Being an Entrepreneur for more than 4 years the lessons that I have learned are countless. In the life of Entrepreneurship I would say each and every minute is a lesson. From the dawn to the day to the end of it, let it be while exercising, managing employees, planning the future expansions, meeting and networking with people and much more bring many lessons and scopes of life.
In these 4 years I made many mistakes and learnt lessons from those mistakes. I believe sharing the important mistakes I made and the lessons learnt with fellow Entrepreneurs will help them to skip certain phenomenal barriers to success.
Here are some of the important lessons of Entrepreneurship from my life.
- When you are starting a business always make sure you have a certain amount of capital to start up. When I started the business I started with 0 capital. The problem of starting a venture with 0 or very minimal capital which is not enough to cover the operational expenses that the business is going to burn will end up in eating your revenue and gradually this will stop your business expansion. Do not let your expenses to line-up before a cash inflow comes into the business.
- Settle all your bills on time. Do not wait until all accumulate. End of the day it becomes a huge burden on your working capital. During my early stage of business due to this I had so many issues such as disconnection of electricity supply, mobile line etc.
- Recruit people those who are competent enough to support your goal. During your start up stage you are the employee and employer. Once you start moving from where you started you need people to manage the tasks with less supervision as you have to focus more on expansion and not day-to-day operations. Recruiting the right people at the right place becomes an integral part of start-up success. Recruiting a competent staff will cost you and bearing such overhead at the beginning stage will be problematic. Do not go for an incompetent option just because you want to lessen your overheads. During recruitment you should avoid recruiting an employee who is working on his own venture as well. This will divert his time on work and reduce his productivity at the workplace.
- Managing finance and accounts is always an important part of business. You should know how you are getting money and where it goes. Most companies close down at its very early stage simply because poor finance management. If you are not from finance background without any double thoughts outsource the work or recruit someone who can handle and support you. Do not think about the cost. Not doing so will cost you more in long run.
- Exercise and keep your body and mind active. For you to work well, focus more, come up with new ideas and implement them your health is an important factor. When you are not healthy you feel down all the time which will affect the company’s performance too. Avoid junk food and eat healthy.
- Most of us stay late and work in the nights to finish projects and complete pending works. Though this is important during your early stage sleeping at least 6 to 7 hours a day should be a must. Effectiveness of a particular day depends on your previous day’s amount of sleep too. Accumulation of less sleep and irregular lifestyle routine will impact your health in long run.
- Associate with like minded people. There are people outside to destroy your thoughts. Always speak to people those who encourage and support you. Be connected with people who can understand your thoughts and constructively criticize, not blindly criticize your opinions and ideas.
- Entrepreneurs get busy when they start the business and they start to withdraw from the external events and networking opportunities. Remember your main source of income would be the network you have. Even for me if I calculate the total income I earned from my network would be over 65%. Start-ups cannot afford big marketing budgets. But business referral coming through your network has 0 acquisition cost. So attend external events and build your network all the time. Be in touch with the network.
- When starting a business most of us use to think that we can start and run a business while we are at home. In my opinion I would say it pulls everything down. Your drive and motivation to achieve something will be affected by the distractions at home. Even it will affect your personal life too which in turn will affect your productivity. Get a small space, or share an office space with someone you know. Keep your business and personal life separate.
- Learn from mistakes. In the entrepreneurship life you make so many mistakes, that’s fine. Take those as lessons and move on, but make sure you are not repeating the mistakes again.
- Do not mess your business life with personal life. When you are running a business you face lots of problems and issues. Always keep in mind that leaving the problems at office and joining your family members is important. A happy home makes a man more productive than anything. During early stage where you are new to the challenges it will be difficult to separate them. Gradually you will get used to it.
- Learn to keep the problem at a distance and try to solve them. Those days I used to think about the problems in business always and even at certain times I started living with them. And I realized it never got solved. Later I started to learn to keep them away and started thinking about solutions and not about the problems. For an instance when we are in the corporate we were able to solve problems easily but not when it comes to our own business. That is mainly because if you are working for someone you know that problem is someone else’s and you think form the third person point of view where you can easily find the solution.