How many times have you said this to yourself? Wouldn’t it be great if we could have the wisdom of what we know now back when we were young. But, sadly, wisdom does come with time and experience.
Never was this truer than now, for me at least. I went back to school to get my MBA in 2009 so I could learn more about business. Shortly there after I sold my business. I thought it was the right decision. If only I would have done the MBA first and then applied what I was learning to running the business, I might have not sold it.
Here are the top ten things I wish I knew then that I know now.
1. Don’t be afraid of investors.
2. Keep a close eye on the numbers.
3. Think strategically, execute tactfully.
4. The customer experience is number one. Create touchpoints throughout the process.
5. Use technology to streamline operations. Your head can only hold so much data.
6. Train and motivate staff. They are an extension of you and the brand.
7. Work with your suppliers/vendors. Think Porter’s five forces.
8. Be willing to take risks, even more than you thought you could.
9. Trust your gut and support it with statistics.
10. Team work!!!!
I was actually running the business well, not as well as I could have. The MBA gave me more confidence in the decisions I was making. I also learnt that I should have had better systems in place. Systems help run things smoothly.
It would be so great to hear from other people their “wish I knew then” stories. They don’t all have to be about business, but that would be great too.
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