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.

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5

Hi Bryan, I've learned from entrepreneurship that it doesn't have to be a solo mission. For many, the allure of entrepreneurship is that you get to be in the driver's seat when it comes to making business decisions. Many entrepreneurs start off working by themselves or have a very small team under them. This is a pro of exploring entrepreneurship, but it doesn't mean you don't get lonely sometimes in your business. Despite having no upper management to answer to, there are numerous places you can go (online and offline) to get advice on your business situation. If you live close to a city, I would recommend searching for local innovation groups in your area. Most of these groups hold weekly networking events and it is a free way to connect with other entrepreneurs who are in the same phase of business as you. If you don't have time to connect offline, you can make use of online communities like Business.com, AMEX Open Forum, or Alignable to name a few. Don't be afraid to ask for help!

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

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