Updated: Jan 6, 2019
By now, you are probably starting to realize that starting a business is not as easy as you thought it would be. Launching a new company can be extremely Challenging.
By now, you are probably starting to realize that starting a business is not as easy as you thought it would be. Launching a new company can be extremely Challenging. You might have learned about business theoretically from business school, books, magazines, etc. But now you realize, sometimes those rules do not apply, hell, it seems like they never apply. Right?
The truth is, each situation in business tends to be unique and only experience can help you wrap your head around some of the headaches starting a business may cause.
Here are 5 business lessons only experience can teach you.
1. Failure is part of the process
The Road to success is often paved with failures. Failure is good in business. You must learn to try new things and fail, and recover from your failures. This helps build character and your ability to employ panoramic planning.
Do not be afraid or ashamed to fail at things. Instead, do a full autopsy on why you failed and establish lessons you learned from your experience. Learn to laugh about your failures and surround yourself with people who are there to help you soldier-on when you fail.
2. Value your time
They say time is the prime asset in life. I actually did not believe this at first till I got into business. I thought this was some meta crap people said to seem deep. But after 5 years of being in business, I can tell you that there is nothing I hate more than wasting time. Time is the one asset that you cannot replenish, ever. Use your time wisely. Do not do business with folks who are yet to learn this lesson.
3. There is no substitute for hard work
I have met many young entrepreneurs who think that any plan which involves hard work must be a bad one. I am not certain why this phenomenon exists with young people. But by now you should have learned to appreciate and even enjoy hard work. Overnight successes are few and far between. Keep in mind that the average small business takes 7 to 10 years to be a viable business.
4. Teamwork makes the dream work
When it comes to business, I have come to realize that it is all about the team you build. News flash; You cannot do it all by yourself. If you want to grow that large business you have been dreaming of, then learn to build a great team around you. Look for folks who share your work ethic and passion.
5. Be the architect of your own success
People always have the best intentions until their self interests get in the way. You should know this by now. Your company will be a reflection of your hard work, no one else’s. Take a hands-on approach when it comes to your business. Get to know and be informed on all aspects of your business. Don’t depend on others for your own success.