The idea of being an entrepreneur can be overwhelming, especially if you’re diving into unfamiliar waters. Practitioners branch out their practice into other related ventures for sustainability and to stabilize cash flow.
Every business comes with risks however the access to mentors, case studies, blogs, and other information has given practitioners greater chances at success.
For practitioners looking to start a new business or revisit a current entrepreneurial enterprise, here are lessons worth keeping in mind when making big decisions about your business:
1. Believe in business karma
There is an effect to every action and this applies to entrepreneurship too. Taking shortcuts seldom pays off which means you should expect to dedicate a certain amount of time in developing your product. This implies that your focus should not be purely on the numbers, especially in the beginning.
The basic principle of karma teaches us that good deeds bring forth good things. Therefore, if we do good work, success will follow.
This lesson also highlights treating people with kindness – from your staff to your business partners. Nurturing these professional relationships from the get-go helps you get out of difficult situations because you’ll have a support system who appreciate and respect your vision.
Business karma affects people who also chose not to engage with your business. Maintain connections even when no deals have been closed. The habit of dismissing people that may not contribute to your goals (right now) can have an adverse effect on your business karma. You never know when a past connection can be helpful in the future.
2. There is not one person who knows everything
Comparing what you know with other people’s expertise can be counter-productive. The productive statements for this lesson are:
- I want to know more about what I do know so I can focus on that.
- I want to know where I’m going so I can create a map.
- I want to know what I believe in and which things I’m willing to do (or not do) to achieve a goal.
- I want to know what I want to leave behind so I can build on that.
Worrying about things you don’t know such as designing a website or digital marketing is natural because you want to cover every possible gap. However, finding the right tools and experts who are more efficient in completing unfamiliar tasks saves you valuable time, money, and energy in the long run.
3. Aiming for Perfection Can Delay Success
It’s natural to want everything to run without any hiccups. However, a crucial practice for successful entrepreneurs is letting go of perfectionist tendencies. Micromanaging every detail of the business keeps you from seeing the big picture. In fact, as reported by Harvard Business Review, perfectionists experience higher levels of stress, burnout, anxiety, and depression. Avoid running out of steam by learning to prioritize concerns that need your attention.
When launching a business, expect bumps in the road sp you can prepare ahead. If you expect roadblocks up ahead, you’ll be better prepared. Mistakes don’t make you a failure. A business will remain a continuous process of learning, unlearning, and application of what works.
4. Find people who are better than you
This lesson is related to item #2.
During the starting stages of a business, the practitioner will often attempt to do everything, from invoicing to marketing. However, finding a dedicated person or system that is more effective at doing a certain task is the recommended route for greater business growth. Overseeing trumps micromanaging.
Needless to say, being an entrepreneur is a continuous learning process. Bumps on the road are part of the journey but we now have the opportunity to acquire information from people who have succeeded in building their own corner of the business world. Seek that knowledge and determine how to fit the pieces together for your own vision.