Lagos,Nigeria
Saturday, April 20th, 2024

Search
Search
Close this search box.

Budding Entrepreneurs Must Learn From The Failure Of Others, Not Just The Success

No comment
Wednesday, May 11th, 2016
No comment

“How do I start a business?” “What is the best way to grow my business?” These are the questions put to me time and time again by new or aspiring entrepreneurs. When it comes to starting a business, entrepreneurs often get stuck at the “how” rather than the “why”. They identify an idea or a problem to solve, but are unsure how to go about turning it into a successful business model.

A lot has changed since I started my first business in 2006. There have never been as many resources or technology platforms, or access to finance for entrepreneurs as there are today. However, while technology has made it easier to get started, these business owners often face challenges when it comes to growing the business into a profitable, successful enterprise.

While entrepreneurs are starting businesses in droves, they often get stuck when it comes to growth strategies: hiring someone for the first time or product development, for example. It’s natural to feel embarrassed, fearful or ashamed of your failures or potential pitfalls, but it’s so important to remember that even the most successful entrepreneurs experience setbacks.

The biggest hurdles that arise are often the things you least expect. Seven businesses later, I’ve learned many lessons along the way, and have discovered that the best way to prepare yourself for the journey is to learn from others. Seek out fellow business owners to learn from their experiences but, equally, share your experiences with others and learn to embrace your failures. Being honest about your failures and sharing them with others is one of the most important steps entrepreneurs can take.

One of the biggest challenges I have faced as a business owner is finding the right talent to hire. While you understand your vision and business model and the opportunities they represent to your team, it can be tricky to communicate this to a prospective employee. There is a lot of talk of refining your “elevator pitch” for potential investors. Make sure you take the same care when it comes to pitching to prospective employees if you want to attract the right talent.

I have also learned just how important it is to align your values with those of your employees from day one. This is particularly crucial during the startup stage, as there is no time or money to be wasted. My key piece of advice is to roadmap the candidate’s goals alongside the broader goals of the business to ensure the alignment of values and mutual success. One key thing I have learned about hiring is that CVs are dead: I haven’t read one in years because they are often embellished. I would rather hear a personal story.

Design behavioural surveys for prospective employees – we use Google forms and ask questions about behaviours, as opposed to skills. My favourite interview question (which I ask without fail) is, “Tell me what you did during the last 48 hours”. It provides an invaluable insight into how the person operates.

Don’t just seek references from old bosses, instead consider asking for references from the person’s customers and co-workers for a fresh take on how they work in a team and with clients. Always ask the hard questions upfront. Ask what a bad day looks like for them and then describe a bad day at your workplace. It’s important for the person to truly understand the role they are entering into.

My first client was a major blue-chip brand. The biggest challenge I faced was pretending to be bigger than a one-woman show. I closed the deal and pulled every resource I had to deliver to the client. I knew that nailing this sale and delivering above expectations would lead to more business, and it did.

The lesson I learned here was simple: do whatever it takes to satisfy your customer and deliver. Even when the client discovered I was a startup it wasn’t an issue because I had delivered the results.

Before you bring your business idea to life, seek advice from those who have done it before. Along with their successes, learn from their challenges, mistakes and regrets, and how they overcame them. Build a support network of fellow entrepreneurs and engage in peer-to-peer learning. You can learn as much from somebody as they can learn from you. Collaboration and mentorship are key to entrepreneurship and, more importantly, they represent the vital components in successfully growing your business.

Jo Burston is the founder and CEO of Rare Birds and recently published #IFSHECANICAN, a book documenting the business journeys of 29 young women entrepreneurs

Leave a Reply

Your email address will not be published. Required fields are marked *