t have the resources to produce it in an efficient way, you have to drop the idea.

The same can be said of any business idea; you may have a revolutionary new concept for an enterprise, but if there’s no way to make it feasible or profitable, you won’t be able to move to any form of execution. Sometimes, the best ideas have to be tabled due to a lack of practicality.

7There is always more you can be doing to keep learning

No matter how much you know, or how much you think you know, there’s always more information to learn. You’ll always have room to be a better leader and a better entrepreneur, and there will always be new skills and abilities to acquire.

Maintaining a course of constant improvement will keep you at your best for as long as possible.

The earlier you learn these business lessons, the more time you’ll have to use them in a practical environment, and the fewer repercussions you’ll face in neglecting them (whether intentionally or unintentionally).

Related: 8 Reasons Young Entrepreneurs, or the Young at Heart, Lead the Way

You’ll never be perfect, so don’t worry if you make mistakes or forget things you would have benefitted from.

There’s also a difference between reading about lessons in an online article and actually experiencing them firsthand – so be prepared to do your best learning as you go through these challenges.

This article was originally posted here on Entrepreneur.com.

Jayson DeMers is the founder & CEO of AudienceBloom, a content marketing agency, as well as EmailAnalytics, an email productivity monitoring app for Gmail and G suite. Contact him on Twitter or LinkedIn.

Start-up Advice

How To Apply Lean Principles To Your Start-up’s Productivity And Time Management

Focusing on one thing at a time is a very good start.

John Rampton

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If you’ve recently launched a start-up, I’m sure that you’ve heard a lot about being “lean.” But I’m not here to discuss the methodology popularised by the likes of Eric Ries.

The lean principles from a Toyota exec

I’m actually writing about the term and concept of “lean” that was originally developed by Toyota executive Taiichi Ohno during the reconstruction period in Japan following World War II. The process was so successful that more and more organisations around the world began to embrace it. However, it didn’t hit the mainstream until James P. Womack and Daniel T. Jones released their book Lean Thinking, in 1996.

Applying “lean” to productivity in start-ups

Today, lean principles have been applied to almost every industry both large and small scale. For instance, lean principles in the healthcare industry have been able to reduce costs, while improving efficiency. On a smaller scale, employees have used these principles to organise their workspaces.

Related: What Business Should You Start In Africa?

Here are four ways you can apply lean concepts to your startup to improve both productivity and quality.

1. Improve your workplace using the five principles of lean

According to the Lean Institute, which was established by Womack and Jones in 1997, there are five core principles of lean:

Value: Value means putting yourself in your customer’s shoes and knowing what their needs are. This helps you determine timelines, pricing and expectations instead of constant trial and error. For your team, letting them know how they fit into the bigger picture can keep them motivated.

Value stream: Value stream is where you create a “value stream” of all the steps and processes required in getting the final product or service to your customers. This could include design, production, delivery, HR and customer service. Knowing this information allows you to eliminate any wasteful steps.

Flow: After you’ve removed any unnecessary waste from the value stream, you want to make sure that everything runs smoothly. Flow means not having any interruptions or delays. The flow involves breaking down steps, leveling out workloads, creating cross-functional departments and training your team so they can develop multiple skills.

Pull: When flow improves, so does the time it takes to get your goods or services to customers. As a result, they can “pull” whenever needed so you’re not constantly under- or overproducing inventory, content, etc.

Perfection: Even after successfully completing the first steps, you still need to constantly keep working to improve processes so that you can eliminate waste. Perfection may be an exalted goal in whatever endeavour we are pursuing – but we still must always be moving forward toward being the best and achieving the best.

2. Use the concept of 5S to get yourself organised

5S stands for sort, set in order, shine, standardise and sustain. You can use this concept to organise your workspace so you and your team are more productive by doing the following:

  • Remove any items that you no longer need (sort)
  • Organise your remaining items so you’re more efficient (straighten)
  • Keep your workspace clean and tidy so you can find items and identify problems more quickly (shine)
  • Color-code and label files and calendars to make you more consistent (standardise)
  • Develop repeatable behaviours and habits that will keep your workplace clean and organised, such as completing one task before moving onto the next (sustain).

