Being a startup entrepreneur is as challenging as it is exciting. Running your own business can be a very rewarding and satisfying experience once you succeed in navigating the startup pitfalls. According to serial entrepreneur Yemani Mason, “There has been an uptick in the number of startups in various industries. The idea of becoming an entrepreneur is very enticing and lucrative as it gives you a sense of empowerment and freedom to make your own decisions, realize your vision, lead a quality work-life balance, and gain financial independence. But, an entrepreneur needs to be astute in making complex decisions to achieve success, as poor judgments have led to the demise of many companies.”
Mason is a mortgage loan originator and founder of several companies such as Secure the Funding, Azure Financial Solutions, MBC Media Group, VestMunity, and the upcoming Black Star Credit Union. He is also the author of a book – ‘Lion Mentality’. Based on his experience, Mason shares five tips that can help entrepreneurs to garner success in their business:
Make a Business Plan
Making short- and long-term business plans are crucial to evaluating your positioning in the market, identifying strengths and weaknesses, and defining your future goals. In the wake of COVID-19, it has also become necessary to make a contingency plan for the future.
Learn from Your Mistakes
In the journey towards success, mistakes are inevitable; and learning from them takes you a step closer to success. It is imperative to take note of poor judgment and avoid repeating them in the future, as it can have major consequences and impede your progress.
Empower Your Team
Build a powerful team by hiring individuals who are experts in their field and share your vision for the business. Cultural fit is also a vital consideration. Invest in bolstering your team by empowering them to suggest ideas and thoughts and have open communication since employees who gel well produce great results. Remember, happy employees are your best brand ambassadors, as they have direct access to your customers.
Deliver Beyond Expectation
Offer impeccable service and surpass your customers’ expectations to garner their loyalty, build a formidable reputation in the industry, gain a competitive edge, and increase your consumer base.
An important aspect of being an entrepreneur is to recognize opportunities and take risks to grow and succeed in your business. It is essential to gain foresight and take the necessary steps that will benefit the business.
“To achieve success, it is important to believe in yourself and your efforts, irrespective of the obstacles in your way,” Mason concludes.