Advertising
Advertising

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.

Advertising

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.

Advertising

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.

Advertising

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.

Advertising

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

More by this author

Erick Clifford

Journalist

16 Young And Successful Entrepreneurs Who Prove That Age Is Nothing but a Number This Is The Secret Recipe For A Healthy Living 6 Essentials You Need to Consider Before Starting an Online Business 4 Things Every True Leader Wants You to Know Life Insurance: A Secure Way To Protect Your Future.

Trending in Entrepreneur

1 15 Best Entrepreneurs Books to Start Reading Now to Be Successful 2 How to Start a Small Business with Little to No Money 3 The Lifehack Show: Staying On Top of Your Game as an Entrepreneur with Frank Fiume 4 10 Employee Engagement Ideas to Improve Teamwork 5 Effective Employee Onboarding (The Complete Guide)

Read Next

Advertising
Advertising
Advertising

Last Updated on January 13, 2020

Is It Time for a Career Change? (And How to Make the Change)

Is It Time for a Career Change? (And How to Make the Change)

Are you challenged at work? Do you regret career decisions? Are you happy? If the answer to the questions leads to a negative feeling, it is time to determine next steps.

Many people settle for a career that no longer brings satisfaction. Most will respond by stating, “I am surviving” if a colleague asks them “How’s work?”

Settling for a job to pay bills and maintain a lifestyle is stagnation. You can re-direct the journey of a career with confidence by taking control of future decisions. After all, you deserve to be live a happy life that will offer a work-life balance.

Let’s look at the reasons why you need a career change and how to choose a career for a more fulfilling life.

How to Know if You Need a Career Change?

The challenges of dissatisfaction in a career can have a negative impact on our mental health. As a result, our mental health can lead to the obvious appearance of stress, aging, weight gain and internal health issues.

You deserve a career that will fulfill the inner desire of true happiness. Here are common factors that it is time for you to change your career.

Physical Signs

Are you aging since you started your job? Do you have anxiety? What about work-related injuries?

It feels amazing to receive a pay cheque, but you deserve to work in an environment that brings out the best of you. If the work environment is hazardous, speak to your boss about alternative options.

In the case that colleagues or your boss take advantage of your kindness, feeling the anxiety of fear of losing your job because of a high-stress environment may not be right for you.

Mental Signs

One out of five Americans has mental health issues, according to Mental Health America.[1] In most cases, it is related to stress.

Advertising

I remember working at a job in a work environment where harassment was acceptable. I had to walk on eggshells to avoid crossing the line with colleagues. My friends started to notice the difference in that I seemed out of character. It was then that I knew that changing a career to freelancing was the right decision.

Here is a list of mental signs of workplace unhappiness:

  • The tension in your neck
  • Difficulties with sleeping
  • Unable to concentrate
  • High anxiety
  • Depression

If you start to feel your self-esteem is diminishing, it is time to consider if working in a high-stress industry is for you. The truth is, this negative energy will be transferred to people in your life like friends and family.

Are You Sure You’re Not Changing for the Wrong Reason?

Most people that feel they need a career are frustrated with their situation at work. Do you really understand your current situation at work?

The reason it is important to think about the work situation is some people decide to change career for factors that are insignificant. Factors that can potentially change if the person works in a different department or new organization.

Here is a list of unimportant factors to think about before you decide to make the transition:

Desire for an Increase of Salary

The desire for a higher income can persuade some to believe they are in the wrong career. The issue with this is more money requires more time in the office or taking on several positions at a time.

At times, pursuing a high-income role can be the complete opposite of what one is expected. It is what happens when a colleague leaves a company to a new one and returns several years later.

Overnight Decision

Let’s face it. We make overnight decisions when stressed out or disappointed with situations at work. The problem with a quick decision is the negative and positive points is overlooked.

Rejected for a Promotion

I have heard stories of managers that applied ten times for a position throughout a 5-year period. Yes, it sounds to be a lengthy process, but at times, a promotion requires time. Avoid changing a career if you do not see the results of a promotion currently.

Advertising

Bored at Work

Think deeply about this point. If you work a job that is repetitive, it is normal to feel bored. You can spice it up by changing the appearance of your desk, socializing with new employees in a different department, joining a leadership committee at work or coming to work with enthusiasm. Sometimes, all it takes is you to change jobs into a fun situation.

A career change can take time, networking, education and the job search process can be a journey. Here is a list of things to consider before making a final decision:

  • How long have you worked in your career?
  • What is the problem at work? Do you work well with the team?
  • Do you receive recognition?
  • Can you consider working in a new department?

If after reviewing your work situation and none of the above recommendations can help, then it’s time to make a career change.

How a Career Change Will Change Your Life

I have a friend that works in the medical industry. She was once a nurse working directly with patients in one of the top hospitals in her area. After five years, she started to internalize the issues with her patients to the point where she felt depressed after work hours. It impacted her relationship with her family and she almost lost herself.

One day, she decided to wake up and take control of her destiny. She started applying for new medical jobs in the office. It meant working on medical documentation of patients which is not an ideal career based on what society expects a medical professional to perform. But she started to feel happier.

