7 Lessons to Starting a Business

How much you know when you begin is less important than your willingness to learn.
7 Lessons to Starting a Business
Image credit: Thomas Barwick | Getty Images
  • ---Shares

Starting a business is a journey. It’s a tough journey and most people fail because they don’t have a mentor. I’m going to show you the seven biggest lessons about starting a business. I’ve learned them through my experiences and my failures, and now I’m going to convey them to you so you don’t have to go through the same challenges I did.

1. Look for an education.

I’m a believer that education is everything. That isn’t necessarily formal education, although it can be. Education comes in many forms, including through experience and through mentors. I can’t emphasize enough how important seeking out a mentor can be, even if you must pay. It’s why I created the Tim Sykes Millionaire Challenge Team, so ordinary people can learn.

Related: Why Valedictorians Rarely Become Rich and Famous -- and the Average Millionaire's College GPA is 2.9

Be willing to learn.

I’ve lost count of the number of arrogant entrepreneurs who think they know it all. Don’t go down the same path. Humble yourself and be willing to learn no matter how successful you are and how much money you’ve earned.

Related: Humility: The Missing Ingredient to Your Success

Know your goal.

Don’t jump into a new business aimlessly. Know what you want and have a plan for how to get there. I recommend writing this down and updating it as your business situation changes.  You’ll be surprised at the simple power of writing down your goal and referring back to it.

Related: Chart Goals to Create a Road Map to Your Success

Gauge your strengths and weaknesses both.

By studying your strengths and weaknesses you know how to make best use of your time. If you’re a marketer concentrate on the marketing side. If you’re no good with numbers bring someone else in to help you with that, even if it means making an investment. Don’t try to do everything, otherwise you’ll quickly find yourself overwhelmed.

Related: Tap Your Hidden Strengths to Unleash Your Leadership Skills

Keep improving.

Be happy with the progress you make. I know from experience that constantly aiming for big wins and quick returns isn’t going to help you in the long-term. Consistency in business is much more effective than trying to nail everything all at once in the first few weeks and months.

Related: 4 Ways to Discover Your Strengths

Networking is your friend.

Right or wrong, business is all about who you know. Knowing someone who can advise you, knowing an investor, or just knowing someone who can provide you with emotional support can be invaluable. I wished I had started networking from day one. Every day that you’re not networking is a potential partner lost. Start networking no matter how big (or small) you are.

Related: 3 Quick Tricks to Networking for People Who Hate Networking

Love what you do.

One of my crucial tips for traders is to love what you do. It’s the only way you’re going to get through the tough times. Passion drives us and if you’re not doing what you want to do in life…what’s the point? No matter what industry it is, if you love it and work ridiculously hard, you'll excel eventually and the money will be there once you're an expert.

Related: Loving What You Do Is the Cornerstone of Wealth and Happiness

Get started now.

Finally, the best way to run a business is to avoid procrastinating. Get started right now and begin working towards your goals.

Find the Right Franchise for You

Complete our short quiz to pinpoint your perfect franchise match.
Find Your Franchise
OK

This website uses cookies to allow us to see how our website and related online services are being used. By continuing to use this website, you consent to our cookie collection. More information about how we collect cookies is found here.