You’ve probably heard that business is a game, and as with every game, there are business game rules. It’s true. Like any competition, the stakes are high, and there are winners and losers. And when you’re new to the game, it can feel like a lot of pressure.
Don’t worry—it’s not as scary as it sounds! Many people find business terrifying because they don’t understand how it works or doesn’t know the business game rules. But what if we could change that? What if we could give you some insider knowledge to help make your first steps in this new world as an entrepreneur more successful? If so, read on…
Know Your Limits.
This is one of the first must-understand business game rules for anyone who starts a company. During your first year, don’t try to take on too many new projects or take too many on-site jobs. It’s easy to get overexcited and over-ambitious in the early days and bite off more than you can chew.
It’s all about finding your sweet spot. When starting out, taking on smaller, less-demanding jobs is essential so that you can spend more time getting your business off the ground and less time dealing with billing and client issues. As you get more experience and your business grows, you can take on more complex and challenging work.
Treat Your Company Like a Startup.
When starting, you need to treat your business like a startup. What do we mean by that? Unlike a mature and stable company that has been trading for decades, startups are high-risk ventures that are just beginning.
They have a minimal client base, little or no brand recognition, and limited revenue. And just like startups, many small businesses flounder and never make it past the first few years. So it’s essential to treat your business as if it were one of these fledgling companies.
Because if you follow some of the practices that only startups use, you’ll give your business a better chance of surviving and thriving.
Set (And Stick To) A Marketing Goal.
We just talked about treating your business like a startup. And one of the most essential practices that startups use is setting and sticking to a marketing goal. This is something that MOST companies overlook when they’re first starting out. They have no idea how they’re going to get their name out there and land more clients. And that’s a big mistake! It’s true that your first goal might not bring in any new clients. But that’s OK. It’s better to have a goal and not hit it than to have no goal at all and also fail. Think about it: If you have no marketing goal and no plan, you’re likely to fail. But you’re more likely to succeed if you have a marketing goal and a plan. So, to help you get started, here are some examples of marketing goals that you could set for your business
- A rise in the volume of traffic to your website
- Get more people to follow on social media
- Build an email list.
- Aim for higher rates of conversion.
- Engage your audience more on your website or social media
- Boost the number of paid ad clicks.
Above marketing, goals are Focused on your Marketing Objectives. Still, when it comes to setting goals, people tend to set goals that are unrealistic because they lack the knowledge of business game rules to follow in order to set realistic goals.
- They have to be specific: Your aim must focus on a single statistic you can measure.
- In order to measure the information you publish against that statistic, you must have an accurate manner of doing this.
- An aspirational aim requires you to work harder than the outcomes that are likely to be generated by your content to meet your objectives.
- It’s also important to keep an eye on what you can do with the resources available.
- Your objective must be time-bound so that you know exactly when you’ll meet your metric’s requirements.
Don’t Be Afraid to Ask For Help.
There’s a lot about business and business game rules that you don’t know yet. And that’s OK! You don’t need to know everything. Nobody does. In fact, if you try to do everything on your own, you’ll burn yourself out and end up getting nothing done.
If you’re naturally a large picture thinker but struggle with follow-through, you’ll need a detail task manager to fill in the gaps. But if you find yourself becoming mired down in system specifics when you should be focused on long-term strategy, you can benefit from the guidance of an advisor.
So don’t be afraid to ask for help. You don’t need to know everything. You just need to know how to find out what you don’t know. And that’s a very different thing! So do your research and find out where you can go to get help. And then just go and get it!
You might have to pay for some of it, but most of it will be free. So make sure you take advantage of as much free help as you can. Because the more people you can get on your side, the better your chances of success.
Learn From Your Mistakes.
You’ll make mistakes as an entrepreneur. We all do! It’s a fact of life. And that’s OK. It’s normal not to know business game rules. What’s important is that you don’t let those mistakes hold you back. Instead, use them to move forward.
Make a mental note of what happened and why. And then do your best to learn from your mistake so that you don’t make them again. Remember, the most important person in your business is you. So you need to make sure that you’re taking the time to learn and grow as a person. Because if you don’t learn from your mistakes, you’ll never move forward.
Inventor Thomas Edison said that when he said he never failed, he only discovered 10,000 ways that didn’t work. Successful people display inspirational quotes like this one and a “hang in there” kitten poster prominently because it is critical to have a positive outlook. If you dwell on the past, you’ll never be able to move forward with your plans for a brighter future.
If you get discouraged, don’t let it get the better of you for too long. Analyze what went wrong and use it as a stepping stone to go forward. The more mistakes you identify, the more you learn and grow as a person.
Be Wary of Partnerships
In your first year, you’re bound to get offers from people who want to work with you. This can be a good thing if you choose your partners wisely. But it can also be a horrible thing if you choose partners poorly.
When it comes to partnerships, there are two things that you need to be wary of. Firstly, choose your partners wisely. Make sure you pick reliable partners who can help you grow the business. And secondly, make sure you have a written agreement in place when it comes to business game rules for Partnerships. You should know Partnerships can go sour very quickly. So it’s best to have a legal agreement in place in case things go sour.
Network, Network, Network!
Anyone who has even heard of business game rules knows that connection is the most important thing for a startup company. The very first thing that you should do as an entrepreneur is a network. It’s a great way to get your name out there, find new clients, and help other people achieve their goals too! There are many different ways that you can network and make new connections.
But the most important thing is to just do it. So don’t sit there and wait for opportunities to come to you. Instead, make them come to you. Make it your mission to network as much as possible. And you can also help other people too.
Get involved in your local entrepreneurial community. Join a business networking group and help other people. You’ll be surprised by how helpful it can be for your business too!
We hope these tips and rules have helped you better understand business and the entrepreneurial journey you’re about to begin. Remember, the most important thing is to enjoy it and not be afraid of making mistakes. Because that’s how you learn and grow as a person. If you keep these pieces of advice in mind, your journey as an entrepreneur will be much smoother.