November 27, 2022

Signing out of account, Standby…
Methods for forward-thinking business leaders to advance their industry.
tend to be some of the bravest people in the world. Let’s be honest – it takes guts to build something from the ground up, with no blueprint besides your own vision. However, even within the entrepreneurial community, there are different levels of risk. Starting a local coffee shop might take some of the same skills as a startup, but one of the key differentiators is . To truly venture into a new space takes something special, and it’s this “something” that Ben Lightburn, CEO of Filament Health, has managed to nail down after scaling the world’s first natural psychedelics company. Truly unique missions such as these can scare off skeptics, however, it’s the same missions that result in equally great innovations. Here are some tips for those looking to do the same and for entrepreneurs paving their own path.
Related: If You Want to Be a Successful Entrepreneur, Take Note of These 7 Lessons
As an entrepreneur, much of your success comes from believing that you can do things other people think are impossible. This – sometimes stubborn spirit, allows entrepreneurs to push forward even if no one else believes in the idea. For most people this might seem like a crazy concept, but any good entrepreneur understands that a great idea is not always met with appreciation and fanfare. Rather, truly great ideas can often scare people as change isn’t always easy to embrace.
This is especially true in the alternative health space and is part of the entrepreneur’s dilemma – you have to get used to people telling you that your ideas will fail. Often these people are experts in your field.
Related: 4 Steps to Building a Successful Team
Make sure to create and maintain a team that you trust and believe in. Get to know everyone’s strengths and weaknesses. At the same time, you must be candid and open about your own. famously said that “It doesn’t make sense to hire smart people and tell them what to do; we hire smart people so they can tell us what to do.” I believe that you should hire the best and then step back to let them do their work.
The capabilities of a strong team can make a difference when working at the cutting edge of any industry. In order to innovate, companies need to move fast and having an efficient team makes this possible. For example, finding team members that have already worked together, or people you know and trust. At the end of the day, it’s all about the team. This sets you ahead of organizations that are bringing people together for the first time, in a new industry.
Related: How Agility and Resiliency Help Small and Medium-Sized Businesses Succeed
Even though you may be doing something that’s never been done before, there’s a good chance someone else is close on your tail. With any new innovation, it’s only a matter of time until a larger brand tries to jump on the bandwagon, and potentially outperform you with greater resources.
A company must be able to pivot, try new ideas, and rapidly see them through, in order to stay one step ahead. This doesn’t mean abandoning the overarching mission yet you must be flexible enough to remain open to improvements. Uber may have begun as an extremely niche service of black cars for local VIP trips, however, it was able to rapidly incorporate new aspects to its business model while ultimately keeping the greater mission in mind. Similarly, Filament has needed to constantly shift to keep up with regulatory developments, new technologies, and new competitors. Yet this can become a strength if done correctly, pivoting in the right direction.
Related: 50 Signs You Might Be an Entrepreneur
There’s an aspect of privilege in everything we do, therefore it’s crucial to recognize this and give back, whether it’s to your workers, partners, or loyal customers that make all of it possible. When building a startup and pioneering a new field, it’s important to maintain your foundation, and returning goodwill is a key piece of that.
Ultimately there is no exact blueprint to follow when innovating in uncharted territory, the key is finding the lessons that apply to your personal journey. Steve Jobs used to say that you have to tell the customer what they want, they don’t know themselves. The opposite applies for entrepreneurs like Steve Jobs, , and Ben Lightburn who have forged their own path. Sometimes your best mentor can be yourself.
Jennifer Lopez Is Done With ‘Happy to Be Here.’ She Thinks Latina Entrepreneurs Are Undervalued, So She’s Working to Give Them $14 Billion in Loans.
How to Retrain Your Brain and Achieve the Highest Levels of Success
Her Company Is Worth $1 Billion. But It Began as a Way to Solve Her Own Shipping Problems.
TikTok Is Doling Out Age-Old Resume Advice. This Former Microsoft Recruiter Says You Should Ignore It.
6 Benefits of Working With a Franchise Consultant or Broker
5 Tips I Wish I Knew Before Starting My Business
Sallie Krawcheck Was the Queen of Wall Street, and Raised $100 Million to Launch Her Own Business. Then She Hit an Impasse She Hadn’t Seen Coming.
Jane Ridley
Emily Rella
Gabrielle Bienasz
Subscribe to our Newsletter
The latest news, articles, and resources sent to your inbox.
I understand that the data I am submitting will be used to provide me with the above-described products and/or services and communications in connection therewith.
Read our privacy policy for more information.
Copyright © 2022 Entrepreneur Media, Inc. All rights reserved.

Entrepreneur® and its related marks are registered trademarks of Entrepreneur Media Inc.
Successfully copied link

source

Leave a Reply