You might have aced the exams in school and college and probably learnt everything about business they had to teach you but does that guarantee you success in the field as well? It certainly doesn’t. Learning business in school through lectures, books and exams in no way compares to the wisdom, knowledge and practical advice you gain through actual experience over the years. For some, the rise to entrepreneurial success is quick and appears overnight while for others it’s a long, never-ending, daunting process that comes with major failures and lessons to learn. The major reason behind one’s success and other’s failure rests solely on the basis that the unbeaten entrepreneurs learnt their tricks and lessons quicker than others.
What are those lessons? Would it not be helpful for young businessmen if they knew them way before they had to deal with any of that in real life?
While they will definitely accumulate hundreds of lessons and a wealth of knowledge as they continue to grow in their fields, however here we have put together top ten must-know advice and lessons for every entrepreneur:
1. You Cannot Control Everything, Stop Fretting
Entrepreneurs tend to be passionate about what they do and being passionate about something naturally gets you immersed into it completely and you want to control everything and bend every situation according to your will and plans but hold on! It doesn’t happen. No matter how hard you work and how much you try, there will be things and situations that you will simply have no control over. Instead of draining over your energy over uncontrollable circumstances focus on the ones you can do something about. Channel your energy towards what needs it the most.
2. You Cannot Go Solo
You start a business all on your own and one day you know there will be another person joining you in it. For someone who builds a brand alone it is never easy to share the success and the company with someone else but here is where you decide whether you want to keep struggling in your place or would you like to expand and collaborate so you and the business may grow? I am sure you want to see your business grow and one less longer route to that success is collaborations and recognizing the value other people can bring to your brand. You started it solo but keep your heart and office open for new opportunities and contacts.
3. Hire People Smarter Than You
If you don’t have ego issues this won’t be a problem for you. Face it; you are not the only one good at doing what you do. There will always be people who are far better than you and hiring them should never be a blow to your ego. If you, on your business journey, ever happen to meet people who are amazing at business you would want them by your side. While you can focus on things you are best at and let them work with the freedom to do the same and see how far your company goes.
4. People Fail And It’s Okay
Whether you are a successful business making millions or one that is still struggling to make a good name in the industry, you will face failures. No matter how much you plan or prepare for, failure is going to be inevitable for you. Individual strategies, business campaigns, marketing tactics that crash, ideas that you thought would work out don’t, your plan seems to fall apart and at one point it all seems too much. A failure can prove to be a huge setback for businessmen however facing failures with realization that it happens to everyone and extracting valuable lessons out of the experience can mold you into a better businessman and that is something no article and textbook can teach you.
5. Your Product Can Never Be Perfect Enough
Although it applies to every business venture but I believe people working in web and app development can relate to this a lot better than others. Businesses are moving fast, new products are introduced in the market every day and keeping up with the latest trends can be extremely difficult if your business strategy is to produce a product too perfect to compete with others. Businesses who know being agile, flexible and adaptive is more important than perfect are always more successful, you need your product out in the market and work to improve it while it is generating ROI.
6. No Business With Friends, No Friends In Business
Not everyone has the ability to keep personal relations out of business and business out of their relations, those who know how to manage both don’t suffer and those who don’t know may learn it the hard way. Take it from someone who has seen it; never do business with your friends and never make friends in business. The moment emotions and friendships creep into business you are made to choose between the two and things will become horrible.
7. Business Is Not The End
Entrepreneurs are passionate people and sometimes that can get to their heads. To live a healthy business life one must maintain a balance between the professional and personal lives that is the only way to succeed without creating a lonely world around you and ultimately losing your mind to the chaos in life. Restrict your business hours and try not to bring office work to home, spend quality time with friends and family, unwind and have a me-time as well. You need it all and the business is not the only thing in your life.
There you have it, the seven most valuable lessons and pieces of advice that every entrepreneur must learn in order to build-able a profitable business and a healthy personal life as well.