Building a business venture has a lot of steps, and every entrepreneur has their own favorite among them. It varies from individual to individual. For some, it can be the curiosity to know more and more, while for some it can be the freedom that comes with being their own boss.
We asked Entrepreneurs what they liked the most. This is what they have to say about it.
#1- Outlining your values
From my point of view, you might think that this isn't important to know for a young startup, but it is essential. Valeant is a good example. When you get started (and you will! ), you will spend most of your time dealing with crises that never end and setting up meetings with current and future investors, customers, suppliers, and distributors. So, new employees who join the company may not know the principles and values you use to run the business and may take them for granted.
Thanks to Kenny Kline, BarBend!
#2- Improving others' lives
I would say, that just in the United States of America, new companies are responsible for the creation of 1.5 million jobs per year. If you start a new company, you will have the opportunity to hire people who may not have had the chance for respectable positions in the past and provide them with training at the same time. It also implies that you will have the opportunity to have a positive influence on the community.
Thanks to Adam Wood, RevenueGeeks!
#3- Turning your passion into profit
In my opinion, when things get difficult in your new venture, it's crucial to keep in mind why you decided to take on such a dangerous endeavor in the first place. Twenty percent of new small firms fail in their first year, and nearly a third of those who make it to the second year are unsuccessful. After five years in business, half of the companies fail. The initial few years of running a business are challenging, which is why having a strong sense of passion is essential to ensuring your survival.
Thanks to Antoine Boquen, Horizons!
#4- Feelings of accomplishment and contentment
Starting out with a venture builder can be very rewarding because of the pride one gains from seeing their creations through to successful exits. You'll be joining a group whose members work together to achieve their objectives and hone their skills over time. Not what we're used to seeing is dealing with boring tasks and fighting alone. You'll have the opportunity to work on meaningful projects that have a direct impact on the future of the companies you help create.
Thanks to Jake Cowans, CompanyScouts!
A developer's journey to the presidency of a newly founded company is one of the most exciting in business. Investors and business founders come up with new concepts and establish new enterprises. That's why we're always on the lookout for new ideas, eager to learn about our surroundings, and willing to hear what our team's specialists have to say. Together, we will determine the viability of your business plan, and if it is sound, you will
be the company's CEO.
Thanks to Joe Troyer, ReviewGrower!
#6- Building a product concept
I would say that while a significant amount of investor capital is invested in research and development and concept concepts, the market only accepts things that are effective. You need a proof-of-concept that can expand rapidly and without too many problems, or you need a heavyweight investor or celebrity endorser with the connections and power to help you obtain the assistance you require. Even a patent can be reverse-engineered in order to copy a process.
Thanks to Martin Lassen, GrammarHow!
#7- Finding a market that appreciates your work
In my opinion, it's tempting to want your product to be the next instant global brand, but you need to remember to start small. Don't forget that Facebook started in a Boston dorm room. Start in markets you can win, which are often the ones that the bigger players or competitors ignore, think Aramex, Airbnb, or Flipkart. This will catch them off guard. It is now the biggest online bookstore in Arabic. Mumzworld has 30% of its products that are unique to it.
Thanks to Lachlan de Crespigny, Revelo!
#8- Mapping your networks
In my opinion, if you haven't done this yet, you should start right now! Networks are assets that need to be cared for and developed. Build your networks in a systematic way. No, I'm not telling you to go to all of those events for networking. Figure out who you want to meet and why, and then make plans to meet them. Not only investors can bring strong networks, but also classmates, employees, and customers. Make an advisory board, and this is a chance to get some important mentors on board.
Thanks to Robert Zeglinski, BreakingMuscle!
#9- Outlining key indicators of performance
I think that sure, you keep track of how many new customers you get, how much money you make, and how many people tell their friends about your business. But don't forget to also look at customer retention, return on investment, and referrals. Learn how your business works so you can tell when it will slow down. More importantly, when looking for money or workers, think about what it will cost you to give up a piece of your business. When investors put in money, tell them what your pay and perks will be, as well as what office costs are considered.
Thanks to Mark Valderrama, Aquarium Store Depot!
The feeling of accomplishment that came with running a successful business was the aspect of creating my own company that I enjoyed the most. In addition to this, I was no longer required to interact with insecure and unpleasant superiors. I was able to determine my personal work life, take vacations whenever I pleased, and hire exceptional workers who I always made sure to treat with dignity and courtesy. I've also never put in more effort.
