Article Summary: As I grow and become more mature, I learn both as a person and as an entrepreneur. There are mistakes of which I've avoided the severest consequences by chance, though I have always been smart enough to analyze the experience, determine where I went wrong and correct it. Out of all that I have learned thus far, the below 6 rules of entrepreneurship have held the truest, and can be helpful knowledge for all aspiring business owners both young and old.
As I grow and become more mature, I learn both as a person and as an entrepreneur.
There are mistakes of which I've avoided the severest consequences by chance, though I have always been smart enough to analyze the experience, determine where I went wrong and correct it.
Out of all that I have learned thus far, the below 6 rules of entrepreneurship have held the truest, and can be helpful knowledge for all aspiring business owners both young and old.
1 - Entrepreneurship Is Harder Than Corporate Life, Though It Is Easier to Make Money
Although working in corporate will provide you with stability, it will significantly decrease your odds of ever building wealth. There are the old-fashioned methods of scrimping and saving, and investing wisely, but with today's declining real wages, time-tested practices such as these are less and less reliable for the younger generations.
I was always told, then learned first hand, that nobody will ever make you rich. You can kick and scream all you want, however reliance on a company or a boss to build your wealth is an unrealistic, self-defeating proposition.
2 - The Best Entrepreneurs Recognize Their Own Faults, and Relentlessly Improve Upon Them
As human beings, it is hard to admit to our faults and even harder to take the time and gain the discipline to improve upon them.
However, admitting and becoming familiarized with weaknesses, then taking the time to improve upon them any way possible separates the successful entrepreneurs from those who live in self-denial never truly achieving their goals.
Whether it be turning to a mentor or reading books, to be successful as an entrepreneur of any age, you must quickly defeat weaknesses as soon as you become aware of their existence - and you must be committed enough to identify them in the first place.
3 - Regardless of How Bad a Break You May Have Gotten, Learn to Pick Yourself Up - the Next One Could Be Worse
As a young entrepreneur in a tough economy minus a mentor to speak of, I have made my fair share of mistakes. As a result I have suffered setbacks that made it difficult to get out of bed on occasion.
What I have learned is that resiliency is an acquired trait for some (including myself) and the more you learn to pick yourself up and to keep going, the better off you will be.
Crumbling in the face of adversity and allowing the past to control your future is deliberately heading away from entrepreneurial success.
4 - Creativity Is Not Only Important, It Is One of Your Best Friends
Creativity is a big driver for entrepreneurs to open their own business. Where others see problems, entrepreneurs come up with solutions.
Many entrepreneurs will hold back their creativity due to external reasons such as fear of failure in the face of others. Throughout my years as a business owner, I've learned that for every 1 failure I've experienced due to creative thinking, I've probably seen 5 successes from my creative ideas.
Entrepreneurs need to become confident in their creative ability. All entrepreneurs know it is there, however some don't let it come to the forefront of their business and life.
Without creativity and the courage to engage it, an entrepreneur is just an employee.
5 - Forget About Outside Judgements, They Are Never as Accurate as What You Think of Yourself
Taking the time to be overly concerned as to what others think is a habit shared by many people, though to be successful as an entrepreneur this is a habit that I strongly suggest you quickly break.
The entire purpose of entrepreneurship is to step out the norm and to embrace the fact that you are different.
Based on time spent with younger entrepreneurs, I would venture to say that this is the biggest hindrance to entrepreneurial success. Only when an entrepreneur frees himself or herself from the fear of others' judgment can they then achieve great things.
Be cognizant of what others think, but never reliant on those thoughts and opinions.
6 - Connecting with Employees is Hard but Crucial
After having many employees at a young age, some of whom have worked out while others did not, I can declare one thing to be true regarding employees: They are not as devoted to your business are you are.
Employees crave stability, a decent paycheck and respect from their boss. If you're lucky they will return the favors with loyalty and hard work. No more, no less.
These 6 rules are not exhaustive by any means, but by trial and error, my own successes and road bumps lead back to them time and again.
There are mistakes of which I've avoided the severest consequences by chance, though I have always been smart enough to analyze the experience, determine where I went wrong and correct it.
Out of all that I have learned thus far, the below 6 rules of entrepreneurship have held the truest, and can be helpful knowledge for all aspiring business owners both young and old.
1 - Entrepreneurship Is Harder Than Corporate Life, Though It Is Easier to Make Money
Although working in corporate will provide you with stability, it will significantly decrease your odds of ever building wealth. There are the old-fashioned methods of scrimping and saving, and investing wisely, but with today's declining real wages, time-tested practices such as these are less and less reliable for the younger generations.
I was always told, then learned first hand, that nobody will ever make you rich. You can kick and scream all you want, however reliance on a company or a boss to build your wealth is an unrealistic, self-defeating proposition.
2 - The Best Entrepreneurs Recognize Their Own Faults, and Relentlessly Improve Upon Them
As human beings, it is hard to admit to our faults and even harder to take the time and gain the discipline to improve upon them.
However, admitting and becoming familiarized with weaknesses, then taking the time to improve upon them any way possible separates the successful entrepreneurs from those who live in self-denial never truly achieving their goals.
Whether it be turning to a mentor or reading books, to be successful as an entrepreneur of any age, you must quickly defeat weaknesses as soon as you become aware of their existence - and you must be committed enough to identify them in the first place.
3 - Regardless of How Bad a Break You May Have Gotten, Learn to Pick Yourself Up - the Next One Could Be Worse
As a young entrepreneur in a tough economy minus a mentor to speak of, I have made my fair share of mistakes. As a result I have suffered setbacks that made it difficult to get out of bed on occasion.
What I have learned is that resiliency is an acquired trait for some (including myself) and the more you learn to pick yourself up and to keep going, the better off you will be.
Crumbling in the face of adversity and allowing the past to control your future is deliberately heading away from entrepreneurial success.
4 - Creativity Is Not Only Important, It Is One of Your Best Friends
Creativity is a big driver for entrepreneurs to open their own business. Where others see problems, entrepreneurs come up with solutions.
Many entrepreneurs will hold back their creativity due to external reasons such as fear of failure in the face of others. Throughout my years as a business owner, I've learned that for every 1 failure I've experienced due to creative thinking, I've probably seen 5 successes from my creative ideas.
Entrepreneurs need to become confident in their creative ability. All entrepreneurs know it is there, however some don't let it come to the forefront of their business and life.
Without creativity and the courage to engage it, an entrepreneur is just an employee.
5 - Forget About Outside Judgements, They Are Never as Accurate as What You Think of Yourself
Taking the time to be overly concerned as to what others think is a habit shared by many people, though to be successful as an entrepreneur this is a habit that I strongly suggest you quickly break.
The entire purpose of entrepreneurship is to step out the norm and to embrace the fact that you are different.
Based on time spent with younger entrepreneurs, I would venture to say that this is the biggest hindrance to entrepreneurial success. Only when an entrepreneur frees himself or herself from the fear of others' judgment can they then achieve great things.
Be cognizant of what others think, but never reliant on those thoughts and opinions.
6 - Connecting with Employees is Hard but Crucial
After having many employees at a young age, some of whom have worked out while others did not, I can declare one thing to be true regarding employees: They are not as devoted to your business are you are.
Employees crave stability, a decent paycheck and respect from their boss. If you're lucky they will return the favors with loyalty and hard work. No more, no less.
These 6 rules are not exhaustive by any means, but by trial and error, my own successes and road bumps lead back to them time and again.
No comments:
Post a Comment