Being an entrepreneur is one of the most rewarding experiences anyone can have.
I have been an entrepreneur for nearly 18 years now. What I have learnt as an entrepreneur is invaluable. I knew by being there and doing that.
Here are 19 key business lessons I have learnt in these years. I have collated all my business lessons in this blog.
These business lessons will help you in the journey of becoming a successful entrepreneur. Here we go!
The best entrepreneurship lessons come from past experiences. You can always learn a lot from your past. Whether it be success or failure, they can teach you a lot.
The best entrepreneurs always remember what they have learnt from a particular experience and will work on becoming better in those areas.
People think that failure is the opposite of success. But in reality, failure is a part of our journey that will teach us a lot.
One thing we should always practice as entrepreneurs and business owners is, “We should allow ourselves to fail”.
But it should not be an excuse. Failing is okay but failing in the same thing is not.
So fail fast but fail differently.
Instead of fearing failure, welcome it as a learning opportunity.
First of all, “Why did you start a business?”
It might be because you want financial freedom and flexibility in work hours. But one of the major reasons is to solve the problem of your customers.
So basically, your business exists because of your customers, right?
You have to understand your customer’s NDP (needs, desires and pain points). This will set you apart from your competitors.
Always prioritize these things.
Bigger risks have the potential for bigger opportunities and higher rewards.
Let’s say you have two options. “Stay in your comfort zone or experience the pain of growth”. Which one would you choose? I chose the latter option because my comfort zone might be safe but growth requires courage.
Here are the steps you can follow.
The best entrepreneurs I know always take bold, yet informed, risks.
I agree you need financial freedom but being an entrepreneur and running a successful business is not just about making money.
It’s more about value creation than valuation.
If you choose just wealth, you will lose the deeper purpose of your business, which is…
So if you focus on your mission the financial rewards will follow.
Goal setting plays an important role in achieving success as a business owner.
When you have clarity on goals and when your team has clarity in roles, everything will fall into the right place.
Success is the result of clear, actionable goals.
A well-planned goal is important because it gives you direction and keeps you motivated.
Hitting goals feels great. Hitting the right goals changes everything.
When team, personal, financial, and functional goals work together, growth takes off.
Come learn how to set and align them!
Expecting good results will help… but if your expectations are not rational then disappointments are inevitable.
But how you handle these disappointments determines your business growth.
Do you feel demotivated when something doesn’t happen your way? Instead of getting demotivated, use them as fuel to push forward.
Have you heard this saying, “Every “no” gets you closer to a “yes” if you keep improving and moving forward”?
Keep this in your mind every time you get disappointed.
Anyone can have ideas, anyone can talk, but only a few act on what they are saying. And those who take action are the ones who succeed in their business.
The only thing that matters is results.
Here are 3 steps that will help you achieve your goals.
Why do every organization have a vision?
Because they should always have something as their destination to move towards.
The best leaders and entrepreneurs know where they want to be.
But remember, “A dream without action is just a wish.” So like I said previously, action speaks louder than words. Dream but act on it.
Not only the world, but the entire business world is constantly changing. The only permanent thing is change.
In recent days, we can see how AI is evolving and how every industry is adapting to it. Simply put, “Those who adapt survive and those who resist change become irrelevant.”
Being with people with the same mindset and goal as you is an asset.
You have to understand that your network is your net worth.
Surround yourself with people who can inspire, support, and challenge you, not the people who can just give you fake applause.
How can you build your network?
What does being creative in business mean?
The ability to bring creative and innovative solutions to modern problems is one of the skills every business owner should have.
Including your team in brainstorming sessions will help you bring out the best and unique solution for your business.
This is just an example of how you can be creative in your business.
You can explore more ways to do that.
If you ask me if I can build a business alone, I’ll tell you it’s never possible without any second thought.
Nobody can build a successful business alone.
You need focus on a strong team building, because skilled team will help you scale, grow your business and execute your vision.