Thanks to Ellie Shippey, EZContacts!
#11- Excitement and suspense
The main thing that I like about building my own venture is the excitement and suspense. You never know what’s around the corner; both good and bad. As you gain more experience in business, you also begin shaking off the losses like they are nothing. This mindset carries over into your personal life, helping to build mental resilience and confidence, which brings fulfillment. For me, starting my own venture was never about material wealth, but more about overcoming obstacles I thought I was once incapable of.
Thanks to Joe Bowab, Lobster Anywhere!
What I liked best about being my own boss was having the flexibility to work whenever and whenever I pleased. In addition, I value being able to chart my own course, regardless of whether it leads to triumph or tragedy. Now that I've gotten that off my chest, I also want to mention that it might be challenging to unwind when you're your own boss. I am responsible for generating sufficient income on a monthly basis to cover my outgoings.
Thanks to Gerrid Smith, Joy Organics!
Plan, make goals, and, most importantly, get to know who you are. What qualities do you have? What are your areas of weakness? How would this impact regular business operations? To determine this, you may perform a swot analysis yourself. Make sure what you're doing is engaging and demanding but not wholly outside of your skills as your business will almost certainly take over your life once you get started. You're committed to this for the long term.
Thanks to Dean Lee, 88Vape!
#14- Pursuing my interests
Many business owners launch their ventures to pursue their passions and aspirations. I'll be more fulfilled by pursuing my dreams than I might be by working for someone else. Since I'm in charge of starting my business from scratch, I can mold it into something I'm proud of and could even be able to leave as my legacy to my children. I am in charge of building my company from the ground up, which allows me to mold it into something that I can be proud of.
Thanks to Sep Niakan, Condoblackbook!
I am a typical millennial who chooses freedom over everything else every time. So for me, it is being able to mold my business to my strengths, desires, and personal interests that I like the most. I get to pick clients based on my favorite subject matter. I get to pick a team who jives with me and the way I lead, who also gets to fulfill their personal goals with this opportunity, and everyone benefits in the end. So it is the aspect of making something tailored to my wildest dreams from nothing that I like the most, and I would not trade it for the world.
Thanks to Kateryna Turner, Big Rock Marketing!
#16- Following my passion
When I work for someone else, I find it difficult to find the desire to accomplish my best work. No matter how hard I work, the fact is that the company's owners will reap the eventual benefits. On the contrary, I find inspiration at work every day when I'm my own boss, having started my venture. Following my ambitions is thrilling, and I have complete control over my achievements and success. As my company's day-to-day viability depends on me, I tend to be motivated to make each day as productive as possible.
Thanks to Yanis Mellata, Kosy Office!
#17- Quickness of execution
Working with a committed venture-building team, in my opinion, has several advantages because the team members can give the activity at hand their complete concentration. According to our perspective, it can be challenging for a full-time worker to engage in the second work in addition to their current one and do both tasks with the same level of quality. Employing dedicated teams to create innovative solutions from outside the corporation can be quite helpful when time is short, which is typically the case.
Thanks to Shad Elia, New England Home Buyers!
#18- Adopting new approaches
Developing effective solutions independent of the organization, in my opinion, has the long-term advantage of requiring a higher standard of quality in the final output. The created product ought to be successful as a stand-alone business. As a result, it is typically more finished, clearer, and more well-thought-out than a product created as a side business within an enterprise. As a result, the service may be reintegrated more easily.
Thanks to Joanne King, ICMP!
#19- The learning experience
What I love the most about the process of building my venture is how much of a learning experience it has all been. In fact, I would say that launching your own business is the ultimate masterclass that teaches an entrepreneur how to do business. It hasn’t been easy, which makes it all the greater for learning. Over the years, I have learned from my mentors, customers, employees, networks, and my own mistakes. These are lessons that I would value for the rest of my life as an entrepreneur.
Thanks to Robyn Newmark, Newmark Beauty!
#20- Developing new ideas
The process of building my venture has been a great experience so far. I really enjoy working on and developing new ideas, and this project has been no exception. I love the challenge of coming up with innovative ways to improve the site and make it more user-friendly. And I'm constantly motivated by the prospect of helping people get fit and healthy. I know that fitnessequipped.com can make a real difference in people's lives, and that's something that I'm proud of.
