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Success doesn’t happen by chance. Being an entrepreneur is often a lot of work, coupled with consistency, habits, and strategic decisions. Founders usually find fulfillment in building a business from the ground up, but the road to success can be difficult and hit with many obstacles. There will be moments of doubt and you will wonder if it was all worth it or if it’s time to give up hope.
These five lessons are what put me in the position to start my company and rapidly scale my business: These are lessons I wish someone had told me when I was first starting out a few years ago.
Related: 4 Things I Wish I’d Known Before Starting My Own Business
1. Narrow your niche
Entrepreneurs want to be jacks of all trades, but now more than ever, narrowing down your niche and target audience will help you become an expert and stay noticed.
As a founder, I decided to shift the majority of my conference attendance to healthcare-specific events since the majority of our PR clients are in the healthcare sector. This allowed me to speak more intimately to my target audience by taking the time to understand their problems and provide personalized, data-driven solutions.
2. Hire a coach
Earlier this year, I hired one of my business coaches, Lauren Powers, through the Pinnacle Global Network. She also works in the agency industry and has experience helping founders scale to over nine figures. I quickly gained deep expertise without having to learn hard lessons or try different options to figure out how to make it work financially. She also helped me identify other revenue opportunities I was missing within my business.
I also hired an acquisitions coach who specializes in helping agency-to-agency acquisitions. I’ve been through dozens of acquisitions. M&A However, I’ve never implemented an agency strategy, and I want expert advice that condenses knowledge into exactly what I need in the moment, so that I’m not cluttering my head with information that isn’t relevant at the moment.
Hiring a business coach with years of expertise can provide you with deep insights to achieve exponential growth and uncover untapped revenue opportunities without long-term trial and error, saving you time and resources.
Related: 21 Lessons I’ve Taken with Me After 21 Years as an Entrepreneur
3. Offer work for free
When you’re starting out, the risk is high and companies may be hesitant to take a chance on a newbie, so offering to work for free in the field you want to gain experience can open up a lot of opportunities.
Early in my career, I knew I had to break into new and unknown territory, so there were many times when I worked for free just to gain experience and not feel pressured to get something in return. By donating my time, I was able to participate in high stakes deals and learn first-hand how the private equity and VC field works.
Today, I am one of the most sought-after media advisors, and it’s definitely worth it. Sometimes the experience and connections you gain are worth more than a quick paycheck.
4. Prioritize opportunity over salary
Some great companies don’t offer high salaries, but it has always been beneficial for me to pursue popular roles even if the pay is lower.
A few years after passing Series 7, I found myself looking for a fairly senior position that would require leadership roles I had never had before. The problem was that the company was not very attractive, and the salary and benefits were low. Still, I took the job for the opportunity and growth potential.
About a year and a half later, I was promoted to a new position with a salary that was double what I was originally asking for because the company recognized my value and accomplishments. During my time there, I learned more about broker-dealers than I ever learned or experienced at my previous company.
5. Read, read, read!
Successful entrepreneurs are usually voracious readers. I always have 4-5 books ready to read on any topic I want to dive deep into. Books still hold great value whether they are Audible or paperback. I prefer paperbacks.
I always believe it’s best to learn from multiple people through different mediums. When you rely on others to train you or provide you with the education you need, you are limited by their perception and methodology on the subject.
Related: 8 Important Lessons to Learn from Top Entrepreneurs
In entrepreneurship, having a strong grip on the reins makes all the difference. It means using available resources, no matter how small they may seem, to strategically build and accelerate your competitive edge. Entrepreneurship is both a calling and a skill honed by consistency and intent. It’s not a matter of luck. It’s about making smart bets and a thirst for knowledge. It’s important to turn every setback into a learning experience. In this competitive industry, playing the strategy game is what gets you ahead.