Entrepreneurship is not easy. But what does it take for successful business management? The article shows important elements of successful business management.
The last article described the requirements that must be met for a start-up to be successful. But, what happens afterwards?
Once the first hurdle has been overcome and production, sales and marketing have begun, it is time to rest and put your feet up.
Unfortunately I have to disappoint at this point.
Entrepreneurship is a 100-meter sprint, a marathon and a hurdle race, but never just one of them, everything at once. Of course, without strategic and foresighted planning, the overview is quickly lost. That is why perseverance, patience and flexibility are essential, especially when it comes to deadlines, customers, investors or employees.
After my time at my first start-up, I knew it was essential to build up my own brand as quickly as possible in order to be perceived independently of the brand name. The first one or two years were very demanding, I invested a lot of financial resources, sometimes even when it was difficult for me to raise them. It was clear to me that if I got involved and always stood behind it, there was a good chance of reaching the turning point soon. Like a madman I worked towards my goal and despite difficult, seemingly hopeless situations I finally reached the point where things finally started to get better.
You have to fight for your success, invest and be patient. Success is not something that happens overnight. Setbacks and hard times are also inevitable. You have to realize that first. If I let myself get discouraged by something like this, I won’t get any further.
Basically, the start-up environment is very unusual and fun. To the outside world, it seems carefree, especially because in the beginning, it is usually only the success stories that make it to the public. But just because you don’t hear much about the setbacks of entrepreneurs doesn’t mean that they don’t exist. About lost customers, threatening financial bottlenecks or internal problems between the partners or the employees one experiences only rarely something in particular with young enterprises. Nevertheless, these problems can lead to self-doubt, self-criticism and reservations about the own project. It is not always easy to stay motivated with such thoughts, even if motivation is a basic condition.
In my experience, there are four essential factors that support motivation.
The basic interest in advancing the company, fun at work, appreciation and communication. There will certainly be tasks that are less exciting and not necessarily enjoyable. That’s just the way it is, that’s part of the deal. It is also the same for me. Of course, fun at work is also important to me, but appreciation is more important to me.
It is not only about the appreciation from outside, from colleagues, co-workers or friends, but also the own appreciation is unimaginably precious. I personally, as certainly many others, will not always get the feeling that all the work and efforts that are invested are appreciated to a satisfactory degree. All the more, in these situations, inner esteem gains in importance. The own consciousness that you have done something well and that you have achieved or been able to influence something great can give you an incredible amount of strength, new energy and self-confidence to carry on.
Internal communication within the company can serve as a further motivating factor. No matter if it is about accepting honest criticism and growing from it, or if it is about expressing deserved praise. Feedback also helps employees to better assess their performance in periodic tasks and can have a motivating effect.
However, too frequent praise can also have the opposite effect, if it seems implausible or if the person sees no room to grow. In order to avoid tensions, it is also important not to give preferential treatment.
As indicated above, it is an essential part of motivation. However, the importance of communication in successful cooperation should not be underestimated. After all, consultation among each other ensures smooth working, where everyone knows exactly what his/her work is and what can be expected of each other.
It is also of great importance for interpersonal relationships to be able to exchange information skilfully. After all, it makes a difference whether someone is dealing with employees who are likeable or with those whom one would rather avoid. Through good and correct understanding, one is able to quickly understand and resolve any tensions and misunderstandings.
Many employers rely on first impressions when it comes to selecting their employees. However, it is precisely this superficial perception that should not be the deciding factor when choosing employees.
Heterogeneous skills, homogeneous values. These two things are what counts. Those who complement each other in their skills and agree on basic attitudes will most likely be able to work well together. This combination gives small start-ups the potential to grow quickly and develop successful projects in the future. A complementary, functioning team is indispensable, it is the heart and soul of every company. Because of this, the working collective should also have a say in new applicants. If the employees are unhappy, this has an effect on the whole company.
Although the work should be fun, it is still work. It is about a lot of money and also about the jobs of the employees. Investors, customers and also suppliers, they are all influenced by the decisions and behavior of the entrepreneurs. A company owner must stand behind the company with focus and interest. Running the business only as a sideline does not work, it requires the entire attention to detect and solve emerging problems at an early stage. If it is clear in advance that it will only be a half-hearted project, the project should not even be started.
Managing a company is not an easy undertaking. From motivation and working atmosphere, from employees and communication to your own physical and mental limits that you inevitably come up against. There are plenty of opportunities where the dream of entrepreneurship can still fail even after a successful start-up. However, if you keep the most important things in mind and remain true to your plan, you have a good chance of achieving your goals. Then you are already on the right track to become a successful CEO one day, one that others look up to and take others as an example, maybe even as a role model.
By: Yvonne Maria Göstl & Kambis Kohansal Vajargah