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5 Important Lessons Every Entrepreneur Should Learn

5 Important Lessons Every Entrepreneur Should Learn

A lot of people aspire to be successful entrepreneurs. When startups like Facebook, Twitter, Uber and Instagram go from rags to riches overnight; entrepreneurship seems exciting. Beginning their own startup offers creative millennials the chance to get out from under their bosses, break free and enjoy independence and success. Remember that if something looks too good to be true, that’s because it probably is.

The giddy heights of success are rarely reached without hard work, tough decisions and overcoming obstacles along the way. Being an entrepreneur means learning how to handle the bad days, overcome problems and keep your sanity (and cash flow) as you rise to the top. Check out these 5 important lessons every entrepreneur should learn.

Great Companies Can Grow from Failure

Many a great company has risen from the ashes of a previous failure. Failure, in fact, is sometimes more important than success when starting a new project. Learning from your mistakes gives you a better understanding of your company’s position in the market and a chance to tailor your product to your audience.

Just think about Instagram. Creator Kevin Systrom was among the first contenders on the Forbes 30-Under-30 list. But Instagram didn’t start out as a photo editing tool. Instagram was originally planned to be a geolocation app. What happened? Nobody used it.

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Faced with a do-or-die situation on his hands, Systrom decided to focus on what his customers wanted instead, which was filtering and sharing photos. Instead of collapsing at the prospect of failure, he turned things around to become a 32-year old billionaire today.

No one can learn everything just from reading books and business journals. Personal experience is key, and this generally means both setbacks and progress. Many successful entrepreneurs have failed on their first attempt and used their experiences to improve and grow stronger.

Be Sure to Listen to Your Customers

Building a long-term customer relationship is essential for any company, whether you work directly with consumers or with other businesses in the supply chain. Luckily, in a world dominated by social media, it’s easy to continue a permanent dialog between your brand and your customers.

Entrepreneurs now have access to updated information about their target audience and can use it to continuously improve their products. The most successful entrepreneurs are good listeners and follow feedback to understand their customers’ consumption habits. They then use this information to help grow their businesses.

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Knowing how your customers are thinking and what they want or need allows staying one step ahead of the competitors. When you have the right data to anticipate your buyers’ future needs, you can tailor your product or service accordingly.

Work with The Right People

No one can build a strong company on their own, at least not a multi-million-dollar concern. So one of the most important lessons an entrepreneur should learn is to surround themselves with intelligent people. Networking is the order of the day, and entrepreneurs of today are finding strength in numbers. Surrounding yourself with like-minded people is one of the best ways to learn and grow your business.

Many new entrepreneurs spend long hours worrying about every last detail and getting sucked into managing day-to-day tasks. But when you spend too long working in your business, answering phones and wearing every hat; you can end up losing sight of the bigger picture. Apart from relying on a network of support and interchanging ideas; hiring the right staff to help you grow is essential.

Being the smartest person on your team is not the right strategy if you want to succeed. You should always think about hiring people who know more than you do in certain areas, who will challenge you and help take your startup and make it stronger.

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Social Proof is Vital

How times have changed from the one-way advertising mediums of the past. We no longer accept a bright-toothed smile starting down at us from a billboard, or a door-to-door salesman spouting the advantages of his product. The internet and amount of time young consumers spend on it has brought with it transparency in business interactions.

Stephen May, creator of Memory Foam Doctor, a site dedicated to helping consumers find the right mattress, understands the power of peer reviews. His entire portal, in fact, is dedicated to transparent product reviews, expert opinions, and consumer experience. May has over 50,000 individual consumer reviews on his site. No money is taken for reviewing a product, so customers can trust that the information they’re reading is unbiased and transparent.

Over 70% of consumers confirm that positive customer reviews can cause them to trust a business more. Smart entrepreneurs then, need to understand how powerful harnessing social proof can be for propelling their businesses forward. If you don’t include customer reviews on your website, you can guarantee the information will be online elsewhere.

Whether it comes from an expert, celebrity or a regular user, social proof is an excellent tactic when it comes to gaining trust among new customers. You can get support by finding a website building guide and checking its resources and advice.

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Outsourcing Makes a Company More Competitive

Trying to do everything in-house requires a lot of time, money and resources. All of which could be better invested by outsourcing certain tasks. If your expertise doesn’t lie in cyber security, accounting, online marketing, or any other area, you’ll be more able to stay focused on your core business by getting it done out of the house.

Outsourcing gives your company access to skilled teams, often with lower cost and increased efficiency. Some business owners are afraid to outsource and lose control, but smart entrepreneurs know that taking risks is part of the daily routine. Finding trustworthy partners to work with is vital for a company’s competitiveness.

