Entrepreneurial Hack of the Week #29
Back to the Basics
Follow these tips to simplify your journey to success
When looking for the most valuable entrepreneurial lessons, sometimes we must look outside the boardrooms and business schools and return to basics.
Envisioning a lemonade stand is a great way to get into this mindset.
You might have even had your own in your early days of entrepreneurship. By harkening back to this simple summer activity, you can uncover lost fundamental principles that can guide you on the journey to success.
It is okay to start small
Kids operating a lemonade stand start small, focusing only on selling one ice-cold refreshment at a time. They don’t aim to conquer the world immediately but focus on a simple yet achievable goal: selling refreshing lemonade to neighbors. My coaching advice to business builders is always to think big, start small, and scale fast. As one of my colleagues always reminds me, just start. The activation is what is so important.
By starting small, they gain valuable experience, can test their ideas, and learn from their mistakes. As aspiring entrepreneurs, we can embrace this lesson by breaking down our big dreams into manageable tasks and celebrating each small milestone.
Focusing on these smaller milestones allows you to step back down the road and see how these small steps culminate in success.
A great example of this is Apple, the “world’s first corporation to close with a market value above $3 trillion.”
While this is an incredible milestone, it didn’t start that way. After beginning in a California garage, the company struggled for years before Steve Jobs rescued the company through action and consistency, bringing it from near bankruptcy to the blockbuster company it is today.
Fun Fact: Microsoft infused $150 million into Apple when it was close to failing.
Don’t overthink
The resilience children possess when running a lemonade stand is genuinely inspiring. Despite facing rejection or setbacks, they bounce back with unwavering optimism. Kids understand that “no” doesn’t mean failure; it simply means an opportunity to learn, adapt, pivot, and improve.
Entrepreneurs can benefit significantly from adopting this mindset. Instead of dwelling on setbacks or becoming disheartened by rejections, viewing them as learning experiences is crucial. Each “no” brings you closer to a “yes.”
As a kid, I often said, “No is just not yes yet.” This philosophy certainly fatigued my parents.
Often in sales, you’ll receive a lot more “no’s” than “yes’s.” Being resilient and learning to handle rejection properly can allow you to increase success in the long run. You become attuned to finding ways to improve your sales strategies, as opposed to feeling defeated.
It’s all about the way you perceive the situation.
Who’s buying? The best investor is a paying customer
Kids running a lemonade stand quickly learn an important lesson about their customers: only some passing by are potential buyers.
Children observe the people who show interest, stop to chat, or eagerly reach for their wallets. They learn to recognize their target audience and tailor their sales approach accordingly.
Similarly, entrepreneurs must identify their target market and understand their customers’ needs and preferences. Entrepreneurs can save time, resources, and effort by focusing on the right audience while delivering value to those who genuinely want their product or service.
Running a simple lemonade stand might seem like child’s play, but the entrepreneurial lessons it imparts are anything but trivial.
The next time you see kids running a lemonade stand, take a moment to observe and learn from their intuitive entrepreneurial spirit. After all, even the smallest ventures can teach us the greatest lessons.
Want more tips on networking? You can get my best tips here.
Karl R. LaPan is the director of UF Innovate | Accelerate, the place-making, entrepreneurial support organization within UF Innovate dedicated to working with entrepreneurs, innovators, and business builders. Through two award-winning, globally recognized facilities, UF Innovate | Accelerate delivers industry-leading entrepreneurial programs and services designed (1) to accelerate the growth and development of its client companies and (2) to increase the likelihood of success of the business ventures it serves.
Originally published at https://www.linkedin.com.
