The prospect of being our own boss who is completely independent is tempting, especially if we already feel like experienced employees and specialists in a given industry. And even more so if you have a germinating idea for a thriving business in your head.
However, it is worthwhile to analyse all the advantages and challenges that we face in order to answer the question of whether we are properly organised and have the right qualifications for “chairmanship” and to determine whether we really want it.
Being where I am today and having the knowledge from running a business for the last few years – including during the pandemic, I know that I would have done a few things differently, and it would have worked out better. And I don’t mean eating breakfast or packing a backpack in the evening. Below are three things that I believe everyone should consider when deciding to start their own business.
CV without the right attitude should raise a red flag
An issue that motivates us to set up our own business is the choice of people we are to work with. We choose our employees and co-workers, recruiting them according to our own criteria, in line with the competencies that we consider necessary and the character traits that will be important for us in cooperation.
However, the reality showed me, that it is not as easy as I thought. Over 77 job applications are submitted every second on LinkedIn, while the team members are a crucial element for the company to function well and achieve the expected results.
A resume can take a lot, not to say almost everything; you would be surprised how coloured some of them can be – extensive experience, directional education, and competencies adequate for the position. On the surface, a recruiter may think he has found the perfect candidate.
However, in practice, it often turns out that the experience is a bit exaggerated, qualifications are overestimated, and the candidate’s personality and the company’s organizational culture are two opposite poles. In order to effectively select them and conduct the recruitment, it is worth reading the CV ” in between the lines”, and during the interview, have well-defined questions, which will allow you to get to know the person, their goals, and values.
The ideal situation is one in which the candidate with the desired competencies, experience, and highly developed soft skills is at the same time well-motivated to work in our organisation. However, matching the position and scope of responsibilities, as well as the declared willingness and motivation, is not everything. It is significant for you as the company’s founder to match the candidate to the specifics of the organization, that is, its culture.
In the recruitment process, it may turn out that the applicant perfectly meets the requirements specified in the offer but ultimately does not find himself in the work environment, and the company would gain more by signing a contract with someone who – perhaps has lower qualifications and requires additional training & implementation – but has a system of values that resonates with the organisational culture.
How to verify whether a candidate will fit into our organisation? It’s worth at least deepening the conversation about the candidate’s additional activities and passions. They are not only a valuable source of topics to break the ice but also allow you to get to know the applicant as a person. Hidden talents or predispositions often lurk in the interests and ways of spending free time. This is especially important for young people who are starting their careers. Before they find their path, many people try their hand at different professional areas, not necessarily their target. Often the decision to accept a job is made by chance and not by a true vocation, which is often “hidden” in hobbies or volunteer activities outside of work.
Sometimes it’s not worth the wait
I know what it’s like when you come up with an idea, but there are still so many steps to take that the process is never-ending. The truth is, there will never be a perfect time for your idea to see the light of day. There will always be something new you want to improve or change. The success of your business is also dependent on its development, and for that, you need some space. So if you have the chance, start your business and don’t wait for the second and third thing. Otherwise, you may get caught up in the fact that it will never become a reality.
The business world is quite brutal – statistics show that up to 80 percent of companies fail after the first year of operation. So you have to be ready for stumbles and persevere towards your goal. Forgive yourself for your mistakes. Even the most profitable businesses have their ups and downs. Making mistakes is not a bad thing, as we are only humans. What is wrong is making the same mistakes over and over again. If you keep banging your head against a wall, it rather won’t go away. Learn from your mistakes. Turn every failure into a success. Change your approach and do things differently. And most importantly, believe in yourself!
Take care of your connections
I would give anything to have better relationships with people I met in college! You totally don’t think about it, but all connections to people in the industry are worth gold. You don’t even know when they might come in handy. Not only can these people turn out to be your future business partners, but also clients and investors. Therefore, focus on building good relationships and keep in touch with them.
Entrepreneurs often think they can do everything best. In practice, you rarely meet a real rocket man. Doing everything on your own will not work in the long run because firstly, you will fall from exhaustion and lack of motivation, and secondly, there are people who know better in particular things. For example, when it comes to website design or positioning, it is better to rely on specialists than learn how to do it yourself.