“Hiring is an investment.” This is what I strongly believe.
Don’t fear to hire people who are more skilled than you. Hire people who complement your strengths and share the same mission as you.
“I do everything in my business alone.” Most business owners are proud of saying this.
But it’s one of the blunders anyone can make as business owners.
You can’t handle everything alone. It’s the truth even if you don’t want to admit it.
That’s why developing a second line of leaders within your organization is important.
Build people who can take responsibility, make decisions, and take your business forward, even when you are not present.
As a business owner, everyone has self-doubts and imperfections.
We are constantly seeking approval from others. When we do that, our brain falls into the trap of self-doubt.
Encourage yourself, and stop looking for a reference point. Don’t work hard to become like someone. Instead, work on becoming a better version of yourself.
Don’t compare yourself with anyone else. Tell yourself that you are the reference point for your unique journey.
If you stop doubting yourself and start to love what you are doing, you will never have self-doubt and your business will grow with you.
Running a business teaches you fast. Let’s turn that into results together.
How easily do we get distracted in a day? If you think about it, distractions are everywhere.
Do you know what will set you apart from the other business owners?
Always prioritize what truly matters… and avoid getting distracted and sidetracked by things that don’t contribute to your vision.
It’s just a time waster.
Respect in a relationship and a business, because it increases trust, loyalty and collaboration among the team.
It builds strong relationships and helps in creating a positive work environment.
It can be your customers, team, or even competitors, treating people with respect will earn you trust and a good reputation.
You don’t have to demand respect from your team.
If you are a good leader, people will respect you automatically.
One of the most important things I learned as a business owner is there’s no shortcut to take your business to the next level and reach success.
The only way is by working hard.
Passion, discipline, and consistent efforts are what you need for your business to grow.
Stay committed, put in the hard work, and you can see that results will follow.
There is a huge difference between trying different things on your own and doing things after learning from someone else with their guidance.
A business coach or a mentor can save you years of trial and error.
I chose to stop everything, invest in learning and learn from successful people across the world. The result is where I am now.
Learning from someone who has already been there running a business and done that can provide invaluable guidance.
This guidance will help you avoid mistakes and speed up your success.
These are the lessons that I learned from my experience of being an entrepreneur.
But how can you apply these business lessons in your journey?
Being a successful entrepreneur is a result of many things combined. You have to be positive, proactive, and passionate to execute what you are planning, and so many others.
When every one of us is still figuring out our own ways to grow, I hope these lessons will help you to be prepared in future for implementation and also read more informative blogs to stay updated in business trends.
Both jobs and entrepreneurship have pros and cons.
If a person wants stability, certainty, and a consistent income, then jobs can be the pick for them.
Someone who wants to explore life, create wealth, make a difference at a larger scale, and become a creator of an idea should become an entrepreneur.
It’s a decision of inner clarity… Jobs or entrepreneurship, both are better than being stuck in self-employment.
There are various sources from which you can learn and develop your skills.
Some of them are online courses, books, mentorship, business podcasts, networking, and hands-on experience by starting small and testing ideas.
Related blog: Entrepreneurship books suggestion
The best way to stay motivated being an entrepreneur every day is to ask yourself these questions frequently.
Results are the reflection of who you are and what level of capability you hold. Identify what actions you need to take or what you need to learn to bring out the results.
Most importantly, don’t judge yourself… Assure yourself that it’s normal to be NORMAL on certain days.
Here is a list of a few entrepreneurship skills that everyone should have to become successful.
It is not so complicated! You need to choose a person “who’s been there and done that”.
The right mentor is someone who has been an entrepreneur first and then a coach.
Check their track records as an entrepreneur. They should have built a scalable business by themselves so that they know the realities and profitable practices of building a business.
None can destroy iron, but its own rust can! Likewise, none can destroy a person, but their own mindset can.
Former chairperson of the Tata Group
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