5 Lessons During the First 5-Years of Owning a Business

Growing and launching your business is serious business. Get the top 5 lessons Yana Schottenstein learned with hers!

5 Lessons During the First 5-Years of Owning a Business

Entrepreneurs are always seeking ways to improve and expand their business. Steve Jobs was famously quoted saying, “Sometimes when you innovate, you make mistakes. It is best to admit them quickly, and get on with improving your other innovations.”

The company that I founded, Access 2 Interpreters, was recently named by Fortune as one of the fastest growing inner-city businesses in the United States. While this award looks great on my mantle, it neglects to mention all of the trials and tribulations that took place over the first five years of starting my company.

I want to provide other business owners with lessons to not only get off the ground, but to take their company to the next level.

Save some time and learn from the lessons that I gained along my journey. In doing so, you will have a clear vision for what needs to be accomplished to expand your business.

1. Own Up to Mistakes

Nobody is perfect, not even Steve Jobs. When you are in the early stages of owning a business, mistakes are going to be inevitable along the way.

Make sure you are in the mindset that the client is ALWAYS right.

Achieving great customer service is going to be the best way for you to grow your business. If someone is happy with your services or product and tells a friend, this can result in referrals for your business, which will help with growth.

Even though it can be tough to swallow your pride, it is important to side with the client, especially during the early stages of owning a business.

2. Be Creative

The beauty of owning a business, especially during the beginning, is that there is little red tape that you have to go through.

Even though your competitors might have more people on their staff and a nicer office building, they will not be able to create and implement ideas as quickly as you can.

At first, I did all the scheduling and recruiting myself in a home basement. This didn’t stop me from making up ground on my competitors.

Make sure to let your creative juices flow during the first several years of owning a business. There is no better feeling than growing your company because of clever business decisions.

3. Always Be Learning

There is no college course that will prep you for owning a business. It is crucial that you are not only learning and improving within your industry, but also reading up on entrepreneurship and best business practices.

I didn’t have a single business bone in my body when I started my company. That being said, there are so many different components that go along with owning a business, and you’ll have to wear many different hats as employer, partner and salesperson. I always had an open mind when it came to learning and improving.

Business owners should be looking for ways to improve each day. Make sure to look good when you are wearing all of those different hats!

4. Hire the Right People

Whether you are looking to hire your first employee or a part-time contractor for a website, make sure the right people are joining your company.

The right staff will help you grow your business faster than any other form of marketing.

Make sure you put a lot of time and resources into the person that will be the absolute best fit for your company.

5. Embrace the Moment

Regardless of whether or not your company flourishes or fails, it is important to embrace the moment. Entrepreneurship is an exciting journey. While it can be overwhelming and stressful at times, it’s important to enjoy the daily activities associated with owning your business.

If you love waking up and working every day and you are proud to own your business, success will follow!

Leave a Reply
Related Posts
Read More

The Best Funding Options for Minority Entrepreneurs

Getting funded can be a challenge for any investor. But for minority entrepreneurs, finding and securing capital can often require going the extra mile. More entrepreneurs of color are able to complete this journey, to...
Read More

The 7 Benefits of Forming a Corporation

With 2024 still new, many entrepreneurs are about to start or have just started a new business. After all, January or, more broadly, the first quarter of any year can be a favorable time to...