Entrepreneurs face mountains of obstacles and decisions to be made, especially in the early years. We have therefore created a guide to support those who are setting up their first business. Based on the results of a study of SME owners and entrepreneurs, and with the support of our friends at Yopa, an accomplished start-up in the real estate industry, our guide should help you navigate the murky waters. from the corporate world and provide you with examples and advice on decision-making.
Develop your brand
Our research shows that developing a brand is the most important decision an entrepreneur can make for their business. Getting your name known to the market is a critical success factor. If customers don’t buy into the brand, no matter how hard you put on other aspects of the business – you won’t get off the ground. Almost half (47%) of entrepreneurs place brand development as their top priority. And we understand why.
From the name of the company to the amount of marketing budget, everything falls into this category. This is an aspect that cannot be ignored. Still, it can prove to be a real headache for those who are not naturally inclined to think about the concept of branding. Our research shows that a third of entrepreneurs find it difficult.
Daniel Attia of Yopa experienced this difficulty when establishing his brand in the real estate world. He testifies: “Starting a business is not a long quiet river, entrepreneurs know it well. The most difficult decision I had to make was to completely reinvent the business model and the brand nine months after the creation of Yopa. In the beginning, we were real estate agents operating exclusively on the Internet. But we quickly realized that we needed field agents to function. We had to do an about-face and completely change our approach. It took a lot of work, but it has benefited our business immensely. “
Our advice? Asking for feedback on all the elements of your brand: logos, name, website design, marketing priorities … It can be simple to follow a strict vision of what you expect from your business, but outside opinions will give you some insight. idea of what your target is looking for.
Money is essential to the running of a business, which is why it is one of the main concerns in decision-making. According to our research, 42% of entrepreneurs believe that meeting financial goals to keep profits is the most important decision to make every day. And it’s not just about long-term profits. Indeed, 39% of entrepreneurs think that decisions relating to the day-to-day management of financial aspects are the most important. It is therefore essential to devote as much time and thought as possible to these decisions.
Like many other things, the financial aspect is different from business to business. If you are a small, emerging business, moving it forward can be beneficial. This encourages you to identify your priorities between what deserves an immediate investment and what can wait until when you have more funds.
If you already have financing, or if an investment is in the pipeline, then you can think a little bigger. If you have the money to spend then you need good advice, especially if this is your first time business. Seek advice from experienced entrepreneurs, they too have found themselves in this position. Even if the final decision is yours alone, it may be relevant to educate yourself to gauge the pros and cons. Remember that 40% of entrepreneurs struggle to make financial decisions. You are not the only one.
Work / life balance
Achieving a good work-life balance is a real challenge for entrepreneurs. This subject has been the subject of regular debates over the years. The best way to approach it is to start by defining how you prefer to work and what kind of balance is possible in your industry. Then you have to think about your employees. For example, younger people will seek more flexible hours, while older people will take a more traditional approach to the working day.
Balancing work and life isn’t just about your employees. To avoid burnout, you must also think of yourself. Our study shows that 42% of entrepreneurs say they have already suffered from insomnia after taking a decision. No surprise, therefore, that work / life balance ranks third among entrepreneurs’ priorities. In fact, 42% of them think it is the most important decision. While bringing home work can lead to a more creative solution, it’s still important to take some distance from your work.
Daniel Attia de Yopa is one of those entrepreneurs who like to bring work home. He testifies: “In the first years of setting up a business, the work / life balance takes a back seat. You have to do everything to get your business off the ground and it can be grueling. I make most of my decisions at the gym or in a cafe. I prefer to maximize the time I have, and multi-tasking helps a lot. “