My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.

Business

Build Your Acumen With These Five Lessons

'Entrepreneurs are the only people who will work 80 hours a week to avoid working 40 hours a week', when Lori Greiner said that, she should have also included 'business' persons who might have inherited their business, but work equally hard, or harder, to keep the ship sailing
Build Your Acumen With These Five Lessons
Image credit: Shutterstock
Director, Wadhwa bakers
4 min read
Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Business is riskier and trickier as compared to any other form of employment, but the end results are far more rewarding if the business is successful. Also, the fact that one is their own boss is an unbeatable life lesson because you become answerable to your own self. So a businessman can never turn around and say ‘that’s not my problem’.

Running a business takes faith, hard (and smart) work and perseverance through tough times, which test the resolve of every man and woman. If you plan to build a career as a business person, then stand on the shoulder of giants and gain insights into what makes a business tick and what doesn’t.

Here are five lessons on running a business that one can learn from various successful business people:

1. Value Your Time as You Value Your Money

It might sound repetitive, but this truth is worth repeating: Time is money. Every second that you waste is a wasted opportunity which could have been the moment you were looking for to cash in on the prize. Especially when you are in the process of establishing your business, you should spend your time and your money very wisely. Do not become comfortable, or worse, lazy in your success. Use your time wisely to look for opportunities you can use to better your business and yourself.

2. There’s no Cheap Shortcut to Success

Relying on shortcuts once in a while and for minor things is not bad in itself. Hard work is irreplaceable, but at times, one also needs to rely on smart work to reach the finish line. However, shortcuts should be used sparingly and only during emergencies. If one becomes too reliant on using shortcuts to reach success way early ahead of its time, then the downfall from that high hurts doubly. Hence, instead of using only shortcuts to achieve success, bank on the right combination of hard work, smart work and the occasional shortcut to reach your goals. Remember, shortcuts are cheap because they lack the quality of real work. It is better to pay the price in sweat, blood and tears than to live off of cheap shortcuts.

3. Invest in the Right People

A one-man army can only go so far. Without a trustworthy team that works in cohesion like a well-oiled machine to back your business, you cannot walk the path of your success. Your growth depends on the well-being and growth of your team, and vice-versa. Thus, it is of utmost importance to invest in the right people because the work that they do and the effort they put in will be the pillar for your business to stand on, and grow. Build a team that will have your back through thick and thin, hire people who are smarter than you to fill in the gaps that you cannot and don’t ask your people to do for your business what you yourself would not be willing to do.  

4. Do Your Homework

There’s no replacement for hard work. But working without direction or in the wrong direction without the correct information on hand is the reason many businesses fizzle out before they can take-off. To avoid this situation, it is important to do your homework beforehand and then plan your way forward. Leave no stone unturned in your research.

5. Last But not Least, Keep on Learning

Learning never stops, whether one is a businessman or not. The world is changing quickly and this change is multi-dimensional, which means that one cannot stick to a niche and stay happy in it. It is essential for a businessman to constantly upgrade their skills to keep up with the fast pace of change. Otherwise, they might find themselves becoming redundant in a world which has moved on with the new trend while they were idling away.

More from Entrepreneur

David provides constructive insight to help businesses focus on their company growth, build brand awareness and know when and how to raise money.
In as little as seven months, the Entrepreneur Authors program will turn your ideas and expertise into a professionally presented book.
Create your business plan in half the time with twice the impact using Entrepreneur's BIZ PLANNING PLUS powered by LivePlan. Try risk free for 60 days.

Latest on Entrepreneur