• Home
  • Finance
    • Financial Management
    • Strategic Management
    • Investment Analysis and Portfolio Management
    • Project Management
    • Islamic Banking & Finance
    • Auditing
  • Marketing
    • Principle of Marketing
    • Marketing Management
    • International Marketing
    • Advertising & Promotion
    • Commercial Challenges
  • HRM
    • Human Resource Management
    • Principles of Management
    • Training & Development
    • Employee Performance Management
  • Others
    • Introduction to Business
    • Business Communication
    • Banking & Finance
    • Entrepreneurship
    • Economics
  • Personal Skills
  • Tips & Tricks
  • About Us
    • Contact US

Business Study Notes

B.Com, M.Com. BBA & MBA Exam Study Online

  • Home
  • Finance
    • Financial Management
    • Strategic Management
    • Investment Analysis and Portfolio Management
    • Project Management
    • Islamic Banking & Finance
    • Auditing
  • Marketing
    • Principle of Marketing
    • Marketing Management
    • International Marketing
    • Advertising & Promotion
    • Commercial Challenges
  • HRM
    • Human Resource Management
    • Principles of Management
    • Training & Development
    • Employee Performance Management
  • Others
    • Introduction to Business
    • Business Communication
    • Banking & Finance
    • Entrepreneurship
    • Economics
  • Personal Skills
  • Tips & Tricks
  • About Us
    • Contact US
Home » 8 – Lessons Learned in 8 Years of Business and Entrepreneurship

8 – Lessons Learned in 8 Years of Business and Entrepreneurship

By Richard Daniels Reading Time: 4 mins
Updated September 3, 2017

Lessons for Entrepreneurs:- Hi Friends of Business and Entrepreneurship, I want to send a very special greeting to all of you and thank you for joining us throughout these 8 years. Thanks for reading, for leaving your comments and contributions and for sharing our publications. And I want to take this very special date to share with you the 8 most important lessons I have learned in these 8 years of Business and Entrepreneurship.

8 – Valuable Lessons for Entrepreneurs

  1. Wanting is NOT power … Wanting is the first step to being able

“Wanting” is not enough. I have a friend who wants to win the lottery, but never buy it. The world is full of people who want to win lotteries they have never bought … people who want to pick fruits from trees they have never sown. Volition is the first step to power. Make things happen!

  1. You will not always be motivated. You need to be disciplined

Doing things when we are excited and motivated is very easy … But, as an entrepreneur, you will not always be motivated.

It does not matter how much you love what you do; there will be days when you will not want to do it. There will be days when you will not want to open your business, attend clients or attend that meeting you scheduled … But it is precisely in those days when you must show yourself how important your dream is.

If you feel tired, rest! But do not give up.

  1. It is not about finding the business what more money gives, but that business through which we can bring more value

We are constantly being asked by entrepreneurs asking “What is the business that gives the most money?” Or “What are the most profitable businesses?” and when I ask people “Where can you find business ideas?” The vast majority responds by identifying needs in the environment.

It is true that every business must be linked to a need to meet, a problem to solve or a market trend, however, the fact that there is a need, problem or opportunity, does not mean that I am the best person to solve it. Before you go out looking for ideas and opportunities out there, find out what’s inside you: What are your dreams, passions, skills and talents?

It’s not about finding “The Business Idea”, but “Your Business Idea”. Where your dreams, talents and passions intersect with the needs, problems and tendencies of the environment, that’s where the business is for you.

  1. No business is good or bad on paper

There are no good or bad ideas; only ideas are more developed than others. If you want to know the true potential of your idea, you must have the courage to launch it. Build a viable minimum product and salt it to interact with real customers.

  1. Before looking for financing, look for customers

When we embark for the first time, it is common to believe that our biggest obstacle is the lack of money and we mistakenly think that by getting the money we think we need, we will have success assured.

Whenever someone tells me that he has not started for lack of money, I ask him: How much money do you really need? What do you need it for? What is the cost of acquiring customers in your business model? The vast majority usually give impromptu answers and little objective figures.

