When you hear stories about those so-called self-made billionaires who rose from nothing to become significant players across all industries, you might think that if they can do it, why can’t you? Well, the truth is that they aren’t exactly self-made, which is vital when considering success in your professional life. Whether you currently run a business or plan to launch one soon (including generating all the hype around it), you must recognize that you can't succeed alone. If you still need some convincing, here are 15 reasons why.
Despite many business owners selling their story as being self-made, often dragging themselves out of poverty with nothing but a great idea, this is rarely (if ever) the case. Their stories might inspire, but they also aren’t always true, often you can't succeed alone. These business owners regularly received loans from rich parents or got in the right place at the right time. This shouldn’t take away from their accomplishments but don't expect that you will make it big by yourself just because others have done, sort of.
No matter how smart you think you are, you don’t know everything. The amount you may know could pale compared to anyone who’s been in the industry longer than you. What’s more, there could be more complicated sectors, such as finance or data, that go completely over your head. If you launch a fleet management company, you’ll need to research fleet management tips from financial experts to help save your business money simply existing. Likewise, you may need experts to build your website and use data to make the most of your content and products.
The famous quote by John Donne highlights one of the most crucial points of running a business. People cannot survive without others backing them up and offering support. They need to be discovered and fed. They need continuous collaboration and contact to help grow, which is the same for your business. You will not get very far without working with others, which is why it’s so vital to swallow your pride. Accept that you don’t know everything and you can’t succeed alone and do it all by yourself.
If you’ve ever worked on a group project where everyone but you would rather mess around, you know how time-consuming substantial demands are. Now, imagine this for your business. In this case, it’s a little more important than your grade; it’s your livelihood. The collaboration will help save time when faced with a large project. You can work alongside other departments within your business or outsourcing firms that can handle some of the work and ensure you deliver projects on time, every time.
Staying in the same place makes it challenging - and even impossible - to find inspiration. You must work with people to bounce ideas off them and find conclusions or solutions you would miss otherwise. This can involve collaborating with different businesses in your area or even getting a change of scenery to ignite that creative spark. Doing so enables you to experience a broader range of feelings and thoughts that can generate ideas but effectively. Once you fine-tune these ideas, you can start putting them into action.
Trying to do it all yourself may seem admirable, but it won't get you far. There’s only so much that one person can do, which is why you often can't succeed alone. This is especially true as your business starts to grow and attract more attention from high-value clients. You will need to reach out to local brands and vendors to keep up with demand. If you don’t, you risk letting your clients down. If this happens, your reputation will plummet, and you will struggle to regain the goodwill that helped make you an early success within your industry. Soon enough, no one will want to work with you, and you must reconsider your approach.
It is not just other businesses and vendors you need to rely on. You cannot underestimate the power of Google reviews to spread the word about your business. The average customer doesn’t need to know the tricky details about what you do. All they need to know is whether you are any good at it. Hopefully, this is a resounding yes, so you can leverage Google reviews and customer testimonies to help boost your company profile. It can feel like this will take forever, but it only takes a few positive reviews to get the ball rolling.
Every business owner should strive to learn as much as possible. This does not solely relate to their industry but also the tricky elements surrounding other departments. Clients want to know that you are an expert in various fields, as this will build confidence in your ability. Collaborating with other businesses and your employees will help you learn new skills, and you can repay the favor by sharing your skills with them.
The benefits of networking cannot be understated. Without good networking, you will never grow your business how you want. Furthermore, a fantastic network can also open further opportunities which could give your business the push it needs to reach the next level. Of course, it’s impossible to network with nobody, so don’t hesitate to reach out to others. Ask for collaboration through guest blog posts or brand partnerships, as these allow you to reach new markets. But, you must ensure that the collaboration is mutually beneficial.
You won’t get very far without investment. The cliche of nothing but a million-dollar loan might have become a bit of a meme, but it carries plenty of weight. Almost all business owners would not have gotten far without a loan or other investment. It could be from a parent, business partner, or the bank. The source doesn’t matter. What does matter, however, is that you invest the funds wisely to help your business improve, grow, and make its mark on your industry.
While some of the most recognizable businesses started with one entrepreneur in their garage (or even their parent’s garage), these enterprises soon grew into something gargantuan. Employees helped make that happen, and your business will be the same. If you have big dreams of transforming your company into a major player, you will need others in the workplace. This doesn’t justify the need for an office but it also creates a better company culture. Some businesses can get by fine with a remote setup, but you need a base where you and other higher-ups operate.
Finding a workplace also helps you build relationships with your team and gives everyone the chance to feel comfortable. This factor is vital since no one has 100% great ideas. A comfortable culture will empower employees to challenge your ideas and speak up if they think you are making a mistake. While you might not be used to people telling you your idea is terrible, it’s a vital element of growing your business and proving to you who the most reliable team members are within your company.
Building your profile can be tricky as a solopreneur, which is why many can't succeed doing it all alone. The more people you have working for you, the easier it will be to spread the word. Various employees can focus on different aspects that will improve the company's reputation and ensure there are no issues that could derail your progress along the way.
Every business owner will encounter disappointment. Perhaps you delivered a project that the client hated. Maybe you bid on a big project only to see it go elsewhere. These disappointments are part of running a business, but facing them alone can have a disastrous effect on your morale. Having others around to pick you up and encourage you to keep going is crucial and proves you have the right network around you.
You may remember a weird time a few years ago when everyone needed to stay home. During this time, everyone quickly understood that isolation is unhealthy for everyone, even those who claim to prefer their own company. The same goes for running a business. Entrepreneurs want to share their success. They want to show off and talk about their projects with people. To achieve this, you must find ways to bring people into your circle.
Even if you don’t always work with other people, you still need to build a support network to cover a wide range of additional services. If you aren’t as proficient in finance or marketing as in business, you need some help. You simply can't succeed at everything alone, you will run into a wall and burn out sooner rather than later. Being part of a team might feel like you aren’t doing it all yourself, but that’s the point. Without teamwork and collaboration, you won’t get anywhere.