Lessons of Entrepreneurship
“Entrepreneurship is wonderful and terrifying all wrapped into one empowering task.” – Callie Tein
At Modern Trousseau, we take immense pride in the women who lead our brand to success. We understand that whether you want to pursue your passions, experience an increase in career flexibility, or simply gain financial independence, taking matters into your own hands and creating a business can be a daunting feat. With that knowledge, owner and designer Callie Tein offers insight into the lessons she has learned in her own pursuit of establishing the Modern Trousseau design house.
1. Think your idea through
The main thing you must do is to really think your idea through. Contemplate how it will work and how your day will be structured (i.e., how much time you are going to have to put into this). It is crucial to understand that you will encounter roadblocks but that so many good things will follow.
2. Plan for success
You should plan for failure, but it is even more important to plan for success. People often forget to do this. When you start a business, you must allow for growth. This means finding a space that will allow for expansion because in five years (or maybe even one) you will need that extra space. Always be thinking about the next stage of your plan.
Furthermore, sometimes women think that the best thing to do is to take on a business partner because they don’t want to do it by themselves. However, you must think this plan through because taking on a business partner means every decision you make is 50/50. Ask yourself if you are the kind of person who can live with making compromises or do you like to do what you want your way? The answer to this question will determine if adding a business partner will be best for you.
3. Do what is right for the business
It’s wonderful having your own business. It’s also terrifying having all of that responsibility. You feel responsible for every employee because you feel as though you are responsible for their mortgages, car payments, and college funds for their children. Before making a decision for the business, you should always question what is best for the company because what is best for the company is going to be what is best for the people that work there. You should always be asking these three questions: What is best for the company? What is going to help us grow? What is going to make us want to get up in the morning to come to work every day?
A counterintuitive piece of advice for entrepreneurs is to never base a decision for your business based off of money. That goes back to do what is right for the business. Don’t take shortcuts. Spend a little bit more money to buy equipment with a guarantee. Most importantly, don’t make money the number one reason why you do or don’t do business.
4. Don’t be afraid to try
Be the kind of person who can make a mistake. Learn from it and move on. You won’t make it again because you’ve learned from it. As long as what you are doing is trying to drive the business forward, it’s okay. Don’t be afraid to make mistakes. Don’t be afraid to try. Don’t be afraid to do the hard things. Owning your own business is terrifying, but don’t let fear stop you from trying.
So, there you have it! Some exclusive lessons on what it takes to be a successful entrepreneur from Modern Trousseau’s very own Callie Tein. If you’ve been wanting to start your own business and need a little inspiration, just remember that it is wonderful, terrifying and oh-so empowering.