So as you guys know, I am ALL for extending tips and sharing gems! Many of you have reached out to me, interested in knowing and understanding the process of one becoming an entrepreneur. First of all, honey, I don’t know all the answers. HOWEVER, I do know how to do my Googles and find information on things I want to know. And when you continue to learn, you learn that you didn’t know something. Now, you know what you didn’t know that you didn’t knew. *light bulb goes off*
Though entrepreneurship may seem lofty and dreamy, it demands a lot of attention, manpower, and hours. This weekend, I spent a lot of time working on a business plan, which was extremely grueling in so many ways. Don’t get me wrong, I pat myself on the back for completing it; however, so many creatives never take the time to look at the business side of their craft. That’s part of the success. So, it was definitely a pleasure when Yannize Joshua, Managing Partner at The Teknique Agency, shared with TheBlondeMisfit (and her WEEN sisters) 15 things EVERY entrepreneur must do to scale success.
The Teknique Agency is a boutique creative artist and event management firm based in New York City. They specialize in branding & booking artists in the niche areas of celebrity lifestyle, entertainment and fashion. Ms. Joshua has not only done amazing work with them, but also with the WEEN Academy and teaching us how she was able to help build a million-dollar brand. Needless to say, she knows her stuff! So you know TheBlondeMisfit was hype when Ms. Joshua, who is also a heavily-involved member of the WEEN organization, came by to share her tips.
Want to know what they are? Check them out below!
- Be clear on what your business is. Do you know what your business is? Are you clear about what you’re going to do? ” Enterpreneurship is not for the weak or weary. It is not a 9-5 shift, your shift doesn’t start or end, it’s all day long. So if you’re going to be on all day, you should at least know what you’re on for!” Create your vision and mission. You have to know exactly what it is you are doing, why you are doing it, and what it’s meant to service. Keep it at the forefront of what you do, and don’t be afraid to tell people that you’re not the right person for the job if it doesn’t align with what you do. Outwork everyone. “If you’re willing to let someone else work harder than you, you might as well give your company to that person. Nobody’s going to have a better vision for what you want then you. You have to outwork others because it’s yours.”
- Save $$. At least 6 months of living expenses.
- If you are single when you start your business, stay that way.
- Plan the infrastructure of your company like it’s a Fortune 500.“We had everything down pact. We operated as a business. You have to set it up because it’s really hard to restructure when you’re already building up. If your foundation is rocky, you’re going to collapse.”
- Pay your team! “If you can’t pay people, you need to let them go. I don’t believe in people working for free. You need to incentivize people to come back every day.”
- Look. Like. Money. ” You have to look like money, talk like money. Nobody knows how broke you are and nobody should know. You should look at someone in your field or someone you aspire to, and try to look like them. Not saying you have to go to the same stores as them, but make it work for you.”
- Don’t scale until you can mentally and financially afford to do so. “If you can’t deal with what’s to come when you scale, you’re not ready to do it. If you want to expand your business, it requires things. New tax ID, new contracts, insurance, and more things that require money. Then, you have to be able to see the state of your business and not have to be in it. If you don’t think your business can survive without you over it every day, you’re not ready.”
- Pay yourself last. “Always be sure to pay others first, then the company, and then yourself. You don’t want that reputation of not paying people to carry with you.”
- Get yourself a lawyer, an accountant and an assistant.
- Stay on the cutting edge of your field. ED NOTE: I personally believe in this step SO much. Don’t try to be a leading authority in your field when you don’t know where you are leading the people! Be studious and always know what’s out there. “You should know everything there is to know about your field, you’re in it! You have to know who you’re dealing with or else you’ll get dealt.”
- Celebrate your wins; however, remember you’re only as good as your last hit. Remember, someone’s always gunning for your spot.
- Create your support group.
- Take mental health breaks.
- Edit quickly and often. “If things have to change, you have to be able to change them for the betterment of your company. You have to be able to pivot quickly. Our edit was releasing people who weren’t making money […]You want to create the culture of your company, so you have to establish what that is for people.”
- Don’t chase the $$; you won’t catch it.
What amazing tips for all you budding entrepreneurs out there! So, what steps are YOU taking to becoming the best entrepreneur you can?