Launching a new enterprise is exhilarating and exhausting in equal measures. From sleepless nights going over the numbers to the energizing strategy meetings that give you the passion to move forward, it's a whirlwind. If you're ready to make a name for yourself, you need some expert advice to help you along the way. Luckily, we have just that for you.
Krishen Iyer, Founder, and CEO of MAIS Consulting has worked with countless aspiring entrepreneurs and business people to realize their goals. With years of experience under his belt, he has seen it all. Let's take a look at his top tips to help aspiring entrepreneurs.
When you first dip your toes in the entrepreneurial realms, it can seem overwhelming. The business world may be a mystery to you, which means that you're going to need to learn fast. One of the best ways to hone your skills is to work with a business mentor that you can trust. Esteemed Encinitas businessman, Krishen Iyer, offers this as one of the most important tips that new entrepreneurs can get when they first start their careers.
Gaining knowledge from those who came before you is a powerful move. You are not the first person to set up a new business and you will not be the last. When you choose to work alongside a mentor, you will find that you can navigate this journey easily. The right person will be able to offer you advice, help, and share their approaches along the way.
Every business has to solve the problem. When you're considering what your first venture should be, the best advice you can get is to start with 'why' it matters. What is it that this enterprise will do for its customers and is there a gap in the market? Krishen Iyer has worked with many business leaders on solving this exact conundrum. Before you dive in and start setting anything up, you should test whether your business has potential.
Needless to say, every company starts with the spark of an idea. When you have that, it's time to do some market research and figure out whether your business idea is viable. During this process, you will need to identify brands that are already out there and their offering. For each one, determine what their strengths and weaknesses are. By doing an in-depth analysis of the potential competition, you can see if there's room for your idea. You need some expert advice to help you along the way. Luckily, we have just that for you. If you are unaware of how to get an llc, then consider checking out startmyllc website.
People matter. No man is an island, and so when you're starting a business, you need the right people around you. Avoid the trap of over-hiring when you first start out. This mistake is one of the biggest you can make. Instead, Krishen Iyer suggests focusing your attention on a small, yet dedicated team of workers. When in doubt, you should always select each new person for their unique skill-set and what they bring to the business.
When you have built your team, it's time to nurture those fledgling relationships. These people are the difference between success and failure when it comes to your business. For that reason, you need to cultivate a positive atmosphere within your company from the offset. Put your team first. Research from New York University's Stern School of Business suggests that when bosses are self-sacrificing, employees become more committed and loyal to the company. What's more, these more contented staff members go on to be more friendly and helpful to the rest of the team, which creates an overall positive environment.
An entrepreneur's work is never done. But that doesn't mean you don't deserve a break. Looking after your mental health could be the key to avoiding burnout when you're setting up a business. Believe it or not, 72% of entrepreneurs experience mental health concerns, according to a recent study. The truth of the matter is that you can't perform well if you're struggling with stress, anxiety, sleep deprivation, or any other number of problems.
Managing your time well and taking regular breaks is the answer. Krishen Iyer emphasizes the fact that we all need down-time, regardless of how busy we are. You may have a hectic schedule, but ensure that you make space for some relaxation too. For example, you may find it most practical to take short, sweet breaks throughout the day. Equally, you could schedule an entire day to yourself, and take the time to detach from your work.
While it may seem counterintuitive to stop working as an entrepreneur, this approach allows you to become more focused on your vision. Taking regular breaks can boost your productivity, especially if you work on a computer, according to research from the Journal of Ergonomics. No matter how many things you have to do, prioritize your free time too.
Adaptability is one of the top traits every entrepreneur needs. Regardless of the sector, you enter, the chances are that it will be subject to ongoing changes. For example, you may find that the advent of new technology transforms a certain industry. On the other hand, issues such as the current pandemic can impact the entire economic world. That is why it's vital for modern-day business leaders to be comfortable with changing their approach.
Krishen Iyer understands the importance of flexibility. He suggests that entrepreneurs should go to great lengths to ensure that they are prepared to switch gears. You can start by having a crisis plan in place for some possible outcomes. Understanding how you and your company will react when you need to could be the secret to true success.
Krishen Iyer is an Encinitas-based entrepreneur and businessman. He is the founder and CEO of MAIS Consulting, a comprehensive consultation group that identifies gaps and opportunities in the market. While the company is in Southern California, it serves clients all over the United States. The business ensures the success of new and established companies with an emphasis on marketing, company policies, and strategic growth.
Before starting MAIS Consulting, Krishen Iyer gathered 18 years of experience in the insurance, marketing, and contracting sectors. Towards the start of 2002, he sold his former company Managed Benefits Services, and began this latest enterprise. With a wealth of industry-specific experience and a truly diverse skill-set, Krishen Iyer is well-placed to aid businesses in accelerating and reaching their full potential.