Every day provides us with a chance to learn something new. Most entrepreneurs learn these lessons in hard ways, after trying several paths to make their companies more successful. But if you ever feel deflated or defeated, take heart; you’re not the only one. If you’ve failed at least once, been turned down or rejected, then raise a glass to Oprah, Branson, and Gates. Just a small number of ridiculously successful entrepreneurs who learned valuable lessons the hard way.

Featured photo credit: elcapatrimonial via elcapatrimonial.com.br

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Erick Clifford

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Last Updated on October 16, 2019

How to Bounce Back Gracefully After Getting Fired

How to Bounce Back Gracefully After Getting Fired

Whether you saw it coming or not, getting fired is a real shock and its impact is daunting. What did you do wrong? What are you supposed to do next? When will you stop feeling so angry?

But there are ways to deal with a layoff.

The most important thing is to remain calm and see it as an opportunity to reflect, change and improve. This is a great time to consider what happened, look again at your needs and desires and start afresh on a stronger, more constructive basis.

Let’s take a look at how you can bounce back gracefully after getting fired.

1. Deal with the Shock of Getting Fired

To lose your job is to lose your identity as a worker and as a person. Debbie Mandel, author of Addicted to Stress, states that 7 out of 10 of us define ourselves by our job titles, since work is where we spend the majority of our time and energy.

Being laid off affronts your sense of self-worth—it implies that you simply are not good enough. It’s no wonder you feel confused and emotional.

The first thing, then, is to take some time to digest what happened and deal with the overflow of sensations. People who quickly recover from the pain of a job loss tend to do two things very well:

First, they accept their feelings of sadness, anger, fear and shame as a part of the natural healing process.

Second, they do their complaining to a friend.

Never call out your boss in the office or on social media. It’s a bad form to speak ill of the company you work for. Stay stylish, and your employer will speak better of you when you need a reference.

2. Stay Away from the Drama Queens

Mass layoffs are, unfortunately, very common. If this is your situation, then you may be surrounded by a lot of angry people, ruminating and lamenting their fate.

“It’s not fair!” they say. “After everything we did for this company! We don’t deserve this!”

You’ve lost your job and that’s tough. But please resist the urge to join in the negativity. Positivity is by far the most important attitude to apply right now. If staying upbeat means you have to limit your exposure to the Negative Nellies, then that’s what you have to do.

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Remember, life is not harder for you than it is for other people on this planet. You live in a democracy, you have freedom of choice and you enjoy a certain material abundance.

Stay positive and focus on what’s going well in your life and the exciting future opportunities available to you. Getting fired is only a temporary setback.

Staying positing could be challenging in a difficult situation, so these tips can help:

10 Questions To Ask Yourself To Stay Positive When Facing Difficulties

3. Take a Break and Let the Dust Settle

Instead of running straight into another job that may not be the right one either, take a short break to recover from the job loss. You need a week or two to de-stress and meditate on the next step.

Be attentive to your need for self-care during this interlude. Everything goes so fast these days that we often do not stop to think or give ourselves the permission to do a little mourning.

Getting fired is a big shock: you need time to refocus and take stock of the new reality. Do not make things harder for yourself!

What you need is to pause a while and do some self reflection:

How Self-Reflection Gives You a Happier and More Successful Life

4. Be Anchored in the Present

Since you no longer have a hold on the past, but have not yet designed your future, try to build yourself up with the present. What do we mean by that?

We mean that right now is the only time you have any control over. Focus on that instead of losing yourself in memories or reliving the awful day you got fired over and over in your head.

Get up at 7 a.m. each day, whatever happens. The body needs rhythm and habits. You will feel much more energized if you keep a consistent routine. Maintain a healthy lifestyle, revisit your budget, play sports, volunteer. Take care of the practical stuff like claiming unemployment. Enjoy the small pleasures of everyday life.

When you’re busy, there’s no room for the inner critic to raise up and derail you. Keep active, and you will gain more of the precious energy you need so much to move forward.

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Try these things to help you live in the moment:

34 Ways To Live in the Moment And Grow in the Moment

5. Understand the “Why”

There are lots of reasons why people are fired. Sometimes the mistake is yours and it’s embarrassing to admit you backed yourself into this corner.

Other times, it’s not your fault. Businesses change direction all the time—maybe yours is going through a major transition or merger and your job is disappearing.

Either way, to give the situation some closure, you need to understand why you were dismissed. What slipped? What could you have done differently? Was your boss really out to get you or did you do something to put your job in jeopardy?

Be honest with yourself. It’s not easy to admit that you might have dropped the ball but it’s the only way to turn the situation into a learning experience. Ask yourself:

What skills do you need to improve?

Is there training you can access, or learning you can do?

In the end, did this job suit you that much? Were you happy there?

