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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0

You need to be very strong. Never give up with failures because every business faces growth and failures. Second thing is time management.

0

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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!

0

Hi Bryan,
I'll give you three which I think apply to just about any type of business:
1. Make sure your business model and industry allows you to be scalable, automated, or ideally both.

2. The most important lesson is to ensure that your business model has the mechanical room to enable both scalability and automation for as much interaction as possible.

3. You only fail your goals when you don't learn your lesson the first time. Failure is part of the road, and you want to bathe in failure up-front as much as possible.

7

"you miss 100% of the shots you never take" - Wayne Gretzy said. That's number one lesson.

Thorsten

10

Everyone looks at failure as such a bad thing.. people really need a new name for it to get rid of the negative connotation. Failure is progress. Once upon a time you had nothing, no data, no clue, then you tried and failed and learned that that's how *not* to do it. Then you got up and walked and talked.

What I've learned from being an entrepreneur is that you just need to wake up and do it - - whatever it is you do, you need to do it perfectly every day whether people tell you it's going to work or not because "reality" isn't the mother of invention, creativity and will-power and persistence is.

I've succeeded in fulfilling my main goals so far by first saying what I want to do, how I'm going to do it, and then doing the work from the time I open my eyes in the morning until the time I close them.

A company I was with when I was much younger wanted to build an internal training department. I suggested we interview some training companies to potentially help us and so we could learn about training failures since we had never failed at this before (aka - what to avoid). My boss just stared and did not understand why you would want to learn about someones failures.

I completely agree with your suggestion, James. It's critically important from nearly every standpoint to find out why failure is occurring, doing research (as you suggested), creating a hypothesis( if not several), testing, and analyzing the data. Data when collected properly doesn't lie, as I'm sure any good business person would recognize.

I guess that situation speaks volumes about your ex-boss.

0

Always be networking. You never know when you need a contact somewhere. People you met years ago might end up being valuable. Always nurture your relationships.

0

That entrepreneurship takes a lot of perseverance. There will be both ups and downs and you need to be prepared to persevere through the challenging times.

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