You and your team – even if they’re virtual employees working from a home office – can get started by throwing away anything unneeded. Place files into cabinets – colour-code your calendars – and keep items you frequently use nearby.

But these principles aren’t just limited to physical items. Digitally, you can use a project management system to assign tasks, quickly see the progress of projects and share files and comments in one organised dashboard.

3. Standardise your work to become more efficient

In manufacturing, there’s a standard process for everything. The reason? By doing something the same way time and time again you will eliminate waste since you’re not constantly trying out new techniques. Standardising also prevents errors and forgetfulness because there’s a checklist for ever step of the journey. For example, when a car is on the assembly line, it can’t move forward if someone forgot a bolt or installed a faulty steering wheel.

4. Standardise what makes sense

Start by keeping a time log to see when you’re most productive and how you’re spending your time. You may notice that you’re most productive in the mornings. If so, that’s when you should work on your most important task.

If you discover that you’re checking your email and social accounts too often, schedule specific times throughout the day to check them. To prevent wasteful meetings, you can standardise meetings. Make sure these meetings are necessary and include only key people pertinent to the information. Keep all meetings as short and concise as possible.

Get into a good flow to optimise your and your team’s performance

Flow is simply how work can progress through a system. When your system is running smoothly, flow is good. When flow hits a snag, it slows down the process and waste occurs.

Manufacturing facilities make it a point to ensure that the flow is good. Unless it’s an emergency, production lines rarely stop running. Everyone has a specific job to do, and that’s all they’re focused on. That’s not the case at your start-up. You must wear multiple hats, as well as deal with constant interruptions. How many times have you been in “the zone” and gotten distracted by a phone call or have no choice but to go put out a fire?

Remember focus

One way you can improve flow in your start-up is by focusing on one thing at a time. That means no more multitasking. Give your 100 percent focus to what you’re working on at the moment and then move on to your next task. This may take some self-discipline. But you can start by turning off all push notifications, closing your door, block scheduling and setting boundaries.

You can also help your team improve their flow by setting “do not disturb” zones and time frames. Another tip is to schedule a “no meeting” day. This way you and your team can maintain focus without getting interrupted by a meeting.

Finally, you may want to consider outsourcing and delegating certain tasks. Instead of worrying about your inbox all day, hire a virtual assistant to manage your email. If you need to get your books in order, then bring in a bookkeeper. This frees you up to work solely on growing your startup.

This article was originally posted here on Entrepreneur.com.

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Start-up Advice

Which eCommerce Platform Should You Build Your Store On?

This is an important decision to make and with so many options out there it can become a bit overwhelming and confusing to decide which platform is the best option for you. So which platforms are best suited for a South African eCommerce entrepreneur?

Warrick Kernes

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Having owned and run websites using XCart, Magento, Shopify and WordPress, I’ve made enough mistakes and learnt enough lessons along the way to be able to help guide you to make the right decision about which platform is right for you…

When looking for options you’ll come across platforms like Prestashop, WordPress, WIX, Shopify, Squarespace, OpenCart, Magento, Shopstar, OneCart, ShopOn, LiquidBox, BigCommerce and endless more. All of which are trying to convince you that their platform is the best for you to use.

Reading international blogger reviews is helpful but they don’t account for how these website platforms perform in South Africa. They don’t review what the support is like in SA and which local software services are compatible. You see, these points are often neglected until you need them further down the line and only then find out how important it is that the platform you’re running your store on is made to work in SA.

Having worked with all the major website platforms I understand the importance of website support and how the site integrates with the local services which will make your life easier and your website better. Services like this include integrations into Rand (ZAR)  based payment gateways, integrations into local courier services, API connections into marketplaces like Takealot and Bid Or Buy, and API connections into price comparison sites too.