Reflecting on these questions can help you put things into perspective. What lessons can you learn to avoid reproducing the same pattern in your next job?

6. Find out If You Were the Right Fit

Hiring decisions ultimately come down to personality. You can study for an interview all you like, but every candidate who is chosen for interview has the right credentials for the job.

The final decision comes down to personality. Who does the recruiter like the best? Who is a better fit for the company culture? That’s the person who strikes it lucky.

Firing decisions are based on personality, too. Slacking off, insubordination and playing fast and loose with the company rules—these are the official reasons why people are getting fired.

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But all of these reasons boil down to one thing: personality. Specifically, they signal a personality clash between an employee and a manager, or an employee’s fit with the company’s culture.

Here’s an example:

Suppose you were fired for “not being a team player.” Some people, namely introverts, lose energy when they are surrounded by other people and gain energy when they are on their own. Forcing an introvert to continuously work on a busy, noisy team without any solitary rest periods means the job is a mission impossible. This employee will never perform at her best.

Or how about the time the Kansas City Star newspaper fired Walt Disney for a perceived lack of imagination? Talk about a clash of personalities![1]

Getting fired can be a signal to turn inward and do some self-reflection so you can better understand your personality and how it might fit in with corporate culture.

In particular, personality assessments based on Isabel Briggs Myers’ sixteen personality types can help you to understand your own work style and how you can find a job and workplace that better match who you truly are.

In many cases, it is totally liberating to realize that all the crap you had to deal with was just down to a clash of work styles and not something you did wrong!

7. Rediscover Your Strengths and Talents

A personality test can also give you clear insights into your strengths, weaknesses, motivations and work potential. Do you have leadership abilities? How do you communicate and manage conflict? What benefits do you add to an organization?

Identifying your working style should be your top priority right now, otherwise you risk accepting a new position that has all the same problems as before. The last thing you want is to reproduce the same old dramas the next time around.

When you become aware of your potential, you will have the confidence to search and find the type of work you love.

For example, getting fired from your banking job may have knocked you sideways. But you have some stellar home decorating skills, and a personality test shows that you are curious, flexible, rational and resilient—all the traits of successful entrepreneurs. Maybe this dismissal is an opportunity to launch the business you’ve always dreamed of but never dared to admit to yourself?

By considering all your special skills and talents, you increase your chances of finding a job you would really enjoy, and not just the one you can do.

8. Get the Word Out

At this point, you should be ready to take action and move forward with your job search. Let’s not sugarcoat the situation: getting a new job is tough. It helps to have a clear idea of the direction you want to go in, a list of all your crossover skills and a freshly polished resume.

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Look around for inspiration. Talk to recruiters in your sector to establish what they consider to be your most valuable skills. Use all the resources at your disposal: job search agencies, headhunters, work coaches, careers websites and so on. These resources can help you match your qualifications to the job requirements and ensure you have the right keywords on your resume.

Don’t hold back on marshaling your networks. Put friends and family to work to pop up leads, and don’t be afraid to ask for referrals. Sometimes the simple act of getting the word out to the people who know you is the surest way to find work fast.

9. Anticipate Questions and Know How to Answer Them

Even if it wasn’t your fault, getting fired can hurt you if you don’t know how to explain why you were let go. You have to be honest here and tell recruiters the truth. Even if a would-be employer does not specifically ask why you left your previous job, it is better to clarify the situation upfront before it comes out in your references.

The best approach is to take your share of responsibility and show that you want to go forward and that you understand the lesson.

For example, suppose you got fired for asking the difficult questions that no one wanted to answer and your candidness set people on edge. Acknowledge that some people perceive your communication style as abrupt and explain how you’re taking steps to increase your diplomacy skills.

A recruiter can be seduced by someone who knows how to evolve and who shows a great energy for personal development.

10. Adapt and Persist

Throughout this journey, you inevitably will go through moments of self-doubt and disappointment. There are undulations in every road, and these are the normal steps for regaining self-confidence after getting fired.

Stay tough! Don’t conclude that your future is hopeless just because the dream job doesn’t land straightaway. You open a positive path when you maintain focus. Have the confidence to know that the perfect job for you is out there.

Remember, you are not alone. Many people walked this road and they would urge you to keep the momentum. Stay open-minded and go where the opportunities take you: it will bring you closer to the job you really want.

Coming Out on Top

While getting fired isn’t the ideal situation, it isn’t the end of the world either. Even if feels like a doozy right now, you will get through it and emerge happier on the other side.

Be clear on what you want, have courage and believe in yourself. In the end, you may decide that getting fired was the best thing that ever happened to you. It can be the catalyst for a powerful, career-fulfilling change.

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Featured photo credit: Jesus Kiteque via unsplash.com

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