Business leaders can make hundreds, even thousands, of decisions a day. Decisions made at the beginning of a business, even if they may seem trivial or insignificant, often have a large impact on how the business will function in the future.
As an entrepreneur myself Young Entrepreneur Council Below, we share each of the key decisions we made in the company’s first few years that impacted how we function today, and the key lessons other business owners can learn from these experiences. .
1. To pivot into a smaller niche
A decision I made early on was to pivot into a smaller niche and focus on a specific group of our target base. This has allowed us to understand a particular niche and its ins and outs better than the big companies. Thus, I was able to establish myself as a more professional and grow my business significantly. Business can take you in directions you never thought possible. Being able to pivot and embrace it can be the difference between success. – Todd Bialashevski, junk car medic
2. Trust team members immediately
Most people say trust is earned, but I have always chosen to inherently trust the people I hire and let them show me what they have. recruited young professionals fresh out of , and put them in a pressure situation. Nine times out of ten, they have shown me that they actually deserve that trust from the beginning. Sure, it can be risky, but if you bring in team members who really screw you up after you’ve given them the opportunity to do great work, more introspection about your hiring process and what you look for in an employee. – Shay Berman, digital resources
3. Onboard the right people
Starting off, one of the key decisions I made was onboarding the right people. I ensured that the team was made up of professionals who not only had the right skills to get the job done, but also championed the company’s culture and values. We were able to create a team of self-starters and diverse talent profiles that excelled in collaboration and helped keep the needle moving against all odds. It just means you have to have the right people by your side. A new business faces many challenges from the start, but having a team you can trust makes it a little easier to reach and achieve the goals set. Stephanie Wells, formidable form
4. Pay attention to customer needs
My brother and I started our entrepreneurial journey in the field of web design. But the longer you offer that one service of his, the more questions you’ll have. After all, people needed a lot more help than building websites. That’s how we became a full-service digital marketing agency. The biggest lesson I learned from this experience is to always pay attention to what the client wants. listen to them. Yes, we have this core offer, but don’t forget to look around. It’s easy to miss opportunities when you’re constantly sharpened. – Solomon Timothy, OneIMS
5. Involve customers in product development
From the beginning, we have included our customers in the development of our products to get timely feedback and create products that are closer to our customers. We continue to adhere to this practice today and have built a strong customer community. This has allowed us to avoid creating things that our customers will never use, and has also allowed us to build and maintain strong customer relationships. Dave Hengartner, already
6. To stay true to our mission
Early in building LogicPrep, we decided it was important to create a holistic, family-friendly experience that addresses all aspects of the college application process. Over the past 15 years, that application process has changed, but our philosophical commitment to helping students and their parents understand and make the most of this journey, in whatever form it takes, is what drives us. is uniquely positioned to navigate these changes successfully. Remember that the business environment can change. Or the problem you’re working on might even change. So clarify your mission so that you can adapt accordingly. – Lindsey Tan, LogicPrep
7. To avoid outsourcing work
One of the early decisions I made was to build an in-house team rather than outsource the service. Outsourcing some of the digital marketing work may have been a cost-effective solution at first, but investing in the training and development of your team so that you can perform all the tasks in-house. Did. This choice has allowed us to control the quality of our work, establish trust with our clients and form lasting partnerships. and thrive as a respected Canadian business. You can learn – Kazi Mamun, CANSOFT
8. Invest heavily in marketing
A big decision I made in my first few years at the company was to invest in marketing the business, which has a big impact on how the company works today. One of my main goals in the beginning was to reach the right audience and convert it into sales. The best way to do that was through marketing. Therefore, from the beginning, we invested heavily in SEO, social media marketing, digital marketing, etc. The impact it has had on my business has been amazing. It helped us establish a strong brand identity, build a strong following, and increase product awareness. All of this helped drive conversions and increase profits. Every entrepreneur should invest in marketing if they want to build brand awareness and reach their target audience quickly. – Thomas Griffin, optin monster
9. Organize everything
One of my early decisions was to systematize everything. Whether it was onboarding a new client, hiring the first employee, or managing day-to-day operations, we ensured early on that all repeatable tasks followed a prescribed process. Over time, these processes evolved into well-sophisticated policies and procedures followed company-wide, increasing accountability and streamlining operations. – Jack Perkins, CFO Hub