4 entrepreneurship lessons that will help you grow in 2021

January
5, 2021

4 min read

Opinions expressed by Entrepreneur contributors are their own.

New year and new learnings. The key for this 2021 will be to respond to what knowledge and capabilities did we acquire or develop during the past year that we can use to our advantage to continue operating?

According to the study “Entrepreneurship ecosystems in Latin America and the Caribbean against COVID-19” by the Inter-American Development Bank (IDB), technological enterprises are those that can better enhance their capacities to be more agile; something that we have verified over the last few months of working with Justo, a startup that, together with my partner, we created in Chile in 2018 and now we have expanded to Mexico, Peru and Colombia.

We share these four lessons that, like us, will help you to be prepared in this new year:

1. Listen to the needs of your potential customers: Justo was founded thanks to the fact that a group of restaurants approached us to help them build a direct online sales channel and thus avoid the high commissions of delivery apps; This is where we noticed the technological needs that restaurateurs lacked and we decided to undertake to help them regain control of their business. Without a doubt, actively listening to the needs of your potential clients will help you guide your venture towards what the public really requires and offer solutions with long-term growth potential.

2. Take care of your time: During 2020, more than three-quarters of the Mexican entrepreneurs surveyed by Endeavor admitted to working more than 50 hours a week, generating stress and low productivity, so if you are looking to grow and take your business to the Next level, it is essential that you have spaces -both your own and for your team- to exchange ideas, innovate, as well as leisure and disconnection from day to day.

3. Keep your motivation fresh: We left behind one of the most challenging years in our history and – surely – it has left an emotional mark. It is interesting to note that according to the Association of Entrepreneurs of Mexico , 36% of Mexican entrepreneurs are afraid of failure, so it will be key to recognize that uncertainty will prevail and we will need constant motivation for the day to day. Some useful tools are to set short and medium term objectives; visualize what we want to achieve, what resources we have and in what time we can do it; Recognize the factors that we cannot control, as well as prepare ourselves to determine what risks we can take.

4. Create support networks: In Latin America, more than half of the entrepreneurs surveyed by the IDB acknowledged that they tried to solve the pandemic crisis only with their work team, without resorting to someone else, which implied effects, whether economic or emotional. A vital lesson for this 2021 is to remember the strength of building and having a support network: family, friends, collaborators, work teams, colleagues, suppliers; as well as forums, chambers, associations to listen to other experiences on how to overcome adverse seasons, promote joint work and promote the growth of the sector. Let us remember that social distance does not imply isolation: let’s look for options to move forward, together and for the benefit of all.

We do not know what this new year has in store for us, what we do know is that part of the economic recovery and stability of the region will be driven by entrepreneurs and their capacity for enthusiasm, optimism, learning and adaptation skills. By joining forces we make sure to create virtuous circles, as well as strengthen a more supportive, empathetic and fair circular economy.