Remembering her father's advice on being your boss, Sinead went back to her roots and thought of what path to take. Naturally passionate about sports and fashion, Sinead took the plunge because she wanted to provide high-quality clothing at reasonable prices.
Often, many business owners believe that they need to know everything to start a business. While this may be true initially, you don't need to continue on this path, especially if it takes up most of your time. Learn to delegate small tasks to your staff even if you are starting to focus your energy on building and developing your business. Later down the road, you can bring in experts who lighten the burden and help your business grow.
(Refer to Episode 97 where Nicolene Elhadad talked about having a super team) No matter how small or stupid, asking questions may help you see clearer and set you on the right path or give you the best lessons.
Starting a business is all about taking risks. However, it can improve lives and even give you fame or fortune when done right. While those closest around you only want the best for you, they may not be necessarily equipped with the knowledge and experience of businesses. However, even if you fail a business venture, you can use this as a stepping stone in a future job search or take lessons from it to start again.
Sometimes, we may get rejected by others or make mistakes. However, this doesn't mean that it's the end of the world. It can allow us to take a step back and come back with a better strategy.
We should also ask for help or share our problems because many people are willing to help even in the most simple ways.
Key Learning Points:
1.) Mads says that management is such a critical self-development journey- 07:18
2.) Sinead mentions Gwyneth Paltrow as an inspiration where there would be no stupid questions or where she would be ashamed to ask questions. - 07:36
3.) Sinead says that it's essential for business owners to be open to learning, that they are learning and want to learn all the time, even if she has to ask obvious questions. - 08:13
4.) Mads says that business owners who pretend they know everything even if they don't are a great way to make many mistakes. - 08:48
5.) Sinead recommends approaching someone ahead of you and asking them to be your mentor. - 09:39
6.) Mads says that people shouldn't be discouraged, especially when receiving feedback from their friends or family. While people who love you and care about you want the best for you, they may not necessarily know anything about starting a business. - 12:11
7.) Sinead says that start hiring experts to make your business run smoothly when you can (and if you can). - 20:08
8.) Sinead says that it's essential to be honest with your staff, especially if you make mistakes or if your business is facing challenges. - 23:42
9.) Mads says that we shouldn't be ashamed to ask for help or share our problems because we are more likely to get and receive support from people. - 25:40
10.) Mads says that when you have a good network, people love to help- 25:29
Entrepreneurs on Fire Podcast with John Lee Dumas
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