5 Important Lessons About Entrepreneurship
by Arina Smith Entrepreneurship 27 October 2020
Entrepreneurs are some of the most famous people in business, yet few really understand what it takes to get there. Inc. mentions that becoming an entrepreneur is a challenging but worthwhile pursuit. The easiest part is coming up with an idea for a business, but then the complications start to mount. Where do you register it? Do you choose a Florida agent for your company or deal with the paperwork yourself? Should you look at an LLC or a sole proprietorship? As an entrepreneur, there are a few key lessons that you’ll have to pick up early or be left trying to play catch-up.
Here are 5 Important Lessons About Entrepreneurship:
1. Choose Something You Enjoy Doing
There’s a saying that states if you do something you love, you’ll never work a day in your life. While, as an entrepreneur, you’ll realize this is a generalization, it’s actually pretty solid. It’s much easier to get out of bed on a morning when you’re planning to work on something you enjoy doing than if you just have to get up and slave for someone else. Don’t overlook how motivating doing something you enjoy can be.
It’s a long-understood fact that people who enjoy doing what they do tend to earn better salaries because of it. Go Banking Rates mentions several studies that conclude this. For an entrepreneur, doing what you love inspires others to follow their dreams. You also feel far more fulfilled when you accomplish something. Finally, you’ll find that you’re a lot more productive when you spend time doing the things you love for a living. After a while, it really stops feeling like you’re working.
2. Work Hard, Play Hard
Entrepreneurship has a lot of hard work that no one sees. Many people come to recognize your prowess and fame after the fact, but none of them are there to see you put the work into getting it. You need to want this business to succeed more than anyone else. It’ll be a while before the fame, accolades, and even the profit start coming in. The work will be your constant companion until the rest of the elements of success start showing up. You have to work hard to play hard.
Working hard doesn’t mean that you can’t work smart as well. Entrepreneurs that have a full plate usually have a team dedicated to helping them achieve their goals. The driving force for ensuring that the business accomplishes its goals may come from you, the founder, but by inspiring others you can help them to see the same vision as you. This vision is a critical part of ensuring that your hard work pays off. As the business grows you won’t be able to have a hands-on impact on the company anymore and these team leaders will be responsible for ensuring that your vision continues.
3. Learn From Failure
The Business Development Bank of Canada (BDC) mentions that most successful entrepreneurs learn from their mistakes, adapting when their failures come to light, and doing better. First-time business owners especially don’t realize how many failures can occur. Yet, as an entrepreneur, you will have to fail to learn what you did and do better the second time around. Failures are inevitable. It’s how we learn from them that makes us better business people.
Learning from your mistakes comes from dissecting them. You may have to face hard truths to get these answers, but they’ll be worth spending time on. Failures happen because something didn’t function the way it was supposed to. In many cases, when mistakes happen, people get angry, and it’s fine to have strong feelings about it. However, if you let anger get the better of you, you won’t learn and improve your process. For a business, this could be disastrous, as projects and processes don’t reach their full potential and are shelved because they frustrate you.
It is important to understand that an entrepreneur has a growth mindset. This will enable them to become better after learning from the failures. Dissecting the failure is important not only for personal growth but also to help the business mature. Everyone can be guilty of making mistakes, taking risks, and not being successful over a period. The aim should be to move ahead and understand how to engineer effective growth by cultivating the right mindset.
4. Keep Learning
Learning is a lifelong skill for many entrepreneurs. Even as an established business owner, learning how to apply new techniques to your business to enhance its growth and development is a crucial skill to have. Companies that don’t have leaders who innovate will quickly fall out of favor. Developing your skills through business courses is now easier than ever, so there’s little excuse for falling behind the competition.
In many professional fields, the idea of career development is underexplored. Entrepreneurs, especially, sometimes get so caught up in working that they miss important information about what’s going on around them. In a world so overloaded with informative sources, there’s very little excuse for ignorance. Learning doesn’t have to come from taking and completing an online course. It can be as simple as listening to an industry expert podcast every week. It doesn’t have to cut into your schedule, it just has to be present so that you can learn about the events going on around you.
5. Put Thought into Choosing Your Team
It’s tempting to say that you should go for experts in each field, but the truth is that you should choose people who can support each other and work as a team. Successful businesses have good teamwork at their helm. Having a series of experts who work well individually but can’t bring things together as a group is a recipe for disaster.
Teamwork in a company’s executive is a critical part of ensuring that the business functions with single-mindedness. When a business starts to grow and expand, the owner is no longer able to micro-manage departments. Team leaders, therefore, are critical to these departments’ functioning. Choosing the right team for the job keeps your vision as the owner intact, no matter how many people are employed in each department.
Learning About Running a Business Takes Your Whole Life
Businesses don’t become successful overnight. It takes a long time to figure out what you should and shouldn’t do within a particular industry. Learning comes with experience. Once you don’t give up on your dreams of being an entrepreneur, there’s very little you can’t accomplish.