6 Important Things One learns After Becoming an Entrepreneur
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There are no shortcuts in business. In order to be successful in business and life in general, there are certain things that you must know and adhere to. In fact, being an entrepreneur is probably the most difficult job in the world and more so in a country like India where good education (a college degree, at least) and a stable job are considered to be the norm by which everyone must live their lives.
The sooner kids start thinking like an entrepreneur the better. The skills one picks up while starting a small business (even as a kid) - it could be something as small as opening a lemonade stand on a hot summer afternoon - are difficult to pick up in school. Kidpreneurs in this way learn how to adapt to new challenges, how to set their own goals, create a plan to execute on goals and learn their own limitations.
Yet, what’s really alarming is that no early education institute in India offers classes on entrepreneurship or business. And while some of the lessons one learns as an entrepreneur are mentioned below they are not all by a longshot. But they’re really important and necessary.
1. Always Believe in Your Vision and Intuition
In order to build their startups, entrepreneurs face many different and difficult choices and feel the importance of decision making every single day. It is impossible to know if one decision is right or wrong before you see the results from it. The knowledge and understanding of the business world and the belief in the product you offer are great ways to become more confident in your decisions. Thus, in order for others to believe in your business and your product, it’s imperative for you to always believe in your vision more than everybody else.
2. Time is the Most Precious Resource, Use it Wisely
All good entrepreneurs know that time is their most valuable resource. You can’t buy it. You can’t find it. You can’t store it. You can’t trade it. But you can always plan things out in a way that it saves you time and you don’t end up doing things that are not required.
However, in the beginning, every entrepreneur believes that they can and must do everything in the company. Although this might save many of them the execution time since they come with more experience than their employees. But in the long run, it is always smart to expedite work by delegating it to different people. So you can always save time and concentrate on one thing - sales. Because any founder of a company who is not sales oriented will always fail in the end.
3. Know as Much as You Can About Technology
The beautiful thing about technology is that it changes on a daily basis and due to this people are always in a better position to come out with new products. Since the two pieces are complimentary, it’s always important to be aware of newer technologies.
You can look at any new tech today or have seen before or any tech you may have read about. On the day that the piece of technology is released, you are as knowledgeable as anybody else. From that point forward, it is just about the effort to learn it.
If you’re one of the few people who know the technology inside out, you put yourself in a unique position to pitch the technology to your customer and see how it might be of benefit to them.
Always remember that new technologies enable change. And whenever there is a change there is an opportunity.
4. Empower Your Team and Celebrate Small Wins
Although many entrepreneurs and founders believe that they should drive their team to their fullest potential, by hook or by crook - it’s impossible to create a healthy and working environment if you and your team are not on the same page. Once you start believing in your team in a way that it empowers them to come to work every day with a smile and not a frown, they will themselves add value to the company in a way that was probably untapped in them earlier.
5. Failure is Part of the Journey
Every good entrepreneur should realise that failure is part of the journey. And the fact of the matter is that the reason why only a small percentage of entrepreneurs succeed because they realise the mistakes behind the failure and do not commit them again. Thus, failure is a great way to judge the grit you have to run a business.
Although there may be times when failure will come to you regardless of how hard you work. So, here’s where luck plays a huge role. But it isn’t the only metric to success. Failure might teach you things that you can Passover and keep in mind while working on another project. And that ability to continue to learn and adapt is what makes a great entrepreneur better than the rest.
6. Keep an Open Mind - the Best of Things Come From the Most Unexpected Places
If something as simple as gravity could be discovered due to an apple falling - you cannot possibly imagine how or when you might be able to stumble upon something as important to you in your life.
Once you start keeping an open mind but also restrain yourself from getting carried away, you start leveling up to becoming a better entrepreneur. There might be days when your knowledge of things might not be sufficient or may be outdated. Thus, pursuant to the aforementioned point on technology - it’s always good to have an open mind. Structurally you may be able to avoid a lot of operational challenges. However, that does not mean you’re the only great innovator in your team.