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

By Sahil wadhwa

Opinions expressed by Entrepreneur contributors are their own.

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

Shutterstock

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.

Sahil wadhwa

Director, Wadhwa bakers

Related Topics

Leadership

International Security Firm Welcomes Female India Native to an Essential Leadership Position

Yasmin Brar has been appointed as the Operations Strategy Director, a role that underscores the company's commitment to innovation, expansion, and strategic management

News and Trends

Zydus Wellness: Leveraging FMCG Trends To Turn Around Tables

Price-pack architecture, e-commerce, Internet first brands and increased penetration in smaller pockets, are the current focus of the company

News and Trends

Danger Ahead: Digital Banking Fraud Trends In India

According to a recent report, account takeover represents more than half of all fraud cases for its customers in India.

Business News

Airbnb Renter Discovers Hidden Door, Says Police Confirm There's a Secret Unit Upstairs With 'Surveillance': 'A Terrifying Experience'

One bride-to-be was in for a not-so-welcome surprise when she discovered a secret door in her Airbnb rental.

Business Ideas

55 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Technology

4 Key Features About Reliance's New AI Hanooman

Hanooman, an ambitious AI model developed by Reliance Industries in collaboration with 9 IITs (Indian Institutes of Technology) across the country has been introduced by Mukesh Ambani.