If you are an aspiring or current cannabis entrepreneur there are many things that you need to know.
Some of those things are very specific to the area of cannabis, while other things are generally applicable to everyone.
Below are a handful of things that all cannabis entrepreneurs, from the aspiring to the extremely successful, need to always be mindful of.
#1) You are a part of history and under the microscope
Cannabis is clearly the most popular and intriguing thing on the planet right now. People have always consumed cannabis, but in recent years cannabis has gone mainstream.
The elevated prominence of cannabis is a two-edged sword. Support for cannabis is greater than ever, but that comes with more focused scrutiny.
Cannabis has always been scrutinized, but not in as granular a way as it is now. That also goes for members of the cannabis industry. Any misstep is going to be magnified on an epic scale.
Always remember that you don’t just represent your brand or company; you also represent the cannabis industry as a whole to everyone you come across.
#2) More newbies are becoming consumers every day
Some members of the cannabis industry operate on the false assumption that they should only strategize for an industry in which consumers are very experienced.
Yes, many consumers are experienced, but many others are not. More and more consumers are trying cannabis for the first time or coming back from a long break.
Those types of consumers are looking for products and services that seasoned cannabis consumers may not be looking for.
If your cannabis product or service is super niche, then focusing on one type of consumer may be advantageous, and for many companies casting a wider net is a much better strategy.
#3) You have an obligation to support reform efforts
The cannabis industry would not exist if it wasn’t for the efforts of generations of cannabis activists that have fought for cannabis reform for decades.
Because of that, all cannabis entrepreneurs must support cannabis reform efforts. If you are a cannabis entrepreneur and you are not supporting cannabis reform, you are doing it wrong.
Cannabis prohibition is not going to end itself in illegal states, and cannabis industry public policies are not going to improve themselves in legal states.
It takes an ongoing effort on the part of the cannabis reform movement, which needs to be well funded and have a small army of activists constantly working on reforming all levels of government.
This is your chance to help make history.
#4) Nothing will come easy
Too many cannabis entrepreneurs think that all they need to do is jump into the cannabis industry and success will be automatic. That is not the case.
The cannabis industry is very exciting but it also involves a lot of hard work and consistency in order to ensure success.
Never take a day or opportunity for granted. The grind will be full of ups and downs, and if you really want to be a titan of the cannabis industry, you will endure it and thrive.
#5) Stay grounded
Whether you are at the top of the cannabis industry, just starting out, or somewhere in between it is vital that you always stay grounded.
Always remember why you started out in the cannabis industry in the first place, what your original goals were, and celebrate often.
It’s absolutely okay to shoot for the cannabis stars, and hopefully you grab some of them but always be mindful of your roots. Always keep things in perspective.
#6) Take care of yourself
It is very easy to lose yourself in your cannabis industry pursuits. That may result in you skipping meals, losing sleep, and passing on activities that bring personal fulfillment.
Make sure to carve out time for yourself, get adequate rest and downtime, and keep your personal fitness and nutrition at the forefront.
By doing so, you will help yourself be more focused and effective as an entrepreneur. Work hard and play hard!