Tips for New Entrepreneurs with Mike Ionita
Entrepreneurship is appealing for multiple reasons, from creating your own schedule, to being your own boss, and working on projects you feel passionate about. However, according to the U.S. Bureau of Labor Statistics, approximately 20% of new businesses fail during their first two years. This sobering statistic is a reminder that it is important to get it right the first time. As the Founder of Crux Game Design, Mike Ionita knows first-hand how challenging entrepreneurship can be. With years of experience as a successful entrepreneur, Mike Ionita is laying out his best tips for getting started, sharing how to pivot, the importance of being patient, and how to become comfortable with failure.
Before plunging into the challenging world of entrepreneurship, you need to make sure you’re doing something you love. As the Founder of Crux Game Design, Mike Ionita started his business because of his undying love for animation. From watching Tom & Jerry as a child to playing Street Fighter II as a teenager, Mike Ionita never imagined he would be running his own game design business. Mike Ionita explained that above all else, a love for everything animation and video games motivates him to keep him going even on the worst days.
Connect with Other Professionals
Mike Ionita explains that being a successful entrepreneur requires you to know as much about your industry as you possibly can. No matter what industry you work in, Mike Ionita suggests reaching out to leaders in the field before launching your business — maybe even while you’re still working for someone else. If they’re doing what you want to be doing, learn from them in any way you can. Ask them: How did they get started? What challenges did they face? How did they overcome them? This will help guide you in the right direction.
Be Patient
As an entrepreneur himself, Mike Ionita explains that patience is vital to success. Likening growing a business to building a pyramid, Mike Ionita explains that building the foundation is not only the longest but also the most important part. Establishing a business is not going to happen overnight, so be patient with yourself, and just focus on putting one foot in front of the other.
Embrace Failures
Entrepreneurship is risky, and Mike Ionita explains that failure will become a regular part of everyday life. After a year of hearing ‘no’ from investors, making seemingly obvious mistakes, and feeling like an imposter, it is important to stick with it. The key differentiation between success and failure isn’t failing, it is the choice of whether you’re going to give up or keep going in the face of failure.
Lastly, Mike Ionita explains that you won’t be successful unless you have a great team. Mike is lucky to work with some of the best designers in the industry, and credits them with his success. No one succeeds in business by themselves, and anyone who tries will lose to a great team every time. You get to create a company culture at a new business, so make sure you hire people who value innovation, creativity, and an open-minded approach.
