Updated: Jul 12, 2022
The economy is run by an exchange of value among its participants. It is this exchange that forms the countless transactions that take place in a society: people spending money for products and services which provide them utility, which is defined as the state of being useful or functional. In other words, when you (or your product) can be useful, you qualify to enter into a transaction, wherein you swap your product with the other party, and in return, get something that is of utility to you, it can be money, another product or simply human attention.
This concept forms the basis of any business that thrives today. It is also the foundation for any start-up that wants to go a long way. Entrepreneurs are ultimately problem solvers, they identify a problem worth solving, an issue which is faced by enough people, that if they sell their solution to the problem, the project will be financially feasible for the founders and appealing to the investors.
Most Big company that exists, start off as a small one, propelled by their founders, the entrepreneurs, by their drive to do something different. And on their way to becoming global players in the market, they face many ups and downs and go through procedures and circumstances that the start-ups are yet to face. This journey brings in place a culture, a set of norms, and certain standardized practices in a company.
These practices streamline company operations for maximum efficiency and develop protocols for better resilience and compliance.
An entrepreneur who has started out can learn a lot form such corporate norms apart from his own school of self-discovery.
Some of the Lessons an entrepreneur can learn from the corporate are as follows:
1. Despite the burden, keep moving forward.
It might seem that people at the big firms are all well settled and doing great, but these people too, and not just the entrepreneur, are working under heavy pressure, with tight deadlines and an overdone schedule.
If the folks at a Billion dollar company are working as if everything is about to break down, then a young starter all the more needs to tighten his belt and keep moving forward. It’s all about Perseverance. Understand that you can't reach the highest levels of success without taking risks and maintaining the strength of the mind needed to persevere through difficult times.
2. Focus on Your Product and Make it Better
According to Mark Zuckerberg, you should not expect good results and success without making your product great. No matter what your role is, you need to understand your product like the palm of your hand. Look for loopholes and fix them as soon as possible. Despite being the CEO of the company, he works in coordination with his team to improve Facebook. As a young entrepreneur, you need to focus on what your customers want and tailor your product accordingly.
3. Hire the Right People
CEO of Facebook elaborates on his hiring criteria by saying, “I would only hire someone to work for me if I would work for them.” His advice for young entrepreneurs is that they should never compromise on hiring the best employees. “Over the long term, you are only going to be better if you get someone really good”.
To choose the best candidates, here is Zuckerberg’s formula: “Be upfront about what you stand for.” Hire the best talent to complement your skills.
As you launch your startup, there will be no one to supervise you. Hence, you need to plan your schedule carefully, be strict towards yourself to avoid days where you feel like not going to work and oversleeping because you are too tired or, just simply, unmotivated.
When you are the boss, not only do you work for yourself now but you also work directly with your business partners. Being the boss, you have to be an ideal model for your employees to look up to. Especially when you are the one to set up a startup, during its first period, you are expected to deal with and solve all of the unexpected problems. Without discipline, your system will most likely not run smoothly.
5. Don’t sell…show
At the point when he was youthful, Phil Knight (author of Nike) took a stab at offering reference books entryway to-entryway and bombed wretchedly. He saw no requirement for selling them, they were substantial to convey, and on the grounds that it felt like a weight to Knight, no one purchased from him.
A long time later, he needed to rehash a similar cycle yet this time with shoes. Blue Ribbon (presently called Nike) was as yet not prominent, and he needed to meet with each storekeeper in the Pacific Northwest to get them to attempt his new shoes. Once more, everybody Knight met said something very similar: "The world needn't bother with another track shoe."
He needed to discover another way. Phil Knight thought of another idea, rather than pitching his shoes, he went to however many tracks meet and races as could be expected under the circumstances and asked the sprinters, mentors, and fans to wear them and check whether his shoes were better than their Adidas shoes; the market's number 1 brand at that point. What's more, prepare to have your mind blown. They adored it and out of nowhere, Knight was completely reserved
These were only a couple of exercises that can be featured. All in all, we can say that beginning a business is troublesome, so don't get disheartened in the event that you don't see achievement immediately. There's an incentive in doing things that are hard, and what's significant is realizing as much as possible about yourself and your general surroundings.