Fail fast, fail often: Five lessons from a female entrepreneur
Readers talk back
Must reads site wide
Sarah Riegelhuth is one of around an estimated 18,000 financial advisers across Australia, in a business that's competing against the country's largest financial institutions.
When she started Wealth Enhancers, she knew that standing out wasn't a matter of becoming taking out the top spot in the Google rankings – a little difficult when you're up against the likes of ANZ and Westpac – but came down to selecting the right opportunities, and finding the moment to "cut through".
Presenting at the Unconvention in Sydney over the weekend as a "Leading Female Entrepreneur", Riegelhuth offered her key tips for those looking to stand out in a crowded space, and for making the most of opportunities as they come up.
- Evaluate your opportunities quickly. New opportunities are constant and exciting. But for those with the drive to do everything, too many ideas can be a curse. Focus on the ideas that matter, stay true to yourself, and work on those that best apply to your own mission.
- Leadership and delegation is essential. All those ideas will be impossible to cover off on your own. As much as you might be attached to them, they've got more chance of survival if delegated.
- Cut through, realistically. You may not have the brand of a big bank, but you do have your own focus. Keep that. Stay true to yourself and apply your marketing efforts on picking up the customers that matter. .
- Fail fast. We all face failure, so learn to embrace it quickly, evaluate the lesson, and get over it. The key is to avoid the big errors that will cost you in the long-term.
- Fail often. The more often you fail, the easier it becomes. And the quicker you can get up, adapt, and move on. Suffering many small failures through trying new ideas is far easier to overcome than a large failure that may send you broke.