Thanks to Deniz Efe, Fitness Equipped!
As an entrepreneur, I enjoy building a business from the ground up. It's a challenge, and it's a lot of hard work. The opportunities for learning are endless. I'm always learning about new things, meeting new people, and working with a team of talented individuals. I have to be open to new ideas and opinions, which means listening even when I disagree. It also means being open to compromise and working together—and this is where my venture has really helped me grow as a person.
Thanks to Deepanshu Bedi, Exhalewell!
#22- The abundant opportunities
When you are building a business from scratch, almost every day comes with its unique challenges. As entrepreneurs, we have to brace ourselves for an endless charade of things that need to get done and this pushes us to consistently step out of our comfort zones. This is an aspect that I find extremely thrilling; the way I get a chance almost every single day to grow as a human being. It's not easy, but we're not on this earth to do easy things, right?
Thanks to Max Hauer, GoFlow!
#23- Create new ways of doing things
What I like most about building my venture is getting to create new ways of doing things other businesses all do the same. For example, we've watched companies do the customer journey all wrong, where the sales guy is the star, only for them to ghost the client for a strange new Account Manager as soon as the check is cashed. We've built everything around our Digital Strategists, who are on the sales calls, are built up as the stars, and own the relationships from start to finish without being responsible for sales
Thanks to Lane Rizzardini, Marion Relationship Marketing!
#24- Building a great team
Building a great team for my venture is what I enjoyed most. I think when you start your venture, everything needs to be carefully planned. Building a specialist team for the startup is worth its weight in gold. It pays off when you take the time to find the right people for the correct role. The right people can make all the difference between success and failure. I found myself thinking about how we could attract more like-minded colleagues to help us on this journey toward growth.
Thanks to Abdullah Ali, Coding Pixel!
#25- Giving other people the opportunity
The first thing I like most is the ability to give other people the opportunity to have a better life and lead them to the next level of success. It feels great when you create a job for others, and you feel the flexibility and freedom that comes with being an entrepreneur. When I started my business, I sat at my desk, I realized I could accomplish anything I desired. There was no supervisor or committee from which I had to seek consent. It was such a relief!
Thanks to Khamis Maiouf, Book of Barbering!
When I was starting as a keynote speaker and healthcare as well as business consultant, I always enjoyed the engagement happening during these events. I especially like it when I can extensively answer their inquiries, and some people in the audience expressed how they have attended more than one of my talks. Whenever I hear positive feedback like how they have applied pieces of my pieces of advice on their business journey, the sense
of achievement within me increases.
Thanks to Dr. Prav Solanki, TheFresh!
#27- The excitement
I like the excitement of seeing a vision come to life. I get to brainstorm and test different ideas and then build things that I design. Every new feature or product is a chance to envision something new and potentially very useful. We’ve spent years building up our knowledge and experience in this space, and I love to see how things turn out when we put that knowledge to use. I'm inspired by the process and I love being able to work with a team of people who share in that excitement.
Thanks to Henffrey M. Muthama, LedAsk!
#28- Turning your own ideas into reality
The best part about entrepreneurship is the ability to turn your own ideas into reality. I love being able to work on something from start to finish, and see it grow and change as my business grows. It's also really gratifying to be able to take risks and experiment with new ideas, knowing that if they fail, I can always learn from them and try again. Of course, building a successful business takes a lot of hard work, dedication, and determination.
Thanks to Davin Joseph, My Enamel Pins!
#29- Going into detail about the problem
What I like most about the process of building it is that we can go into detail about the source of the problem and come up with a solution to how to deal with it. With this, when encountering further problems in the future, we're not clueless about what to do. Going through the process of building a venture includes strategizing. This provides a detailed plan on how to improve and move forward. Recognize each department and the potential of every part of the business.
Thanks to Ben Grindlow, ProXpn!
#30- I Make My Own Rules
The problem that I've always had with being a sustainability gun for hire was, and is, that my clients only wanted to hear what they wanted to hear. But now, the only rules I need to abide by are my own, and even when I’m hired by corporate clients, I make it clear that if they hire my business, then we won’t adjust, redraft or recreate our reports to suit their image, we’ll do things my way, and we won’t do anything at all. I make my own rules, and if a client doesn’t like it, they can take their business elsewhere.
Thanks to Rob Greene, Price of Meat!