And when an entrepreneur gets financing before interacting with real clients in the market, he usually uses it in the wrong elements of his venture. For this reason we see every day opening businesses that from the first day have more staff than customers and absurdly high fixed costs.

  1. Learn to listen to criticism with intelligence

No matter what you are doing, they will always criticize you. But, many of those criticisms will help you grow as an entrepreneur and strengthen you emotionally. You must learn to discern between the criticisms that make you grow and those that only seek to destroy your ideals.

  1. Do not start a company to be the one that works the least and the one that most wins

Start a company to be the most committed and the one that strive the most. You must be the inspiration for the people who work with you.

It may take many years before your business works for you, meanwhile you have to give yourself in body and soul to get it to consolidate in the market.

  1. No one can teach you to undertake

No matter how many books you read about creating a business, the truth is that being an entrepreneur is something you will only understand when you are encouraged to take the first step. The first step is not the most difficult, but the most complicated because it is the one that takes us out of our comfort zone, but, once you take the first step, there if the really difficult begins. This last lesson is more an invitation to action, to encourage you to believe in your ideas enough to start them.

Well, I hope these 8 lessons will help you in your process as an entrepreneur and remember that entrepreneurship is a path full of uncertainty in which nothing is safe, but anything is possible.

Author at Business Study Notes
Richard DanielsAuthor at Business Study Notes

Hello everyone! This is Richard Daniels, a full-time passionate researcher & blogger. He holds a Ph.D. degree in Economics. He loves to write about economics, e-commerce, and business-related topics for students to assist them in their studies. That's the sole purpose of Business Study Notes.
Love my efforts? Don't forget to share this blog.

Related Posts:

  • What is the Process of Motivation? Explain in detail
    What is the Process of Motivation? Explain in detail
  • Communication Strategies Definition | Types of Communication…
    Communication Strategies Definition | Types of Communication Strategies
  • Process of MBO (Management by Objectives) - Explained with…
    Process of MBO (Management by Objectives) - Explained with Examples
  • 21 – Lesson of Innovation to Learn and Generation of…
    21 – Lesson of Innovation to Learn and Generation of Business Ideas
  • Sources of Power in Organization - Advantages and…
    Sources of Power in Organization - Advantages and Disadvantages

Filed Under: Entrepreneurship

Related Posts

System-Views-of-Management-image

System Views of Management

System Views System views of management associates with the Management division of the organization and it assumes that all of the organizations are … [Read More...]

Leadership Theories

Situational Leadership Theories

Situational Leadership Theories Situational model of leadership is a factor that emphasizes the behavior of the leaders regarding different situations. … [Read More...]

Behavioral Leadership Model

Behavioral Leadership Model

Leadership  Leadership is the most critical and complex responsibility across any organization. It is because the leadership requires to be realistic, … [Read More...]

career development process in hrm

Career Development Process

Career Development Process Today's career development process has become a threat for students, especially a question that may stun many students who have … [Read More...]

Strategic leadership

Strategic Leadership Model

Strategic Leadership Model The strategic leadership model is basically the study of the leadership style. It describes the ways of modernizing an … [Read More...]

Types of Managerial Decision Making

Types of Managerial Decision Making

Managerial Decision Making Decision Making is an art of selection of one feasible alternative decision from many. Therefore types of managerial decision … [Read More...]

Quantitative-management-approach

Quantitative Management Approach

Quantitative Management Approach The quantitative management approach is used to enhance decision making power by using quantitative tools. As well as … [Read More...]

Effective-business-messages-image

Effective Business Messages

Effective Business Messages The process through which business messages are effectively prepared that have the potential to create desired results from … [Read More...]

Search the Site

ADVERTISEMENT

Business Study Notes

Business Study Notes is all about business studies or business education. Visit us to find here free business notes of all the subjects of B.com, M.com, BBA & MBA online.

Disclaimer

All the images and videos present on the Business Study Notes are not owned by us, if you found anything under copyrights, please Contact Us, we will remove it ASAP.

Categories

© Copyright 2023 Business Study Notes. All rights reserved. Privacy Policy, Sitemap.  
DMCA
PROTECTED