10 Lessons In Business Experience Has Taught Me

[JustCraig]

Here is another article I wrote a while ago for one of my sites - I think a lot of the content is very relivant to starting (or indeed running) a vending business.

Thought it may make a good conversation point :)

10 Lessons In Business Experience Has Taught Me

Learn To Be Good At More Than One Thing

Everybody is good at something and most people will either have a degree of work experience behind them. Whether that is sales experience, marketing experience, or perhaps a much more hand on role, whatever it is building a business takes a wider set of skills than that.

When you first start it is likely that you will be doing everything yourself, sure you can outsource some of these tasks but in reality when you are starting out on a shoestring budget, you will soon realise that you have to learn a whole new set of skills and fast.

It’s not just the cost factor either, there is a lot to be said from learning about every aspect of your business from the ground up. You don’t have to be an expert in each field, but understanding how everything works you will give your business a much more solid foundation.

Research is important but there is no substitute for experience

My advice is to make a start as early as you possibly can – part of your market research should include some sort of pilot project to dip your toe in the water and you will be surprised at just how much you will learn from this.

Be realistic

There is nothing wrong with reaching for the stars but you have to be realistic about what you can achieve with the resources that are available to you. It is also important to realise early on that setting up a business and keeping it running is no easy task. No entrepreneur has made a million without a few sleepless nights and a number of challenges.

Enjoy the journey

Learning to live with the stress of uncertainty is all part and parcel of being an entrepreneur, but there are good times ahead and even though not every project you undertake will be a financial success, the lessons you learn along the way will be priceless and may well provide you with that key ingredient to go on to make your fortune.

I think it was Richard Branson who said “We spend so much of our time working, so why do so few people enjoy doing it?” – My motto is if you are not enjoying what you are doing then you shouldn’t be doing it.

The harder you practice the luckier you get

Often people will refer to successful people as ‘lucky’ and I suppose in most cases there will have been a degree of ‘luck’ or being at the right place at the right time but don’t dismiss the amount of sheer hard work that goes into making a business a success.

So yes, luck may play it's part but I find the harder you work, the luckier you get.

Find out what everyone else knows then begin where they left off

This quote by the late, great Thomas Edison is one of personal favourites and is a philosophy that I like to live by.

Every pound you spend on yourself is a pound less to expand the business

Although it is fair to say that we are in business to make money, it is important not to draw out any more than you actually need. You never know what other buying opportunities lay around the next corner for someone with cash on the hip.

Always look for new opportunities

If there is a band wagon then jump on it – The London 2012 Olympics will be an entrepreneurs dream. If entrepreneurs continuously search for more opportunities, they seem to occur more and more.

If it gets the costs down; don’t be afraid to buy more than you need

You can always sell surplus stock off in bulk to smaller traders, either selling at cost (don’t forget you will already be making better margins on your retail sales) or sell at just above cost and make a small profit.

Businesses Fail – Don’t take it personally

If you wanted to take a very black and white look at setting up a business then there are only two outcomes – success and failure. Neither is a reflection on you as an individual as long as you give your business everything you’ve got, there is nothing more you can do.

Whether your business will be successful or not will depend on a combination of timing, luck, the right idea, the right amount of financing and in some cases having the right team behind you – some of those key ingredients are unfortunately out of your control and there may be occasions when its simply not meant to be.

The important thing is that you learn from it and put your experiences to good use next time.

[PGBrew]

I'll add to that:

Use common sense & be prepared to put the hours in.

Pete

[Coin Operated Group]

Nicely written piece Craig. Hopefully first of many posts for the new business forum

[JustCraig]

Hopefully - If I get time over the next few days I will post a couple more.

[JustCraig]

I'll add to that:

Use common sense & be prepared to put the hours in.

Pete

Some good points -

I work full time and also operate a couple of other projects outside vending so I find myself working (in one form or another) from getting up to going to bed most days.