Business Ownership What I've Learned So Far

As part of my business planning process, I wanted pragmatic discussions with people who have started businesses. I took notes, gathered tips, tricks, and advice. I was ready. I knew exactly what was about to hit me and I was fully prepared! Okay, maybe not... there are some things you just cannot prepare for. Here are a few lessons I've learned so far in a very short time running my own practice!

1. Independence is great, but not perfect. I'm an independent business owner without full-time employees. It is amazing...most of the time. I do not have to worry about anyone besides myself and my constituents (client partners and the candidates I represent). I am somewhat of an introvert so this model fits my personality quite well. With that being said, being an independent business owner is both a blessing and at times, a curse, as it can be extremely lonely. If you are thinking about going out on your own, you must be the type of individual who can draw energy from loneliness. If you cannot, you may be in a world of hurt quite early on.
2. Confidence is the most vital tool. In my opinion, your most vital tool when running a business is confidence. As a business owner, you will without a doubt take some very nasty hits. And when you do, there is rarely someone there to help you regain your confidence and pick you up. You must be incredibly resilient and continuously remind yourself of the value that you add. It is easy to lose confidence when you're on your own and it can take on a snowball effect more damaging to your overall business than anything else out there.
3. Influential people in your corner. Perhaps the most important lesson I've learned early on is that if you're going to start a business, you must have a couple of influential people "in your corner". I'm not talking about a couple of decent clients who like you. I'm talking about the high level people with a relatively strong level of influence (C-Level/GM level) who cherish your partnership and who think so highly of you that you could ask them for almost any professional favor and they will come through for you. Not all of your constituents need to be this way, but I believe it's imperative to have at least one in your corner. I have two of these people in my corner, and while they're too humble to admit it, I would not be where I am at professionally without their support.
4. Most people do not understand. I can almost guarantee you that if you start a business, you'll speak with dozens of people who think they can relate to what you're going through. It will bug you and it might even frustrate you. Running a business is nothing like having a corporate job. I am not saying it's harder, easier, better, or worse... it is just very different. If you go out on your own, it is important that you try and surround yourself with at least a few people who truly understand business ownership. They "get it". Occasional conversations with these folks are what may keep you charging forward.
5. "Big" plans aren't always the best plans. I originally set out on my own thinking I was going to try and build a large, revenue generating machine as quickly as possible. I had all of the plans in place to do so and the strategies were sound. That shifted very quickly, and not necessarily because I'm unable to do so. Rather, I've realized in short time that if you have the appropriate skills, given your trade, you can own and run a successful business even if it's tiny in scale. No one taught me that in college. You can still have an impact as a small business owner, even as an independent. I've discerned that what is most important to me - more important than giant revenue realizations and enormous profits - is that I stay true to what I stand for in my industry and that I don't bend my dedication to my constituents. I believe I'm able to do this more effectively if I stay independent, or at least stay small, so that is the new plan. Just because it's not a "big" plan doesn't make it a bad one!
6. Don't forget the emotional plan. Running a business is emotional. There are massive ups and unforgiving downs. One moment, you may be the proudest you've ever been in your life about an accomplishment and not a minute later, you may take the beating of your life from an upset customer. You can have detailed plans in place for financial objectives, growth obstacles, and hiring strategies, however, do not forget to plan for the emotional rollercoaster that you will experience as an owner. Plan for it and expect it. Surround yourself with other business owners and people who you can talk to about your progress and/or your challenges. You will need them.
7. It's rewarding. Some of the things I've mentioned above seem a bit dismal. But the reality is that running a business isn't glamorous and it's very difficult. A friend of mine, who started a business at 23 and ran it quite successfully for over 5 years, recently told me that running a business is the best MBA program you could ever put yourself through. I now agree. And while it is challenging, if you see any success at all in your business, it is truly the most rewarding experience you may ever have!

Cultura Solutions is a leadership search firm in Minneapolis that partners with executives to help bridge high-impact talent gaps. Cultura employs an extremely disciplined and transparent search process with a targeted sourcing model and outreach focused on genuine human-to-human interaction, allowing us to turn non-active prospects into interested candidates. Visit www.cultura-solutions.com for more information.