Starting your own business, especially after leaving a corporate job, is a risky decision that you can never be fully prepared for. While experience comes with time, advice from established entrepreneurs such as Fito Salume can help aspiring entrepreneurs tackle unforeseen hurdles in the early days of launching the business.
Salume is a well-known Salvadoran entrepreneur and businessman who is the CEO of more than twenty companies under the Prologix Group umbrella, operating primarily in North and South America. Salume's companies are in various sectors of the economy, from finance to logistics, manufacturing, clean technology, and fintech.
In a recent chat with Insider Monkey, Salume shares his insights for aspiring entrepreneurs.
IM: Hello Fito, what do you think about long-term vs. short-term goals?
Fito Salume: I would always say think long-term in your business. While it is important to have short-term goals for your business, long-term plans and strategies are essential for its growth. Having long-term goals that clarify the purpose of the business will set the direction of your company and help you identify necessary actions. Have long-term strategies that will lead to substantial growth and better rewards for you and your shareholders.
IM: How important are objectives when it comes to entrepreneurship?
Fito Salume: Objectives convert your vision into clear-cut measurable targets and create guidance and direction. Set clear objectives and have clear goals that define what you want in your business and how you want it done. Ensure that they are communicated to your employees so that they know what is expected of them.
IM: What is that one-advice you want to give for risk-taking?
Fito Salume: Take more risks (smiles)! As an entrepreneur, you cannot avoid risks as they are part and parcel of business. All successful entrepreneurs have taken risks to grow their businesses to where they are now. This, however, does not mean making decisions blindly; strategize and carefully plan before you take that risk.
IM: What is the most crucial part of a business?
Fito Salume: Customers are the most crucial part of a business, the people who determine whether your business will be successful or not. Ensure that you focus on their satisfaction and put their needs first. Put them at the center of everything and consider them in every business decision that you make. Aim for customer delight.
IM: You're often quoted for raising a great company culture; how do you connect employees with company goals.
Fito Salume: Having employees who are aligned with the company goals, both long and short-term, is important to any aspiring entrepreneur with a huge vision for the future. Employees who align the company's mission, vision and goals with their roles are more likely to work purposefully to get the business to where you want it to be.
While entrepreneurship is not an easy journey, these tips from Fito Salume, who has over three decades worth of experience in business, will make the process easier for any aspiring entrepreneur.