Login to Business.com

Social Login
Login with Your Account
Forgot Password?
New to Business.com? Join for Free

Join Business.com

Sign Up with Your Social Account
Create an Account
Sign In

Use of this website constitutes acceptance of the Terms of Use, Community Guidelines, and Privacy Policy.

What's the number one lesson you've learned from entrepreneurship?

What's the most important lesson you've learned from being an entrepreneur, or observing other entrepreneurs? How have you succeeded in fulfilling your main goals? How have you dealt with small failures along the way?

Many of the experiments I've been conducting to try and figure out to best service clients have been failing. I'd also like to know the best way to deal with these failures in order to more quickly reach success.

Answer This Question
Expert Answers
Sort by Date Sort by Votes
4

1. Most Important lesson is too always trust your instincts.
2. Follow few.
3. Yes to fulfilling main goals. That was my Definite Major Purpose, established in 1960. Started fulfillment the day they were created.
4. Never had any "Failures", a word not accepted in my mindset. Experienced Bumps and Detours and just worked through doing IT more efficiently next time.
The six keys to success are so clearly presented in Hill's Think and Grow Rich, which is prefaced by The Master Key by Haanel and originally presented by Marden in The Miracle of RIGHT Thought

4

Success is the ability for go from failure to failure learning along the journey with no loss of enthusiasm!

4

Unless you can attract clients with deep pockets, you won't succeed. You'd otherwise need a whole lot of clients with shallow pockets who'd drain all your energy and time.

Failure is an attitude. If you quickly learn life lessons, it can be called education. You define your own success, but some metrics ought to include ability to pay your own way, ever increasing responsibility, hiring subordinates, profit, and satisfaction according to your own perspectives. Really successful people might leave a continued legacy of employment and service. Some might call Henry Ford a success, or Soichiro Honda. A paraplegic athlete automatically gets a nod even if he/she never builds an industry. The guy who gets up at 5:30 to commute for 2 hours at something he hates but persists because his family needs food and shelter gets my vote.

Benchmarking used to be an industry norm. Now it's as discouraged as industrial espionage.

4

You only fail if you try, and if we regret something, it should be what you did, and not what you should have done. What I have to tell you is don't be afraid to fail, and learn wth your failures.

Any decision implies on a 50% chace of a fail. Learning with your failures will give you a good background and improve your decision making. Regarding to experiments, I would like to recomend you to take notes and make a rich database with your own experience. This will help your decision make.

4

There are so many challenges and rewards of entrepreneurship. I have also come to know that the challenges are relative to your operational environment.
e.g I run a tech company from Nigeria/West Africa. operating here is very different from running a similar business in Europe/US/Asia.

If anything, of the so many challenges, the most important thing I have learnt is to effectively outsource some tasks, automate client management related operations and increase efficiency.

you just can never get it right with every client but importantly be the type of client you wish for by radiating humility/understanding/friendliness with your clients. this i have found goes a long way.

4

The number one thing I have learned from being self-employed (I do not see myself as an entrepreneur) is that failure is an opportunity to learn and to grow. Failure is going to happen and being able to embrace the value of it is a vital skill.

4

I personally lost a $25M company. I ran around trying to plug every hole in the wondering why me?Today I have been given back a better more modern business model.The lesson if you survive is that failure are not your fault, something happened that took the company to that $ values.The lesson talk me more about business than any MBA in the world.Truly today I tell people and its even posted in my overview.It was still a success. Still had 14 employees and I founded the company.Today people are surprised impressed and a little in awe.So I see it as a benchmark to future success. I have adopted a saying that most like"I wil go to the grave with my boots on" !

4

Hi Bryan, Being an entrepreneur is not an easy game but the most challenging as you need to be hands on all the time....I'm speaking from experience. These are the ideas I will give you that works for me.

1. Embrace failure but ask yourself what went wrong and go back to the drawing board and make new changes.
2. You need a coach, someone that will listen to you and has your best interest at heart.
3. Look for people that are in the same business as you, ask them what made them to be successful - LinkedIn is the best tool to get those people.
4. Read business books - books that will help you to be successful and more of those about successful people.
5. Always ask questions when you don't understand and be open for advice.
6. Challenge yourself with new things or new way of doing things and learn from your competitors - be curious to know what they are doing now...the market changes all the time same as your customers.
7. Training as a refresher is important for entrepreneurs - attend workshops and those will give you an opportunity to network and meet new people
8. Success don't come easily and fast - you have to work hard for it. So ask yourself what do you need to improve your business on or yourself. What others are doing and you are not doing...

These are just few things that have helped me and those that I coach in their businesses. I hope it helps, all the best..

4

Entrepreneurship is one the most difficult pathways to take and the only way to succeed is to never QUIT regardless of all the problems and issues you must resolve you must persevere and persist regardless of how many barriers you must overcome
YOU must be dogged in your belief in yourself to actually Succeed
It is not a bed of roses but you must believe that one day it will your best choice and achievement

4

One tends to learn more from failing than being successful, but failure can be very expensive and impact a lot of people. A fear of failure is a good thing to the extent that it galvanizes one to press harder, smarter and/or faster. A taste of it is good on occasion, just like playing with fire - coming to respect that it can hurt.

Few things can hurt more than being in the military. The one thing the military does most is train, train some more, train forever, and train again. This starts with common skills tasks, which every business has - but not every business puts into an SOP. An SOP provides the means whereby anyone can come in, follow instructions and competently achieve the desired outcome. Once the baselines are achieved, process improvement aims to build upon the desired outcomes.

Business metrics show opportunities for improvement and provide warnings. Reports need to show the right data - and sometimes that data is less related to sales than spending. There is a distinct danger for inexperienced entrepreneurs to treat their business as a paycheck at the expense of business operations.

Other's experience. Having a mentor is extremely valuable, increases chances of success substantially. From there, I tend to rely upon a "Core" or "Team" of people who specialize in areas that I don't, even if they are not on the payroll. This needs to go hand in hand with the observations and suggestions of employees in identifying problem areas and opportunities. The people who know most about your business are the people in it.

If you outsource, 1) only do so when truly necessary, 2) only after a thorough vetting of their abilities and 3) only with a responsible member of your team having full oversight on their areas of activity.

Those are the five main root causes for "impending doom" I've seen most frequently. Process, metrics, balance sheet, listening to those who are doing the work and making sure you get what you pay for when you do have to outsource go a long way in avoiding failure.

Potentially more important than all of them is a good cup of coffee. A dash of habenero sauce will keep your coffee hot all day!

Are you sure you want to report this content?

YesNo

Reset Your Password

Enter your email address and we'll send you an email with a link to reset your password.

Cancel