It is a classic example of a person that was negatively impacted by issues at work, stayed in the same industry but changed careers.

A career change can fulfill a lifelong dream, increase one’s self-esteem or revive the excitement for one’s work.

You know a career change can be the right decision to make if you experience one or all of these:

  • Working in a negative workplace: Don’t be discouraged. A negative workplace can be changed by working at a new organization.
  • Working with a difficult boss: The challenges of working with a difficult boss can be stressful. All it takes is communication. You can address the issue directly with a manager professionally and respectfully.
  • Feeling lost about what you do: Most people stay at their jobs and settle for mediocrity because of the fear of failure or the unknown. The rise to success often comes with working a tedious role or stepping outside of one’s comfort zone. If you fear the idea of being involved in activities that are new, remember that life is short. Mediocrity will only continue to make you feel as if life is passing you by.

How to Make a Career Change Successfully

The ultimate key to success is to go through a career transition step by step to avoid making the wrong decision.

1. Write a Career Plan

A career plan has a dead line for action steps that includes taking new courses, learning a new language, networking or improving issues at work.[2] A career plan should be kept in your wallet because it will motivate you to keep pursuing the role.

Advertising

You can learn how to set your career plan here.

2. Weigh Your Options

If you have a degree in Accounting, write down five positions in this industry of interest. The good news is diplomas and degrees can be used to a variety of roles to choose.

You don’t have to stick to what society holds a top job. In the end, choosing the right role that will make you happy is priceless.

3. Be Real About the Pros and Cons

It is time to be honest about strengths, weaknesses, opportunities and threats in the job market that are impacting the current situation.

A SWOT Analysis of a career can include:[3]

  • Economic factors
  • Direct competition: Is this role in high demand?
  • Location: Do you need to move? If the goal is to work in tech and living in Cincinnati is not realistic, consider moving to San Francisco.
  • Achievements: To stand out from the competition achievements like awards, committee involvement, freelance work or volunteering is a recipe for success.
  • Education: Do you need to go back to school? Education can be expensive. However, online courses, webinars or self-study is an option.

    A career blueprint is the first step to creating realistic goals. A person without goals will be disappointed without a clear direction of what to do next.

    4. Find a Mentor or Career Coach

    A mentor or a career coach that works in the desired position can share the pros and cons of working in the role. Here is a list of questions to ask a mentor:

    • What is required to be successful in the role?
    • What certification or educational development is needed?
    • What are the challenges of the role?
    • Is there potential for career advancement?

    A chat at a coffee shop with a mentor can change your mind about the desire for a career change.

    Find out how to pick a good mentor for yourself in this article: How to Find a Mentor That Will Help You Succeed

    Advertising

    5. Research Salary

    Some people decide to change careers for a role that pays less or perks like benefits to make up for the difference in previous to potential salary.

    It can reveal the cities throughout the country that offer a higher salary for those that have an interest in relocating for work.

    6. Be Realistic

    If your goal is to move up into an executive position, it is time to be honest about where you are in your career.

    For example, if boardroom meetings, high-level discussions about financials or attending weekly networking events are boring, an executive role may not be right for you. If you are an introvert and working with people every day is nerve wrecking, you need to reconsider a job in sales.

    Ask yourself if you can work in this role for the next five years of your life. If other benefits that come with the role are enticing, other roles are fit that will make you happy.

    7. Volunteer First

    A person that wants to become a manager should take on volunteer opportunities to experience the reality of the position.

    Becoming a committee member to pursue a presidential opportunity can provide a perspective on leadership, maintaining a budget and public speaking.

    Volunteer in a role until you are certain that it is the right opportunity.

    8. Prepare Your Career Tools

    I recommend asking a boss, colleague or mentor for career tools. If you prefer professional assistance, you can seek out resume writing assistance. Here is a list of things to consider when preparing career tools:

    • Online search: Search your name online to see what shows up. I recommend searching images that are on Facebook, Twitter, Snapchat or other sites on a personal account. The last thing you want to realize is the job search is unsuccessful because there is unprofessional content you posted online.
    • Be LinkedIn ready: Recruiters conduct a LinkedIn search to see if the work experience is the same on a resume. Remember to change the wording on LinkedIn from the resume, or it will appear there was no effort put into creating the profile.
    • Portfolio: A portfolio of work is recommended for people that work in the arts, writing, graphic design and other fields. I recommend a portfolio online and one that is available in hand when attending job interviews or networking meetups.
    • Cover letter: A good cover writer will always impress your potential employers. Here’s how to write a killer cover letter that stands out from others.

    Bottom Line

    It takes time to move towards a new career. Pay attention to the physical and mental signs to maintain your health. You deserve to work in happiness and come home stress-free. If you avoid the common mistakes people make, you will find a job and discover the role in a career field that is the best fit with your skillsets.

    Master these action steps and changing career paths will be on your terms to make the best decision for your future.

    More About Career Change

    Featured photo credit: Pexels via pexels.com

    Reference

    [1] Mental Health America: The State of Mental Health in America
    [2] MIT Global Education & Career Development: Make a Career Plan
    [3] Creately: Personal SWOT Analysis to Assess and Improve Yourself

    Read Next