becoming an entrepreneur: my top 3 Tips for aspiring entrepreneurs
Are you dreaming of starting your entrepreneurial journey but feeling uncertain about what it entails?
In this article I share my journey to becoming an entrepreneur and my top 3 tips for aspiring entrepreneurs.
In 2015, I started my own company, specializing in executive coaching and strategy consulting. My consulting clients primarily come from the pharmaceutical sector, seeking facilitation support for their annual strategic planning. In addition to that, my executive coaching clients span various industries, all aiming to enhance leadership and business effectiveness through strategic intelligence.
Before diving into the world of entrepreneurship, my career was deeply rooted in the pharmaceutical space. For the past 15 years, I consulted within this dynamic industry, gaining valuable insights and expertise in the strategic planning space. Additionally, I became a certified executive coach, further honing my skills to support individuals in unlocking their leadership effectiveness through strategic and emotional intelligence.
The seeds of entrepreneurship were always there, I always felt I should start my own business at some point. After completing my Master's in International Management in Europe, I took a job at Bayer, working in their Asia Pacific internal consulting office. This experience allowed me to take on challenging projects across various Asian regions, shaping my perspective and enhancing my problem-solving skills.
Upon returning to Toronto, I joined a company with a focus on pharmaceutical strategy consulting. However, the feeling persisted within me that someday, I would run my own business. I had no idea what the business would be so I hired a career coach. Together, we explored various career paths, yet one common theme consistently emerged—my innate desire to help others.
The idea for my company emerged from a real need observed within my consulting clients who were transitioning into leadership roles. These individuals needed guidance, structure, and a long-term vision to navigate their demanding responsibilities effectively. They needed not only strategic support but also coaching to empower their teams toward success. It all began when one former client reached out, seeking assistance with strategic planning. Word of mouth became the catalyst, propelling my business into existence. Everything I have built today has been based on word of mouth and nurturing my network.
Reflecting on my journey, my proudest accomplishments have evolved. Pre-COVID, it was the steady growth of my business and the privilege of collaborating with top brands and multinational CEOs across North America, Europe, and Asia.
However, my proudest accomplishment has been navigating through the uncertainties of COVID-19. I managed to sustain revenues that covered expenses without incurring financial losses. Enduring that uncertainty has been a significant milestone, reinforcing my belief in the resilience of entrepreneurs.
Challenges of Entrepreneurship
The perpetual uncertainty of future revenues is one of the most challenging aspects of being a business owner. It involves constantly wondering where the next project or client will come from. Learning to be comfortable with being uncomfortable has been an ongoing challenge. Business cycles vary from busy to slow, and I've come to appreciate the bustling periods even more.
My Top 3 Tips for Aspiring Entrepreneurs
For those aspiring to start, run, and grow a business, here are my top tips:
1. Take the First Step: Instead of overthinking, initiate action. Secure your first client or make your first sale to build momentum. Formalities like business registration and website development can follow. My business began when a client approached me, leading to introductions and subsequent clients. I registered my business two months after my second client joined.
2. Cultivate Your Network: My business's growth hinges on word-of-mouth referrals within my network. Nurturing strong relationships has translated into repeat business. Providing consistent value in every client interaction fosters loyalty.
3. Engage a Knowledgeable Accountant: Running my business can be daunting, but having a proficient accountant from the outset has proved invaluable. They guided me in structuring my business, aligning financial goals (both personal and professional), identifying grants and loans, and managing taxes effectively.
Embarking on the entrepreneurial journey is a thrilling endeavor filled with uncertainties and triumphs. My transition from consulting in the pharmaceutical space to founding my company has been a testament to the transformative power of believing in one's vision. To those contemplating entrepreneurship, remember that success often begins with a single step. Don't wait for everything to be perfectly mapped out. Start with that first sale, nurture your network, and engage expert guidance where needed.
