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
- 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!
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
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.
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