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!

Previous Article
Facebook Marketing

Top 10 Tactics to Increase Engagement on Your Facebook Page

Next Article

The Surprising Effects of Office Design [Infographic]

Related Posts
home-based businesses
Read More

The Value of Home-Based Businesses to Economic Recovery

The challenge of America’s economic recovery, in the wake of the COVID-19 pandemic, is to spread it to every community – and especially those that have been historically excluded. The key to meeting that challenge is to appreciate the civic and economic value of an overlooked resource: home-based businesses. There are about 16 million home-based...
Read More

Don’t Quit and Other Lessons from a Wantrepreneur Turned Entrepreneur

I’ve tried many businesses and side hustles over the past 15 years. I’ve mowed lawns, was a DJ at weddings, negotiated real estate deals, started an e-commerce business, and many others. Some of those endeavors made me money, but others didn’t. Now I have a successful digital marketing agency. People often ask me how I...
payroll loan
Read More

The Best Business Loans to Help with Payroll

When faced with the unexpected, coming up with the capital needed to pay employees on time can be challenging. While it’s important to budget and allocate cash accordingly, financial challenges and unplanned costs are common for all businesses. The good news is, there are a variety of small business lending options that can provide you...
fund your startup
Read More

Top 10 Ways to Fund Your Startup

Deciding to start a new business is exciting, but it can be tough to maintain that eagerness throughout the journey, especially when it comes to finding funding for your startup. Funding for any business can be challenging, but for startups, it’s notably more difficult. This is because many traditional business loans require at least one...