My company recently celebrated its 5th anniversary. According to the U.S. Small Business Administration, roughly 50% of small businesses fail within the first five years; so this milestone is something I am rather pleased to be celebrating!
Over the last five years I’ve learned a great deal about overcoming and avoiding obstacles, and as anniversaries are often a time of reflection, I thought I would share some of my experience with you here:
Ready? Steady? Go!:
As DHgate.com is my second business venture, the first being Joyo.com, I started with at least some experience in getting a new business off the ground. I founded DHgate in 2004 and spent a full 12 months in development before it was launched onto the market. Initial user experience is critical in building a customer-base and although the site’s functionality is far more sophisticated now than it was then, we launched with a strong, solid service offering that worked. It was financially difficult during that first year, and the temptation to rush forward was very real, but our business would need to withstand global transactions never-before completed in this way – We were generating a new market and had to be thorough. Getting it right would mean customer loyalty and referrals, getting it wrong would mean an uphill battle, or worse.
Make time your friend:
Your “things to do today” list is beginning to look more like the sequel to “War and Peace” and everything appears to be a priority. How can you justify the badminton game at 8pm on a Wednesday? Personally, I have always felt passionate about making time for sports. The friendly-competition, the socializing, the exertion, the change of pace, and general break in scenery does wonders for my focus in the office. Health benefits aside, good time management includes making time for recreation. Sure, there are times when leaving the office isn’t possible, but by doing my best to ensure I can ‘get away’ at least a couple of times a week, I’m actually more efficient at my desk.
Listen, listen, listen:
As an entrepreneur, my impulse is to follow my heart and act on instinct rather than spend long periods of time deliberating. But if there is one learned-skill I would say has been most valuable to me during my two ventures, it would be an ability to listen to those around me. Deeply invested in my business, both financially and emotionally, it has not always been easy to have the perspective needed to make the most effective decisions. Detaching myself and really listening to those with expertise and/or insight has proved vital to DHgate’s growth. After due diligence, I have often acted on suggestions from customers, staff, competitors, lawyers, industry experts, etc , but I haven’t always felt compelled to do so. I try to understand their perspective and use that to form my judgment, and that is where the lesson really pays off.
Please share your tips on lasting the test of time - we can all learn something from how others have got through the tough times and lived to tell the tale! After all, when running a business, the challenges never stop.
That’s why I love it.
