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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 August 16, 2019

15 Smart Ways to Approach Interpersonal Relationships at Work

15 Smart Ways to Approach Interpersonal Relationships at Work

Once you have embarked on your professional life, whether it is after college or high school, you will be making a transition to the workplace. If possible, it is good to find an employer that is flexible. In other words, one that possesses a culture that is diverse and tailors to the needs of its employees as a bottom line.

But, even if you don’t land your dream job right away, there are many ways to improve your experiences within the workplace as you climb the career ladder.

In the subsequent sections will be looking over ways to engage your relationships at work, including 15 ways to effectively approach interpersonal relationships at the workplace.

1. Open Up Cautiously

Depending on if its a startup, a small business, enterprise or corporation it’s important to be aware of your surroundings.

Be mindful of how much you open up about yourself, specifically regarding your personal life. You do not want to give the wrong impression, so be careful how much or what details you divulge about being in a relationship or having children.

You have to reach a certain comfort level and rapport with the rest of the staff to be able to engage in transparent conversations. A good general guideline is to stick to small talk.

2. Observe Your Surroundings

There will be times when we are summoned to have a leadership role or to undertake a project to lead a team.

Try not to be too bold or overcompensate at every turn when there is a meeting or an interaction among other staff or employees. The last thing you want to do is to be the person who wants to monopolize every conversation and every interaction.

Be a passive observer at first, and more often than not, you will learn a lot by letting others talk a lot about themselves.

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3. Listen Actively

It may seem redundant, but it is essential to practice the art of really listening to the other person.

Developing interpersonal skills and connections with others at work comes down to listening. It is not just paraphrasing what your superiors or colleagues are trying to communicate; it is about understanding what is at the core and reading between the lines.

Phrases like “I can see what you are saying” or “I can acknowledge your insight” are just some examples. Learn to empathize and relate with people with whom you have a genuine connection.

4. Consolidate All Feedback

When you learn to listen to others and to allow them to finish their thoughts you are on your way to be being a great communicator.

One of the toughest tasks to accomplish is to include everyone’s voice. Don’t rely on shout-outs or trying to come up with the best answer. Including everyone’s voice is about listening to all suggestions and putting together an entire picture. When everyone feels part of the process there is great cohesion.

5. Never Make Sweeping Judgements

As person and a human being with compassion never make any assumptions about anyone.

Just because they have a certain skin color, clothes or physical features, never make stereotypical or generalizations about anyone.

6. Keep Emotions in Check

Work-related stress is something we all have to deal with at some point or another. Whether you work in the public or private sector you will encounter stressors or stressful co-workers. In this case, it is good to keep open the lines of communications.

Always ask to clarify how a person feels and where they are coming from. It is better to entertain these conversations before they make a person lash out or have a negative reaction. Ask to speak privately and get feedback. When you do this it really shows you care about what your role is and that you are a true professional.

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7. Give Help to Others

Having compassion and empathy for others is a noble attitude to practice.

Though, do be careful about how much you want to get involved with colleagues at the office; it could jeopardize the nature of your work relationship and the roles you both have.

It’s best to separate the personal from the professional and lend a hand by using your best judgement.

8. Broaden Your Horizons

Once you have worked in a company or an organization, things can get repetitive and dull. Sometimes we need to remember that we are human and need to fulfill certain responsibilities.

Often we want to try to change things by introducing our best abilities or perhaps our inventions, but we need to be realistic. Change does not happen overnight, rather it is a long process.

Step back and take a look at the big picture, and, put all your cards on the table to get perspective. Sometimes we approach situations in life from the wrong point-of-view.

9. Be Optimistic

This is probably one you have heard time and time again.

When we suggest to have a positive attitude it does not mean to fake it until you make it, nor to conceal your feelings. This is not the case in this situation. Overall, you want to try to be authentic in how you are feeling, because life will throw curve balls that are beyond our control.

10. Be Sensitive to Cultural Norms

Whenever you are around other people within a professional workspace, do not make assumptions in trying to figure people out in an instant.

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Some cultures discourage physical contact, while others may be inviting. Always be courteous, respectful and ask questions. It will not only make you more aware of others’ needs, but show that you are considerate of the differences.

You do not want to get off on the wrong foot by being too friendly or too touchy. Just observe how people respond to your approach and let them lead the way of what is a safe practice to meet and greet the first time around.

11. Show Professionalism

How you interact and carry yourself around others will be the difference between a job promotion or losing your job. No matter what, always respectful and professional towards others.

You will have an opportunities in life and at work, so showcase an outpouring of great and positive energy in the face of adversity.

12. Get Involved with Activities

When you are part of a company, there are often opportunities for organized activities outside of the office space.

Sometimes it is worth exploring uncharted terrain and to get to know people in a different environment. Plus, you will have an opportunity to be seeing in a different light.

Even though you are off the clock, keep your professional tenure and set boundaries. You want to be vulnerable, but not put yourself in a comprising position. Use your intuition and common sense to evaluate these situations.

13. Get to Know Your Company

With your smartphone or your laptop, you have at your fingertips a mine of information online. Just as you would do before a job interview, conduct ample research to get familiarized with what your company does and how its branding is perceived via the media or social networks.

Rather than just focusing on doing your job and fulfilling the duties, see what the business is up to. It is fundamental to really know what organization you belong to. Get educated on what other ventures they are involved with as well as the ones that you are directly in the know about.

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14. Learn to Problem Solve

Problem solving is going to be a skill you will acquire with experience and by making mistakes. Furthermore, not only will you make mistakes but you will likely also sometimes fail. This is okay and is part of the natural swing of things!

Learn to take responsibility for your actions and decisions. At the same time, do not blame others for coming up short. When you come forward with the truth and responsibility, your supervisors or superiors will take notice of your authenticity.

One of the greatest gifts in life is fail and once you experience you start to get a different perspective on how to move forward at the job.

15. Do Some Prospecting

If you have coding, computer, language or other beneficial skills, be sure to pitch these at the right time.

When you start out new at a company it is best not to show all your cards. It is like poker: don’t let others see if you believe you have the upper hand. Take time to get familiarized with your company and organization before promoting your outside skillset.

You will know when to put forward your amazing talents, so proceed with caution.

Conclusion

Learning to refine your interpersonal skills is a lifelong process. In time, you will also became more effective and skillful after accumulating work-related experiences.

Exert humility, understanding, compassion, and mindfulness and the rewards will come!

Featured photo credit: Brooke Cagle via unsplash.com

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