6 L E S S O N S L E A R N E D A F T E R Y O U R F I R S T Y E A R A S A N E N T R E P R E N E U R

B Y G E O F F R E Y B Y R U C H

When we look at the life of an entrepreneur, we always use individuals like Mark Cuban or Mark Zuckerberg as examples for the overall field.

In reality, the truth of an entrepreneur is not mentioned nearly enough. The reason for this is that our society craves on instant gratification.

Simply put, we want things now and we want them fast. As much as we would like to see this type of change, especially for an up-and-coming business or company, the reality of it is that success will be a long and arduous journey.

A S A N E N T R E P R E N E U R , T H E R E R E A L LY A R E N O S H O RT C U T S O R M A G I C F O R M U L A S Y O U C A N D O T O M A K E T H I S T Y P E O F T U R N O V E R O V E R N I G H T.

Y O U H AV E T O W O R K I M M E N S E LY H A R D E A C H A N D E V E RY D AY U N T I L T H I N G S S TA RT T O D E V E L O P.

B E L O W, Y O U W I L L F I N D T H E S I X H A R D T R U T H S T H AT E V E RY I N D I V I D U A L L E A R N S D U R I N G T H E I R F I R S T Y E A R A S A N E N T R E P R E N E U R .

1 . FA I L U R E I S I N E V I TA B L E

A S A N E N T R E P R E N E U R , Y O U W I L L B E A S K E D T O M A K E A VA R I E T Y O F S A C R I F I C E S N O W A S M U C H A S Y O U E X P E C T S U C C E S S , T H E R E I S A H I G H P R O B A B I L I T Y T H AT Y O U W I L L E X P E R I E N C E FA I L U R E AT L E A S T O N C E W I T H I N Y O U R B U S I N E S S ’ S L I F E . W H Y D O E S T H I S H A P P E N ?

T H I S H A P P E N S S I M P LY B E C A U S E E N T R E P R E N E U R S A R E C U R I O U S . E N T R E P R E N E U R S P U R S U E T H E I R I N T E R E S T A N D PA S S I O N AT A M E A N S T O C R E AT E A N O P P O RT U N I T Y.

A S M U C H A S C U R I O S I T Y I S A M E A N S T O F U E L E N T R E P R E N E U R S , I T C A N L E A D T H E M T O FA I L U R E . TA K E F O R E X A M P L E Y O U A R E L O O K I N T O P R O M O T I N G A N E W A N I N N O VAT I V E P R O D U C T F O R Y O U R C O M PA N Y. A S G R E AT A S Y O U R I N T E N T I O N S W E R E , T H E PAT H I T S E L F L E A D S T O FA I L U R E .

W H E N T H I S H A P P E N S , D O N O T L O O K AT T H I S A S A C H A N C E F O R Y O U T O Q U I T. S E E T H E FA I L U R E A S A WAY T O S E T Y O U R N E W E X P E C TAT I O N S F O R S U C C E S S . L E A R N F R O M I T A N D A C C E P T I T A S A WAY T O E V O LV E O V E R T H E C O U R S E O F Y O U R C A R E E R .

2 . E X P E C T L O N G H O U R S A N D H A R D W O R K

While shows and movies such as Shark Tank and Social Network have displayed an imaginative world of ‘golden tickets’ and easy opportunities, the reality of it is that you will be expected to put in a lot of work if you are looking to succeed in your field.

Remember, no matter what the name is or what the product, you company and your service is new to the market. In order to establish your ideas and your company, your work will never stop.

3 . Y O U A R E C O N S TA N T LY L E A R N I N G

A S U C C E S S F U L E N T R E P R E N E U R W I L L T E L L Y O U T H AT T H E Y A R E N E V E R D O N E L E A R N I N G .

B E I N G A N E N T R E P R E N E U R I S N O T A N E A S Y TA S K T H AT C A N B E L E A R N E D O V E R N I G H T. I N FA C T, I N R E A L I T Y, W E C A N N O T L E A R N S U C C E S S . R AT H E R , M U C H O F I T C A N B E AT T R I B U T E D F R O M T R I A L - A N D - E R R O R D E C I S I O N S .

W H E N Y O U A R E W O R K I N G T O B U I L D Y O U R C O M PA N Y, Y O U W I L L F I N D T H AT Y O U W I L L H AV E N O F R E E T I M E T O S PA R E . M U C H O F Y O U R T I M E , I F A N Y, W I L L B E S P E N T L E A R N I N G H O W T O I M P R O V E Y O U R N E T W O R K , M A R K E T, O R F I N A N C E Y O U R C O M PA N Y AT T H E M O S T O P T I M U M A N D E F F E C T I V E WAY.

4 . T H E T R I A L S A N D T R I B U L AT I O N S O F M A R K E T I N G

• When we think of marketing, we think immediately of getting our name out of there.

• Well for those who have tried, you will find out that the idea of selling yourself is not always that easy.

• The best way to market is to focus solely on the product and service itself. Allow the customers to make the connection of how it can benefit them.

5 . S T R AT E G Y D O E S N O T E Q U AT E T O S U C C E S S

• The process of thinking strategically can be a challenge especially when you are starting your company.

• There are various avenues and options you can take lead you to your objective of establishing your company within its perspective field.

• As much you want to believe that your strategies will take you to your end goal, you need to realize that you will have to inevitably revise, edit, and change your strategy time-and-time again.

• This happens because, throughout the course of your business, things will change. Because of these unknown changes, you have to be malleable and adaptive to this type of change.

6 . F O C U S O N W H AT Y O U C A N A F F E C T

• The best way to handle these tasks is by attacking them one at a time.

• Focus your energy on projects or objectives in which you can have the most impact. It is that type of strategy that will allow you to get the most ‘bang for your buck.’