10 things I wish I knew before jumping into entrepreneurship
Updated: Jan 19
Being the boss of your own time – this is probably the best perks of managing your own business. But as many successful business owners would say, the entrepreneurial journey isn’t always a smooth one.
Looking back to many years ago, there were things I wished I knew before starting a business. Having knowledge on how to get started could have given me the edge in the entrepreneurial world.
1. You are going to fail, but fail fast.
If you are working on something that you know isn’t going to deliver the supposed results, you need to make decisions quickly and stop it. Do not hide mistakes and cross your fingers until the project is nearing the due date.
It is important that you keep things in perspective and be more objective instead of being subjective.
2. Not all money is good money.
When someone is offering you money for something, you need to find out whom you are receiving it from and what is at stake if you accept it. I’ve had opportunities throughout my career to make more money to work for someone. The money might have been a little better but I turned it down because I didn’t agree with some very philosophies.
3. Learn how to invest in yourself
The effort you put into consistently investing in yourself can create a huge impact on the quality of your life. So explore your creative side, develop your skills, and nurture your mind and body. Investing in both personal and professional growth is the surest way to achieve a better quality of life.
4. Trust your gut even people think you are crazy
Making decisions based on research and reports is crucial for business success. But when you follow your instincts you are putting something very natural to work. Intuition is a powerful tool, especially when making developing business strategies. Sometimes you’d have a crazy idea and there’s that strong feeling that it will work. When you feel it, you just need to trust your gut and make it work. Of course, you also need to follow it up with planning skills and strong management to be successful.
5. You can’t do everything yourself.
Tea m always beat individuals. So don’t try to do everything by yourself. Share responsibilities and delegate tasks so you can focus on what you can do best. Hiring people who have the expertise to perform a particular task gives you the necessary push to make every day more productive than flying solo.
6. Ask questions.
Entrepreneurship is the scariest yet most exciting journey you’ll ever have – offering both highs and lows. If you tend to crumble in uncertainty, you need to ask questions. Asking questions is imperative in keeping yourself informed, inspired, and motivated.
7. Really learn the power of marketing.
Marketing is a powerful tool that fuels business growth. The key is to get the word out of your business to the right people and deliver the right message. If you learn the power of marketing, you can effectively reach a larger audience even on a shoestring budget.
8. Feel the fear.
Fear is something that everyone experiences in starting a business but you don’t have to run away from it. You have to feel it. I like to think of it as part of the roller coaster ride. Just like in life there will be things that bring you up and things that bring you down. Eventually, you just need to jump on it and conquer your fear.
9. Financial literacy.
As an entrepreneur, you need to become financially aware so you can manage your own finances. Becoming financially aware will help you review your cash flow and profit and have a more complete financial picture.
10. It can be lonely.
Loneliness is a common feeling for entrepreneurs and I never considered it until I decided to take this route. There will be a lot of solo flights combined with the pressures of starting and setting up a business. And while your friends are out partying together you stay up late in a hotel drafting your business plan and planning your marketing strategy for the whole week. However, when going gets tough there are always many ways to beat loneliness such as finding an entrepreneurial community and working with a mentor. Mentors can initiate tactical topics and invaluable resources for learning.
The entrepreneurial journey can be challenging. But always remember there is a value in the process and every step is always a learning ground.