Starting a business is a jumble of strong emotions. It’s liberating, thrilling…and terrifying. The worst thing you can do is to go in unprepared. Are you certain you understand what you’ve signed yourself up for? There are many experiences that can lead to the desire to be your own boss, but the end result is the same: you have all the power, and all the responsibility.
On an episode of my podcast YPO 10 Minute Tips from the Top, Brakenhielm shared the elements to consider before going down the path of entrepreneurship:
1. Explore the Unknown
Brakenhielm encourages young people to take advantage of the freedom of youth. There are great opportunities for learning, she asserts, saying, “I remember when I was starting out, I intentionally did a variety of things to gain more knowledge and experience.” You never know where it will take you. She advises, “Learn how something ‘should’ be done, and examine the convention. Suddenly, you’ll find a better way that nobody else is doing.” Gather as much experience as you can before you go off on your own.
2. Industry Over Interests
3. Recognize the Risks
With any entrepreneurial venture, you need to be prepared to fail. Go in eyes open, or risk disaster. Of course starting a company requires some risk, but you need to ensure the risk is smart, and backed up with numbers. Brakenhielm reflects, “The best is a combination of risk and responsibility. Be grounded, and take responsibility. But also be daring enough to take good risks.” She goes on: “Keep your passion, and be honest with yourself.” If your business model isn’t going to work, better to find out now through careful planning.
4. Get Investors – Financial and Ideological
When you start a business, Brakenhielm advises finding two types of investors: one who can provide the financial resources, and one who can offer wisdom, time, and energy. When Brakenhielm started her first company, she knew she didn’t have everything she needed solely within herself: “I didn’t have any financial training,” she admits. Luckily, she found the fiscal support she needed, explaining, “I always had others backing me financially when I set up companies. I’ve always been better with other people’s money than with my own. You really feel the pressure of risking their money. I care much more when I’m working with someone else’s money.” Brakenhielm also believes new entrepreneurs need to consider where they will turn for advice. Brakenhielm insists, “You need a big support system around you when you’re an entrepreneur, because you are going to be 100% focused on your business. You also need to check if you have the right network. Do you know people who can help you?” Get people to believe in your ideas and who can help you achieve them.
5. Hire Women
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