At least once in your life, you will go on the great career adventure of entrepreneurship. I’m currently on this adventure, and here are just 10 lessons I’ve learned about it so far:
Not everyone is an entrepreneur.
But if you are, failure is an inevitable part of the process and you’ll learn so much from it. I’ve failed so many times at trying to have my own business, and failure has opened up my eyes to my weaknesses and things I need to improve on.
There’s a common belief that there’s no right time to start a business, but I believe otherwise. I think that the right time to start a business is when you have a solid business plan, at least some of the capital needed to start the business and personal savings that you can live off for 6 to 12 months.
You’ll spend a lot of money getting the business off the ground before seeing a single cent of profit. So be prepared to be broke for a while.
Don’t leave your full time job to start a business because of the above reason. Rather ride the wave of working around the clock because the stress of entrepreneurship coupled with the stress of scrambling for money to pay your bills is overwhelming.
The quote “winners know when to quit” bears significance when it comes to entrepreneurship. If your business is not growing or making money, and your back is up against the wall financially, it’s best to close up shop and get a job to support yourself.
Other aspects of your life will suffer because of the demands of starting your own business. You have to force a healthy work/life balance, and you will fail at first but you’ll get your butt into gear when your loved ones start complaining about your lack of time for them.
You have to be passionate about your business and line of work. After passion, you need business development skills.
It’s not easy to convince people to invest in your business, even if investors know you. It’s a whole different ball game when the bottom line for investors is profit.
Succeeding at entrepreneurship is a combination of hard work, being at the right place at the right time and connecting with the right people at the right time.
*image from Pexels.