As entrepreneurs and business owners, there are so many times along our entrepreneurial journey that we say to ourselves, “If only I’d have known then what I know now…” The business lessons that come from experience are invaluable.CONTINUE FULL READING>>>>
Many entrepreneurship loose the interest because they fail at the initial phase. Being an Entrepreneur I have travelled through the journey made mistakes and learned from the mistake. I have listed other learning for the reader’s benefits. Though the learning looks simple and common, it has its own implication and edge over the business.
You may notice some similar ideas listed, but I kept them separate, as something in the way one is framed may resonate differently with you.
People Won’t Come
The biggest lesson I learned and probably the one a lot of people learn at first is that people won’t come just because you built an awesome product. You need to go out there and market your products or services in order to earn.
So, before you quit your job, make sure there is a market for your product or service and if you don’t have one yet, make a plan on how you will find them.
Create Value for Others First
We’re all in business to make money. At least, that’s the conventional wisdom. But, do you really make money without creating value for someone else first?
Of course not.
So, the purpose of our businesses is to create value for others. Once that’s done, we get to keep our fair share. The more value you make for others (opportunity, revenue, advantage), the more you make (in profit, goodwill, loyalty) for yourself.
What You See is What You Get!
My biggest lesson: my business is a reflection of me! If I am messy, my business will be messy. If I am unfocused, the business will reflect that. If I am not taking care of the most important things, not just the urgent ones, important things will be dropped from the business.
The business is more than what I do, it is also who I am.
It’s a Marathon, Not a Sprint!
Starting a successful business is a marathon, not a sprint. From my experience in both my own and when advising others in their business, it takes around three years to start a successful business. The first year is just about figuring out what the hell you are doing. The second is all about finding the product-market fit. The third is when you really start to figure things out and become profitable.
Fail Your Way to Success!
I’ve learned that what I thought was the worst thing that ever happened turned out to be the best thing that ever happened to me. I can recount a number of times when I thought the world was ending to only laugh about it several years later and thank my lucky stars that that’s how things turned out. I’ve learned to welcome detours and failures as a part of the entrepreneurial experience. So, it turns out that the cliché “When one door closes, another door opens” is more than a cliché.
DO not listen when people who say from failure you will not learn anything. I have seen people who claim to unsuccessful but talk like business guru. The major learning comes from failure. To be note, I am not forcing everyone here to fail in your journey.
There are many ways you can learn from failure i.e. failure in your own business which is best the self learning. Observing others and learning from their failure is another tactic way to learn.
Cash (Lots and Lots) is King!
If you start a business on a shoestring, make sure the shoe is BIG. You need a “long shoestring”. There is no such thing as having too much cash to start, grow, and sustain your business. Make sure your passion does not override your working capital. If you do, you will find yourself at the end of your shoestring. You will lose it all, including your shoes. Going barefoot in summer may be tolerable, but winter is brutal. Keep a close eye on your passion and a closer eye on your cash flow!
Nice Guys Finish First
Be nice to everyone on your way up, because you’ll see them again on your way down.
Life is cyclical. Our careers rise and eventually ebb as we age and the next generation begins its ascent. Being good and helpful will help in every phase of your career, help build lasting relationships and make your journey more rewarding. No one likes working with a jerk.
Think Long Term
Have you ever fought with a client over a signed-off proof as to who was right & who was wrong? What happened? 9 out of 10 times, even if you win the battle, you lost the war.
What I mean by that is that the client may pay to have the mistake fixed, but you may never hear from them again.
Take the time to realize, do I want to win the fight or the war? Think long term, work with clients to fix problems, together & find solutions that work for all. It is how long term relationships begin!
Sales Solve 90% of Problems
It’s so easy to stay busy with creating systems, processes and updating social sites – but the only true activity that will keep doors open is to create revenue. You need customers and you need to spend quality time creating revenue. The creation of products and services is fun and exciting, but without customers, you don’t have a business, you have an expensive hobby.
Things Can Change Way too Fast
Things can change, in an instant, through no fault of your own. Many things can change. Someone else might come along and offer a better deal. Economic conditions could change. Health conditions could change. Competition could change. How can you react? How can you prepare? Try to have enough business or opportunities “in the pipeline” to weather these kinds of changes. Plus, advertise consistently, always make as many sales calls as you can, and most of all… Be prepared and good luck!
Live in Business Grace
Never give up on a great business! The tough times determine to the most high if you are worthy of the good coming your way. Do good business, as anything less is a waste. Treat others with respect and honor. The real job of a CEO or Founder is to create great products and services for the people to benefit from. Also, study and master as many aspects of business as you can, while delegating tasks to those that focus on one area. Be happy and do good.
Hire Positive People
One of the most challenging things for any business is to grow their team. After experiencing some nuclear falloutfrom leaving a negative employee in place for too long, I realized that a positive attitude is the single most important character trait that you must look for in every new hire. You can teach someone new skills. You can train someone on how to complete tasks. However, a positive attitude is something an employee has or doesn’t have. Make it the #1 item you look for in any new hire.
You Can’t Fake It
Poor leadership uses “process” like a security blanket. If you are in the process of… it means you’re moving in the right direction, right? Wrong. Effective leaders use Goals to point the enterprise in the right direction. There is a place for “process” and “goals”. Know what you really need and don’t allow cerebrals, who’ve never run a business, talk you out of goals in lieu of process. Regardless of the type of business you’re in, it comes down to leadership- you can’t fake it.
The Power of Active Listening
An active listening session involves sitting down with someone you’ve had an argument with. You then agree to take turns speaking for five minutes. While one of you is speaking, the other cannot react or say anything. You can have a mediator enforce the rules if needed.
This arrangement makes sure each party is given enough time to explain his/her respective side. One session was all it took for me to patch things up with a business partner I’ve been in an argument with for weeks.CONTINUE FULL READING>>>>
