Experience they say, is the best teacher. However, the experience must not be yours. One of the best ways to learn is to do so from the failures and successes of others.
When you set out to become an entrepreneur, nobody can prepare you for what you are about to experience. However, you can get yourself ready for what lies ahead, by studying those who have gone through the journey. In this article, you will find out lessons most entrepreneurs learn the hard way. The reason for this article is to prepare you, so you won’t have to go through the hard experiences.
Let’s go.
- Nobody owes you anything
This is the first thing you should bear in mind. Nobody, not even your family, owes you anything as an entrepreneur. They don’t even owe you their support. In fact, most successful entrepreneurs received discouragements from their family and friends in the initial stage. A lot of entrepreneurs packed up because they did not receive support from friends and family. Understanding that no one owes you anything will keep you going when you encounter lack of support from anyone.
- Things don’t always go as planned
It’s called the Murphy’s Law. Don’t get it wrong, your business plan may be air tight. You may have spent months writing and planning, but that doesn’t mean your business will grow or you will execute everything exactly as planned. Why? Things take longer than expected, or people you thought you could count on disappoint, or you will get a “no” when you were sure the answer would be “yes”. When such things happen, adapt, and move forward.
- Celebrate successes, but don’t get too satisfied.
Celebrate your successes, big and small. Milestones and launches are important. Take the time to acknowledge the work you have done. It makes the work more meaningful. However, never get too satisfied by your success. When you hit a milestone, celebrate, then get back to work, immediately.
- Having talent isn’t enough. You need to put in the work.
You could be the most talented person the world, with exceptional gifts, but if you’re not willing to work, you won’t make it very far. You should not rely solely on your gifts and talents to carry you. Whatever you are good at, take that as a head start, and then get to work. Talent is not enough.
- Adapt, lose out.
It is not the strongest or the smartest of the species that survive, but those who can quickly adapt. The entrepreneurial and business world is always changing. If you don’t adapt, you will be left behind. Learn new ways of doing things, update yourself on the current technological trends, and learn to pivot when it’s time to do so. Adapt, or lose out!
- Build relationships and partnerships
Big business opportunities always come as a result of relationships, built overtime. It is advisable to relate with your client past the client to company relationship. Try to build relationships with your clients as they come. This will ensure that they refer others to you, even without you asking. It can also help in your reputation as clients will feel more relaxed working with you.
- Not all clients are created equal
Quality over quantity is important when it comes to customer acquisition. Although revenue is important, but bad customers are not good for your business. Customers who are not aligned with your vision and values can be troublesome. They may treat employees poorly or make your company look bad. When you identify these kinds of customers, let them go. Spend your time and energy on customers who align with your values and are a fit for your brand.
- Undercharging is not sustainable.
Most customers would want your service, but will want you to reduce the price. What starting out, this can be a great strategy to gain customers and build your portfolio. But later in the journey, you will have revert to your normal charge, the one that is sustainable for you. Fix your price based on the value you offer, not on the pocket size of your customers. If they can’t afford it, then they are not your ideal customers. Don’t fall into the trap of undercharging, however, you can create packages with different prices.
Finally, the road to success can be a long one. You can’t skip steps, thing take time, especially great things. Find mentors, read books and network with your peers. The above points, will help streamline your path to success and bypass a few of the lessons that most successful entrepreneurs had to learn the hard way.
My name is Chigozie Japhet. I am a content writer, and a brand strategist. I like writing, reading, researching and watching football, especially my team, Man United. i believe in working hard, and also in relaxation as all work without play, makes Chigozie a dull boy.
