If you’re an aspiring entrepreneur, more especially, please read on. If you’re a tired entrepreneur, demotivated, drained, and on the brink of giving up, read on.
Entrepreneurship is a unique journey for everyone. What’s guaranteed for everyone though, is that you will come across challenges, and you will be tested. It has been said that X% of startups fail in their first 1-2 years, it’s survival of the fittest.
Some of these challenges may include:
- Lack of resources
- Lack of knowledge
- Lack of money management skills
- The barrier of access to market
- Some days, it’s really just a lack of motivation.
The reasons are endless. And as we mentioned, they are different for everyone. We have had conversations with a few entrepreneurs, and we’ve collected 7 lessons from 7 entrepreneurs. That’s 7 motivations and mentorship lessons for 7 days a week!
7 entrepreneurs said:
Lesson 1: There is no easy business.
“Many think so, but I haven’t seen one yet. The grass isn’t any greener on the other side of the fence. That said, you can make your business SIMPLER – which will make things feel easier. Businesses naturally increase in complexity as they grow, so it’s important to continually look for ways to simplify it,”
Need we say more?
Lesson 2: Don’t underestimate the power of starting small.
“Just start” is simply motivation. The reality is much more complex. Starting a business requires not only a business plan but also your life plan. How are you going to survive, eat, bathe, clothe and live without depending on the business? Survival instinct will always surpass motivation. That’s how you then start killing/eating the business.
Just to add to that, it’s best to start with a game plan. You don’t have to have it all figured out, but how are you going to get clients/make money? Think about money-making activities, then how to keep the money and grow it. You don’t need big equipment. Use what you have: resources, connection, skills. The goal is to start, small.
Lesson 3: Consistency will get you noticed, one way or the other.
It was once said that a customer has to see your business a few times at the very least, so your brand can register in their minds and consider you when making buying decisions. If you are not consistent in your marketing and advertising, you lessen your chances.
Lesson 4: Slow money is better than no money
As long as the money is coming in, you’re in business. What you need to think about is SCALING. Be real with yourself, you can’t open and run a business that doesn’t make you money for long. If all else fails, Close it or pivot and venture into something else.
This is if there’s no increase in your interest from the day u started. An increase doesn’t have to be a lot, something as little as a 0.01 increase every month or quarter is still an increase, it means you’re going somewhere.
Lesson 5: Some goals are achieved through pain.
And I quote “Often tragedy strikes when you least expect it, and the results can be emotionally and financially devastating”. Growth in business is not linear, success itself is not linear and sometimes as an entrepreneur/leader, you will have to make hard decisions. That could look like retrenching some people whose roles you can automate as tech improves, letting go of clients you built long relationships with, anything. It is just not that smooth, and sometimes it will hurt YOU, to make decisions that are good for your BUSINESS.
Lesson 6: Cater for your market, not your preference.
The statement is pretty self-explanatory. And just to add to that, here are a few valuable business lessons:
(1) the business money isn’t your money so treat it accordingly and
(2) cater to your market, not your preference.
- Find a specialization: when you specialize, you can charge a premium because your knowledge is SPECIAL. A bit of knowledge on this and that won’t get you anywhere.
- Find a niche (not everyone can be your market).
- Price according to your level of skill and market (not what is “cheap”).
- Brand yourself and use that to help your business brand grow: this is completely optional, you can be the man behind the scenes if you prefer.
However, people do like seeing the face, the person behind a brand, and they are interested in your story. This is one of the best ways to build and grow a community, which you can ultimately turn into paying customers.
Lesson 7: Give back
“Being an entrepreneur puts you in a position of power and many people look up to you for opportunities as well for inspiration. Especially in the context of a well-established business, therefore it is befitting to always stay humble and helpful to the ones that do not have the same privileges you have.”
Look, you don’t even have to adopt mentees, you can do something as simple as sharing valuable content for young entrepreneurs that come after you. This is actually good for PR for both your business and personal brand. People will quote you and write about how you’ve helped them without any personal interaction.
Did you find any of these valuable? Let us know in the comments!