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Experience is often the best teacher — especially in business. Unfortunately, that can often mean aspiring entrepreneurs start out making a lot of mistakes, valuing the wrong things and not considering certain factors that could eventually make or break their business.
But while you may not be able to skip ahead when it comes to your experience, the next best way to learn is from those who have taken the same journey before. Whether it’s via a mentor or a best-selling business book, listening to the advice of others can keep you from making the same mistakes they did — and inspire you to forge new paths.
To weigh in with the wisdom they’ve gleaned over the years, seven business leaders from Rolling Stone Culture Council discuss the lessons they wish they would have learned before they launched their businesses and why.
The Importance of Collaboration
When you’re a founder, it is easy to get stuck in a “this is my IP, this is my vision” mentality. Share ideas, bring on aligned partners, combine creative energy and find people who have entirely different skill sets than you do. Do not be afraid someone will steal your idea; be excited that someone may want to build it with you. Lean into your zone of genius. – Lyle Maxson, GeniusX
The Value of a Strong Team
Looking back from when I launched my business until now, I realize the value of a strong team. Hiring the right people and building a cohesive team can make or break a business. Building the right team in the early stages can catapult your business to the next level and allow you to exceed benchmarks. – Billy Carson, 4biddenknowledge Inc.
The Rolling Stone Culture Council is an invitation-only community for Influencers, Innovators and Creatives. Do I qualify?
The Fact That Trust Must Be Earned
One thing I wish I would have learned a bit earlier on is that everyone you meet is not your friend and doesn’t really care about relationships. While, in most cases, people are still genuine, in the music business especially, everyone has an agenda. I put a lot of trust into people without them being proven in my inner circle. Take time to find the right “real” people and that will go a long way. – Chris Bianchi, CB Entertainment
The Importance of Being Strategic From the Start
While enthusiasm and passion are essential, having a well-thought-out strategy can significantly impact the trajectory of a business. A strategic approach involves clearly defining goals, understanding target audiences, conducting thorough market research and devising a comprehensive plan for growth and sustainability. – Kristin Marquet, Marquet Media, LLC
How Critical HR Is to a Company
I wish I knew how important human resources is to a company. I was imagining the business growing via automated software, not the business behind the business and the foundation that it takes to build a company. Thinking of all the things I do not know now helps me focus on the foundation it takes to scale the company. – Adam Rumanek, Aux Mode Inc.
That Not Everyone Does What They Say They Will
I learned that not everyone does what they say they will — whether they’ve signed an agreement or not. Had I known this sooner, I feel I would have put systems in place to offset any non-deliverables better. But, what lessons I have learned, I am grateful for. – Susan Johnston, New Media Film Festival®
The Importance of Finding Your Balance
In retrospect, I wish I had known that my office plant would become an unofficial barometer of my company’s health. It blossomed on good days and drooped on bad. If I had paid more attention, I would have realized that every time I neglected to water it, it was because I was too preoccupied with work. It was Mother Nature’s way of telling me to maintain my equilibrium. – Arvin Khamseh, SOLDOUT NFTs
