Versatile experiences gained in various business situations mold an average worker into a successful entrepreneur. Like an unexpected road-bump in the night, there may come many challenges, pitfalls, and bad situations in the life of every entrepreneur. It does not require talents, skills, or knowledge to make the most of bad situations. It requires experience. Turning the bad situations around and making them work in favor, whether it is in professional life or personal life, is not plain sailing.
Running a business is like a game. Majority of us may think that they can easily play with it. But when it starts playing its turn in turn, it can be overwhelming for many. In some stages, entrepreneurship will keep us in a pinnacle. In other stages, it will keep us at bouleversement. Entrepreneurs have faced all these for bringing their vision into fruition.
Many have claimed that they have learned many things from their entrepreneurship experience.
Yes. Entrepreneurship is like a teacher. It teaches several things sometimes the things that are inspiring and sometimes the things that can be connected even if they don’t seem the same.
Lesson 1: How important is risk-taking in business?
Many successful entrepreneurs reported that as long as they were timid in taking spot decisions and risks, they were not able to find growth and success. Once they have learned the mantra of taking risks, they have reached zenith in all of their business dealings.
Entrepreneurship has taught them, over the years, that how important the risk-taking is in a business sphere.
For example, Mark Zuckerberg, Facebook CEO, has played fast and loose with the social networking giant in a number of occasions such as purchased the messaging service WhatsApp for $19 billion (in February 2014); took his company public with little in the way of sales; and acquired the revenue-deficient photo app Instagram for $1 billion.
Like these, Mark has been taking risks in many business decisions. Risk-taking entrepreneurs tend to or actually take more risks to get a startup off the ground, especially if there is potential for a significant payoff. They know very well and accept the fact that the success rate may be low but prefer not to play it safe.
Lesson 2: How to monitor and treat failures?
Entrepreneurship-teacher won’t stop here. It taught many business people how to monitor and treat failures and focus on the things that can be controlled. Entrepreneurs, through experience, have learned how to just shrug the things off when anything goes wrong. They can’t ignore a small glitch because it could lead to serious repercussions. Successful entrepreneurs know how to detect the failure by using a simple checklist to identify practices that tend to generate problems.
Failure is an option. And no one has a magic wand that can guarantee success. Entrepreneurs knew this very well that they cannot control the economy, regulatory boards, or the cost of health insurance benefits. That’s why successful entrepreneurs focus on the things they can control.
Also, wise entrepreneurs don’t believe the “overnight success” stories. The reason is, in most cases, these overnight-success stories would be portrayed only in a positive light. These stories do not reveal the missteps behind eventual achievements.
For example, several successful researchers and doctors invented many best medicines. How did they achieve? Before they finally make the one that works, they would have invented thousands of failed vaccines. Likewise, entrepreneurs start a lot of businesses before they find a successful formula that result in profits.
Lesson 3: Learned to enjoy freedom and autonomy
Every entrepreneur crossed the following situation in their business life: before they would start any business, they would think many times whether they can do the business with a partner or doing it alone? Of course, creating a partner can be a big move if they want to quickly scale the business because they will have support, sharing benefits, and backup if they get sick or want to go on vacation. At the same time, partnerships are not everyone’s cup of tea. Many were successful in doing business with partners.
At the same time, many hit success while doing it alone, that is sole entrepreneurship. People who are involved in sole entrepreneurship reported many benefits. Sole entrepreneurship taught them many things. For example, in a solo business, they have realized the fact that they are completely in charge and have full control over their bank account. They have learnt decision-making skills and can solely decide how to run the business, what customers to go after, when and where to work, and so on.
Alex, a solo entrepreneur, reports his experience in the following way:
“If I decide I want to take the day off in the middle of the busy season, I can take it. If all four of my kids get sick one by one and I need to work part-time for a couple of weeks, I don’t have to worry about someone else getting irritated that I am missing in action.”
Solo entrepreneurship taught many over the years to enjoy freedom and autonomy by being single.
Not only that, entrepreneurship taught many how to build success by learning to believe in themselves. Many successful entrepreneurs executed their ideas that have a high chance of success by believing themselves.
If Bill Gates had listened to naysayers, we probably won’t have Microsoft Corporation today.
To sum up the aforementioned context, or put it in a nutshell, entrepreneurship taught
- how important the risk-taking is in a business sphere
- how to monitor and treat failures and focus on the things that can be controlled
- failure is an option
- not to believe in overnight success
- not to get debilitated with fears
- to enjoy the freedom and autonomy
- how to build success by learning to believe in oneself.
Entrepreneurship taught these valuable life lessons and helped several to build their own success in the field of entrepreneurship. At the same time, these valuable lessons also have a sole purpose in their personal lives to help them achieve growth and happiness.