When you want to start a business, the first step people tend to take is to do research and find out what other people did. This is a good thing to do, but you shouldn’t always believe everything you hear or trust that what works for one person will also work for you. Today, I would like to share a few lessons learned by successful entrepreneurs.
Choose something you enjoy. If you start a business and it works, you will be doing it for years to come. Choose something you like and enjoy because you will be more likely to put in the necessary work and commitment than if you were doing something you hate.
Figure it out as you go. You won’t know everything when you start and you very possibly won’t know anything. Don’t let that stop you. Learn as you go. Most businessmen did not know how exactly to run their business or how to operate in the field they were in, but they learned as they went and figured it out.
Choose your partners carefully. If you want or need a partner for your business, choose carefully. Try not to have one because it is convenient, but rather because that person makes the business stronger. You need someone that will contribute, make smart decisions, and support you. If you choose the wrong partner, you will have a nightmare on your hands.
Ignore the statistics of failure. Many people will tell you about the high percentage of businesses that fail or how few of a certain niche succeed, etc. Ignore these stats as they are not necessarily true. If a high percentage of businesses fail, it’s probably because the owners didn’t commit or prepare well enough. Those stats just make people comfortable with failing or they use it to justify why they didn’t make it.
There are a few more lessons, but we will share them later. One other thing that is very important, however, is that your family and quality time should always be important. Obsess about your idea and go do it, but don’t forget the important people in your life.