One thing that I’ve learned over the years is that success doesn’t always look like what you expect the five-year plans haven’t worked out for me and so I stopped making them but i have learned some incredibly valuable entrepreneurial and business lessons along the way and so today I thought I’d share 8 of them.
Choose your business partners wisely. A bonus tip, is do background checks on anybody you’re thinking about getting into business with. Trust me when i say it pays to do your due diligence, because business agreements and contracts are just that they’re our contract they are a legally binding agreement and if things go south you can be in a world of hurt.
To be honest some marriages are easier to get out of than some business relationships nothing steals the fun out of a new business like expensive or high overhead
When starting out a business, you may also have to be willing to pay other people more than you pay yourself. It could be a year or two before you even get your business into profit zone.
Is don’t be afraid of hard work. Now this is something where you’re like of course it’s going to be hard. You don’t understand until you’ve actually done it how difficult the work is going to be at times. It’s going to be daunting at times and at times you are going to want to give up just know before you start to embark, and spend the money to start something. The mountain is steep. it’s high and you’ve got a climate. This is your pride
Be careful not to grow too fast. You don’t want to be taking money off of your own personal credit cards, or take a second job to pay your employees. Sometimes you may have to swallow your pride you’re going to do things know that you’re going to do it and times could get tough.
Know when it’s time to move on. This is a really tough one. there’s the same called shoot the bleeding dog. Know when it’s time to put it down and a lot of times as an entrepreneur you start a business and you want to hold on as long as you can. There comes a time in every failing businesses life when you’ve got to know. That ok, it’s time to shoot it. Put it down and move on. Have a plan B in mind. lesson number
Look for opportunity everywhere. Doesn’t matter if you’re not familiar. Look for it everywhere the thing that blows my mind is I get approached by so many companies nowadays saying hey check out my product check out my brother you know how many companies are out there thinking that they’ve got the latest greatest? You can try and make it work but if that market is totally saturated, it maybe it would be a wise decision if you’re looking to be an entrepreneur, to look for opportunity that isn’t currently being met or filled with alpha. Though competition is good, you still need to know your limits and your market. The more narrow and niche specific your customer target base is, the better. Assuming there is a demand for your service or product.
Surround yourself with good and like minded people. I’m not talking just like good qualified I’m talking good people people that you really want to be around. Find people with good moral character and compasses.
People want dignity and respect and just telling them I really appreciate that you took a chance on me pays off even if it’s not financial. Hopefully in the future financial will happen but I’m telling you it is a it is one of the most valuable lessons that I personally have learned.
Is be honest and ethical in everything you do It’s business integrity. We talked about having character a good solid moral compasswell for me one of the lessons that I’ve learned through over the years is that it pays to do the right thing.
Weather the storm because entrepreneurs and being an entrepreneur is definitely not easy it’s not the easiest road you’ll be on, that is definitely for sure. I know a lot of you out there like the idea of starting your own business and being an entrepreneur, and it’s not easy but you need to develop a thick skin and a cast-iron stomach because you will lose a lot of sleep over the years. If you fail though, just get back up and keep trying, and never give up on your dreams of owning a successful business.