As our team approaches our tenth anniversary, we wanted to reflect on our last ten years and pull together a few thoughts about entrepreneurship and what we have learned along the way. Here are a few questions we asked each other and wanted to share as we express our gratitude this holiday season.
November 20th is National Entrepreneurs’ Day. We would love to hear your input and feedback.
What is one thing you did not know when you started that you wish you knew now?
- Cash is King, make sure you have funding for yourself to pay your own bills for at least 2 years, this is separate funding from the business expenses.
- Just because you build a great product, that does not mean customers will simply show up.
- Find partners who complement each other’s strengths and offset each other’s weaknesses.
As you approach your 10 year anniversary – what are the top lessons learned as it relates to success that you will apply to the next 10 years?
- Make sure your family is prepared for long hours at work, even if you are working from home.
- Understand who your true customer is and who can assist in the growth of your company. Focus on finding those customers who generate true value and grow those relationships.
- Choose employees who are smarter than you and who can add value to your business.
- Low hanging fruit sounds great, but can be illusionary. Have realistic expectations.
What would you tell someone who is considering becoming an entrepreneur?
- Do your research and ask others in your industry if what you are building or the service you are starting is truly needed. You don’t want to be a “copycat” company.
- Choose the right business partners who can talk the talk and walk the walk with you, and champion the organization’s vision. They need to have passion and grit.
- You need a lot of perseverance because things rarely go as planned or may take longer than expected.
We look forward to celebrating our 10th anniversary in January with our clients and partners. We are thankful for your support and grateful you are on this journey with us.
Bimal, Arestotle, Chris, and Steven
About Venio: We decided to build a company focused on constant evolution and innovation. Our name was inspired by the Latin word “Venio” which means to arise, or come about. We knew there was an opportunity to drive change and redefine the ediscovery process and approach.