Successful entrepreneurs know the business.
Just read what this entrepreneur has to say…
Watch, listen and learn. You can’t know it all yourself. Anyone who thinks they do is destined for mediocrity. Donald Trump
Whether or not you agree with Trump’s political views, you can’t deny that he has a track record of starting, running, and developing profitable businesses. While firsthand experience is vital, you can learn a lot from those who have gone before you.
Here are eight crucial lessons learned by successful entrepreneurs during their careers.
1. Failure Is Inevitable… And Necessary
Failure is defined as the absence of success. We all know that failure isn’t nice, but it’s to be expected, especially in the early stages of business.
If you’re attempting something truly big, you’re bound to run into some roadblocks. You should not only be prepared for those challenges; you should also view them as opportunities.
Every challenge enhances your character and fortifies your commitment; most, if not all, successful entrepreneurs will agree with this statement.
You will develop professional callouses as a result of not shying away from the challenges you confront, allowing you to gain a firmer grasp on your industry and what you are capable of. It prepares the way for others.
2. The Product/Service Is Everything… Until You Go To Market
If you don’t start from a position of power, you must make something that is worth buying if you want it to sell. Sales rely heavily on word of mouth, and no one wants to share something they don’t like with others unless it’s to denigrate it.
Having a good product or service, on the other hand, does not guarantee success. Once you’ve built something you’re pleased with, you’ll need to devote significant time and resources to marketing in order to attract the first wave of consumers who will help spread the word.
Don’t assume that just because you’ve made it, they’ll show up. That is a fallacy. Every day, a company with a wonderful product or service fails due to a lack of knowledge about how to get the word out.
Make sure you don’t make that deadly error. You must work hard to advertise whatever you have to give, just as you must work hard to make success discover you.
It happens all the time that great marketing can sell a bad product. You don’t recall the snuggie and the shake weight, do you? Consider the impact that smart marketing can have on your business if you’ve created something special.
3. Big Decisions Can Be Tough… But They Should Ultimately Make Things Easier
As an entrepreneur and manager, making a significant decision like firing someone off can be one of the most difficult things you’ll ever have to do. However, doing so will either increase your company’s output or allow you to experiment with fresh ideas.
Be willing to make decisions. That’s the most important quality in a good leader. Don’t fall victim to what I call the ‘ready-aim-aim-aim-aim syndrome’. You must be willing to fire. T. Boone Pickens, American Financier
Entrepreneurs who succeed are excellent leaders, and as you can see, exceptional leaders must be willing to make difficult decisions swiftly. A difficult decision usually has a lot riding on it, so making it opens up a lot of options for you and your firm.
You’ll be standing still for as long as you wait to flip the key. When you know what needs to be done, get it done as soon as possible.
4. Plans Don’t Stick… But You Should Still Have Them
As the poem says, the best-laid plans of mice and men frequently go wrong. Entrepreneurs have an even higher proclivity for things to change.
You never know what to expect and are continuously compelled to change course depending on the direction the wind blows. However, just because you don’t know what your future holds doesn’t mean you shouldn’t make plans.
Being a business owner is similar to being an author in that you are the author of your own story. The need for a detailed outline detailing what will happen in your novel is generally known among writers. It may alter or even veer completely off-course as you write it, but having a template ensures that you always know where you’re going.
Successful entrepreneurs, on the other hand, profit from precise strategies. Even if practically everything changes, their mission statement will keep them on track no matter how strong the wind blows.
5. Luck Is Earned… But Not Proportionally
True, you have to make your own luck. Only a small percentage of people become successful entrepreneurs as a result of pure luck. Most of them did something, if not a lot, to end up in that situation.
That doesn’t mean you’re due for a good fortune if you haven’t already received it. So there’s no reason to be concerned if you haven’t yet. The majority of the time, people who don’t rely on chance and work hard climb faster than those who do.
That’s just something you have to embrace if you want to be a part of the select group of successful entrepreneurs!
It’s important to maintain the perspective that nothing is owed to you. Preparing for setbacks should be a part of that earlier-mentioned plan.
You can’t succeed in something as ambitious as a startup without at least some good luck, but patience is key. Stay motivated and be sure to give yourself a chance to earn it.
6. You May Love Something… But It Might Not Be What You’re Best At
Many people enjoy playing basketball, but just a small percentage of those who do so pursue a career in the NBA.
The statistics in your dream field might not be as bleak, but if it’s a popular choice among many others, they’re still not encouraging. Just because something was your first love doesn’t indicate you’ll be the most successful at it. On the contrary, you may get blinded and make decisions based on emotion rather than logic.
That’s not to imply you shouldn’t enjoy your work. You should undoubtedly do so. You may, however, learn to love a variety of things.
You might be skilled at drawing, but your odds of becoming a fine artist are limited to none. You may work in advertising, animation, or something similar instead. This is an example of how your skills can be used in various fields.
If your talents aren’t adaptive, you’ll have to organically learn new ones. Find reputable sources of work and use low-cost resources like Lynda.com or the internet to improve your skills so that you may acquire a career in an area that inspires you, even if it isn’t your first choice.
7. Wealth Is Advantageous… But You Don’t Have To Be Rich To Get Rich
You may decide to create a firm that demands a large sum of money to get started. If you don’t have those types of finances, though, there are plenty of other options.
Chris Guillebeau’s book The $100 Startup is about successful entrepreneurs and businesses that started with a one-hundred-dollar investment or less.
The sectors that required such a low initial investment were extremely diversified. The book exemplifies what can be accomplished with a little money and a lot of imagination.
Granted, if you’re set on only starting one type of business, you might need more than a c-note. However, if you’re willing to be flexible, you’ll have more possibilities.
As previously said, your chosen field may not be your strongest suit. So, choose something you’re good at and enjoy doing, and start a business with what you can afford.
If that doesn’t please you, keep in mind that it’s only a beginning point. Perhaps one day you’ll be successful enough to venture into something that requires a larger investment. Or, more likely, you’ll recognize how at ease you’ve become in your current situation.
8. You Might Have To Slow Down… But You Never Have To Give Up
Debts, a spouse, a family… obligations may prevent you from pursuing business full-time. That isn’t to say you have to cease totally.
Free time appears to be non-existent. It is ephemeral, but if you manage your time effectively, you can nearly always find more. Working 40 or even 60 hours a week doesn’t mean you can’t pursue your entrepreneurial goals on the side.
If you can’t start a new business right now, plan ahead for when you can. No business can ever be completely planned out, therefore spend the period leading up to launch getting as close as possible to that gold standard.
A new business is a hard road to travel, so you need determination and all the help you can get. Heed these lessons successful entrepreneurs have learned to make your own journey a little bit smoother