5 Hard Lessons Every Entrepreneur Must Learn
I continue to learn lessons in everything I do as an entrepreneur. Sure, they’re not as frequent as they were when I was first starting a new business, but they’re just as helpful in teaching me how to be an entrepreneur who succeeds in business and life.
Sometimes those lessons are harder to take than others. Here are a few new business lessons to add to your list.
Lesson 1: It’s Never Easy, and When It Is, It’s Temporary
Any entrepreneur will tell you that the path to success is a long and hard one. There’s simply no truth to the “overnight success” myth we get fed. A lot of overnight successes take years and years to actually happen.
You have to have a strong stomach to deal with the challenges. A recession. An angry customer. More competition than you can handle. These are all difficult challenges, but if you’re willing to put in the effort to overcome them, it’s so worth it.
Lesson 2: Failure is Acceptable
This is a lesson I’ve seen firsthand. First of all, know that you will fail. Not one of us on this earth is perfect, and failure is inevitable. But it’s not the end of your game in business. If you’re willing to learn from failure, it can bring great change that will help your business grow. It’s all in your attitude.
Lesson 3: As Much as You Want It, You Will Not Do It All Well
I know: you are a Type A personality who thinks that no one can do anything for your business as well as you can. Believe me, I’ve been there. The problem with this Superman/woman mentality is that it ends up costing you your health and wellbeing. It did for me when I had a panic attack because I couldn’t juggle everything in my work and personal lives as well as I thought I could.
That panic attack ended up giving me a different perspective on how I do things. Now I ask for help and hire amazing people who I can trust to do as good a job as I would. Maybe even better.
Lesson 4: Sometimes Your Customers Suck
If you’ve ever gotten off of the phone with a customer who drained your energy, you know what I’m talking about. Some customers take more than their fair share of your time and energy. And you know what? It’s totally okay to fire them. No amount of money is worth it if you’re constantly stressed about a particular client who doesn’t know how to honor boundaries. Let it go.
Lesson 5: There’s Nothing More Important Than Protecting Your Business
When first starting a new business, you may not know or care what you need to do to protect your brand. And hopefully you’ll never have serious reason to regret not taking measures to do so. But protecting both your brand name and your personal assets is such an easy and essential step that there’s no excuse to not do it.
We all have to learn our own lessons as entrepreneurs. Maybe reading about the hard ones I’ve learned will save you the headache of going through them yourself.