The Leadership Insider network is an online community where the most thoughtful and influential people in business contribute answers to timely questions about careers and leadership. Today’s answer to the question “What advice would you give someone looking to start their own business?” is by Veenu Aishwarya, co-founder and CEO of AUM LifeTech.
Most startups are formed in garages or apartments and AUM LifeTech is no different. Most entrepreneurs believe in following their dreams and I’m no exception. And most startups want to make a difference in the world and I’m 100% confident AUM LifeTech will one day. However, AUM LifeTech is still a work in progress and we have a lot to learn. But there are a few lessons I’ve learned so far that have helped us achieve success:
Build a strong team
Finding the right team members during the early stages of a company is one of the most important aspects of starting a business. These are the people who will have a long lasting impact on the company and usually define the culture, identity, and core values. Creating a billion dollar idea helps, but identifying the best possible team to execute an idea efficiently is critical. And make sure there is diversity at every level. This will encourage innovative thinking, ultimately making the company more successful.
Fail early
If you are starting a business, you should already know success will not happen over night. Honestly, it could take many years before you see real success. But it’s important to use the time in between to learn from your mistakes. Find ways to cut your losses and identify the areas that need improvement while your company is still in its early stages.
Work together
Many entrepreneurs try to reinvent the wheel and do everything on their own. But this could lead to burnout and isn’t an effective way to build a sustainable company. Be willing to hand off responsibilities to the team members with the right expertise. This will help your company achieve its goals faster and more efficiently. And more importantly, it allows everyone to focus on developing his or her core area of expertise.
Be patient
There will always be ups and downs in business. It may take a much longer than expected to achieve your goals, but it’s important to remain passionate and patient. Surround yourself with positive thinkers and be in touch with your mentors–never underestimate the importance of having role models. Try to learn from their experiences and how they managed to survive during the most difficult times. This gives you strength and motivation. Take a break and travel if needed. Sometimes, this helps to reorient your thoughts. If you’re willing to hang around long enough and accept the challenges that come your way, it will only be a matter of time before you achieve your goals.
Stay hungry and stay foolish!
Read all answers to the Leadership Insider question: What advice would you give someone looking to start their own business?
How this startup failed (twice) and still found success by Kevin Chou, co-founder and CEO of Kabam.
Are you resilient enough to start your own business? by Ryan Harwood, CEO of PureWow.
The most important lesson I learned as a tech CEO by Kyle Wong, CEO of Pixlee.
How to avoid a startup failure by Jim Yu, CEO and co-founder of BrightEdge.
3 things to consider before starting your own business by Sunil Rajaraman, co-founder of Scripted.com.
4 ways to persuade people to join your startup by Nir Polak, CEO and co-founder of Exabeam.
GoDaddy CEO’s 5 tips for aspiring entrepreneurs by Blake Irving, CEO of GoDaddy.
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