Ten years ago, in December 2012, I launched Kore, a smart technology company which designs and delivers solutions to businesses that enhance their operations, security and building intelligence.
It’s been a decade of late nights, working weekends, networking with tremendously talented people and fostering client relationships. During this time, I’ve experienced a myriad of highs and lows, but the team’s successes have seen us not only significantly expand our employee count, but also our services and technology offering.
Throughout the years, there’s been a great deal of learning involved, and since marking the 10 year anniversary in December 2022, I’ve been reflecting on the lessons that allowed me to grow the company to where it is today...
1. Be an all rounder
It’s not enough to simply be good at the skill you're selling, business is so much more than the actual service or product. From business development and project management to administration (and everything in between), you need to understand how each piece of the organisation operates so that you can train others, hire the best people and help your team identify problems.
2. Get a support network
Starting your own company is something to be incredibly proud of and is extremely rewarding, but don’t be fooled thinking you can do it alone. Surround yourself with good people, your family, friends, partners and mentors are crucial to maintaining mental stability, and they are the people who will get you through stretches of doubt and difficulty, as well as be there to celebrate your wins.
3. Hire people smarter than you
Business is a team sport, not a one-man band. Once you launch a company, it is no longer about you, instead, your job is to find the absolute best people who can do every aspect of the job better than you can. This enables you to focus your time and energy into other aspects of the business, such as growth or employee retention and progression. You should still set the tone, but your team should feel like they have a say in the work product, culture and output. If you don’t trust them to make smart decisions, you’ve assembled the wrong crew.
4. Sell
Sales are the lifeblood of every business, without a constant income stream, your business will cease to exist. As a business owner, it is your responsibility to ensure the company is generating revenue and this requires a lot of effort. As a new business, sales won’t immediately come through the door and as a business owner, you’re an essential part of the sales funnel, so make sure you network as much as possible and identify prospects along the way.
5. Have a vision, but be flexible
Have a vision that dictates where your business is headed, but keep it realistic. As a business owner you should define what success is, but your team cannot achieve a goal if they don’t know it exists. Consider your end point, then create a plan with actionable targets to ensure it is achievable.
Throughout the years, there will be situations that are completely unforeseen, so you need to be mindful of adapting your business. Market conditions will continuously fluctuate and between that, competitors and other external factors, you need to have the ability and courage to change quickly.
6. Always be open to learning
Learning should be your addiction. While the fundamentals of your business may stay the same, the technology, tools, completion and audience -as well as their expectations- are constantly changing. You need to be leading the pack and not falling behind.
7. Differentiate yourself
Today’s world is flooded with options that may be similar to your offering, so you need to be able to differentiate yourself and really cut through the noise. Aim to be remarkable, and position your business so that every touchpoint consists of a unique and meaningful experience.
8. Be a leader, not a follower
Running a business is not a passive experience, you can’t sit back and let it happen. You need to be someone who motivates your employees, customers and partners and you need to lead others without overwhelming them.
In general, you’re going to be making thousands of decisions on a weekly basis, so act decisively and intelligently. Be willing to take calculated risks but from personal experience, always go with your gut feeling. If there’s ever any doubt, the answer should be no.
9. Become a resource
People love having a contact that can solve their problems, so make yourself that person in your relevant field and be the ‘go-to’. People will always recommend others who share, help and provide value, but they won’t recommend someone who can say all the right things but not action the requests.
10. Make friends
Running a business can be a lonely endeavour. Connect with as many other business owners, leaders, and entrepreneurs as possible, not only will you be able to share experiences, insight, and advice, but these meaningful relationships can lead to fruitful business opportunities. Just be sure to focus on building the actual relationships, not look at your contacts as transactions.