Related: 6 Steps To Building A Million-Dollar Ecommerce Site In 60 Days

The final factor to consider is the reputability of the website platform itself. There are many new and upcoming website platforms which I would love to support but when it comes to choosing a platform on which I’ll be building my business I need to know that I am going to be selecting a world-leading service provider.

So with this in mind I can help to narrow down your options to two platforms being WordPress with WooCommerce and Shopify. Which of these two is right for you will depend on how much you value your time.

Shopify will cost you $29 per month but the ease-of-use is such that even a novice can get a site live within a week. Operating WooCommerce on WordPress is complex for beginners and it will take you much longer to figure it all out before you can take your site live but the plus side is that it is free to use.

So ultimately you need to consider which of these two is right for you and your business but the most important thing is that you don’t spend any more time researching, take action and get started sooner rather than later so you can start to grow your online empire.

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Start-up Advice

6 Ways Starting A Business Is Like Raising A Child

Here are six ways that embarking on your own entrepreneurship journey is like raising a child.

Catherine Black

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While you may think work and parenting are worlds apart, when it comes to starting a business versus having a baby, the two have more in common than you think.

After all, both involve bringing something new into the world, preparing for the unexpected, and riding the storm when things don’t go as planned. Here are six ways that embarking on your own entrepreneurship journey is like raising a child:

1. It involves new expenses

From nappies and school fees to food and clothing, there are a whole lot of new expenses involved when it comes to kids. In the same way, starting a business also involves various costs – whether it’s paying accounting fees, setting up your website, buying stock or employing people. In both instances, having a good financial plan in place can go a long way to help you manage these expenses.

Related: How To Start A Business With No Money

2. It’s an emotional rollercoaster

Parenting invariably means you’ll experience every emotion under the sun, from unmatched joy when they’re born, to frustration at toddler tantrums, to wonder at seeing their little personalities develop. The same goes for a new business: Expect a range of emotions, from the highs of getting your first customer, to the satisfaction of making a profit, to anxiety if the market doesn’t respond to your product as you envisioned.

3. Expect the unexpected

Few things are as unpredictable as babies: One minute they’re gurgling contentedly, the next minute they’re crying for reasons you may or may not know. Just like babies, businesses can be highly unpredictable too. Product prototypes can fail and cause delays, employees get sick, an unforeseen tax bill could arrive on your desk – you’ll need to get comfortable with expecting the unexpected. And, if you run your business full time, you’ll need to bid farewell to your predictable monthly paycheque too (at least in the beginning).

4. It requires stamina

Late night feeds, helping your child with homework, washing, cooking, cleaning, answering all their burning questions – there’s no parenting “off” switch. In the same way, being an entrepreneur means it’s hard to stop thinking about your business at the end of the day as you would with a regular 9 to 5. This constant call for attention means it’s crucial to schedule in some downtime for yourself so that you get time to decompress and refresh.

Related: What Business Should You Start In Africa?

 5. You’ll need safeguards in place

While their immune systems are immature, young children get sick, which typically involves trips to the doctor, medication and possibly even the odd hospital stay. Having a good medical aid means you’ll be financially prepared for these intermittent expenses. And, just as you should ensure your child has the right medical cover, your business and your employees should also be covered properly. Fedhealth is one example of a medical aid that specialises in providing medical cover for SMMEs.

6. Love will get you through

As hard as parenting can be, the enduring love most parents have for their children means they keep caring for them day after day, no matter how exhausting it is. Similarly, if you love the industry your business is in and the work you do, you’ll have the fortitude to keep at it over the long term.

Both parenting and starting a business are hard work, but they’re hugely rewarding too. With both of them, it’s true that what you put in, you get out. Seeing your child grow into a well-adjusted, caring adult can be as satisfying as watching your business mature into a something that’s profitable and self-sustaining. Upon reaching these milestones, most people will agree that the journey to get there is definitely worthwhile.

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