TIP OF THE WEEK – 7 VITAL LESSONS EVERY ENTREPRENEUR MUST LEARN

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Being an entrepreneur isn’t a rosy journey. It is a path of discovery, where you are continually evolving to be better and successful. Every entrepreneur is different, thus making this experience unique.

However, some vital lessons have stayed – tips that renowned entrepreneurs have applied, and it worked. When I began this journey, I had the wrong mindset, just like many out there.

But as we forge ahead, we learn what works and what doesn’t. We improve, know better, and act better. Most importantly, we strive to learn from others rather than make the same mistake.

In this article, you’re going to learn some vital lessons that will tremendously help you as an entrepreneur.

1.    Growing From Failure

The fear of failure has left many dreams unfulfilled. Instead of starting a business that you’re not sure of, playing it safe becomes ideal. But as an entrepreneur, failure is the only arena where you can truly grow.

Great entrepreneurs are individuals who dined and wined with failure. They failed massively, yet they got up still fighting for their dream.

The reason failure is fundamental in this journey is because of the lessons it carries. From failure, you gain better insight.

I remember one of my professors telling me how failure is the ladder of success. Going by how this frightful entity has helped entrepreneurs reach the pinnacle, you will have no choice but to agree.

2.    The Right Team

Teamwork is one of the prerequisites of success for as long as entrepreneurship is concerned. 

No matter how self-sufficient you are, you can never grow your business alone. There will come a time when you need to delegate some tasks and focus on the big picture.

Not forgetting, the right team will ensure that you’re on track with the business goals and objectives. If you want to succeed, your desire should be to create a formidable network of intelligent people.

Time has gone where you’re admonished to be the smartest person in the room. When you have access to intelligent and incredible individuals, growing a giant corporation becomes possible!

3.    The Customer Is King

The customer is the reason you’re in business, not your competitors. Most often, we often forget this and get engrossed with our competitors. No doubt, you want to beat them, but losing sight of your customers will be your doom.

When it feels like you’re derailing, remind yourself of the reason your business exists. 

As an entrepreneur, your focus should be to solve problems or profound solutions to problems. If you’re not improving your products and services, then you’re making a terrible mistake.

Please think of the customers always, and strive to make their experience better than the previous. When you’re consistent in delivering value and quality, your customers will become unpaid and passionate marketers.

4.    Stay Focus

There are many lucrative business ideas in Nigeria, and anyone can make you money. But the problem begins when you lack focus on your business. Often, we feel more secure doing a lot of things at the same time.

We reason: in case this one fails, I’d have something to fall back on. It is a good strategy; losing focus will not help you achieve anything.

When you discover that ideal business, apply the two-year rule, and see how it goes. The two-year rule is merely deciding to focus on a business idea for two years, whether the business is doing well or not.

Many prospective entrepreneurs have lost great business opportunities because of impatience. If you can focus on one business for two years, you’d be surprised at your growth rate.

5.    Multiple Streams Of Income

If, as an entrepreneur, you’re dependent only on your business profit, then you might never be financially free.

Every successful entrepreneur, you know, have more than two streams of income. For instance, I have three at the moment.

I make money through blogging, mini importation business, and affiliate marketing. I aspire to grow more income sources in the future.

Although creating more income streams takes time and effort, it will be a decision you won’t regret.

The aim is to have at least five formidable income streams that ensure you don’t ever have to work again. Perhaps all you’ll be doing is go on vacation and see exciting places. That’d be exciting, right?

6.    Go Online

In this era of the internet, you can achieve a lot with just a click of a button. If your business doesn’t have an online presence yet, maybe now is a perfect time.

The internet is a gigantic goldmine! The fact is, there are lots of businesses today banking millions of dollars every day. Through the internet, they can sell their products and services, even run marketing campaigns.

One of the reasons businesses fail is because they refused to grow. The internet has revolutionized how we do business, and shying away can spell doom. 

Instead of relying only on your brick and mortar store, create a business website, and watch things change for the better.

7.    It Is Not About The Money

In the beginning, it often seems as if our hustles and hard work is all for the money. We are often wrong. 

Most enlightened entrepreneurs know that it isn’t about the money, but the freedom it offers.

This entrepreneurial lesson is what most business owner learns late in life. The idea of having money seems appealing, but that isn’t the endgame.

The idea is to be financially free and to be able to enjoy the moment in proximity with loved ones. The freedom money offers what intoxicates us to fight for our dreams, not necessarily the idea of having money.

When you have the wrong mindset about money, you end up going contrary to things that bring you happiness and fulfillment.

Over To You

The entrepreneurial path is fascinating, intriguing, exciting, and fun. Some other times, it can be overwhelming and tedious.

You come out wiser due to the great lessons learned.

Over the past few years, what vital entrepreneurial lessons have you learned? Share by using the comment box.