Each executive shares their Smartest Business Decisions, Biggest Mistakes and muse on “If I knew then what I know now…”.
Great inspirational read: The Benefit of Hindsight.
Key lessons I took away:
People are paramount – getting the right partners, hiring top talent (best in their fields, not necessarily from the same industry), corporate culture, talent management, etc. All this is foundational towards the later success of the agency. Never downplay people or culture – these are the stepping stones to success.
Have strong business fundamentals – related to hiring top talent in their fields, it is important to ensure that you have the best that you can get in managing a business. Too many creatives open up their shops without realising that they are no longer practitioners but business owners. Hence, having strong capabilities in finance, accounting, HR and legal are vital to one’s continued existence.
The time is now – there is no “right time” to opening your own agency. If this is what you want, then today is the day and now is the time.