Launching and managing a business are never easy. All entrepreneurial paths are lined with challenges, risks and down right let downs. But there’s a difference between those who make it and those who don’t, and it’s often the lessons they learn from their experiences (or fail to). We can learn fro successful entrepreneurs, so we don’t have to make as many (if any) mistajes.
From the captains of commerce to the thought leaders, here are a few impactful lessons from those who have found success as entrepreneurs that you can put into practice right this very moment.
1. Start Small, Think Big
Some of the most successful entrepreneurs started off small. The Amazon that Jeff Bezos built began as an online bookstore. Anandaswamy, and D. Cowasji Jehangir saw good value in investing in a young Dhirubhai Ambani with a small textile shop. They dreamed big but started small and practical.
Lesson for you: Do not let everything have to be perfect. Begin with what you have and then grow.
2. Embrace Failure as Learning
Everyone fails in business. Elon Musk had several rocket failures before SpaceX took off. Even Steve Jobs got ousted from Apple a time.
Lesson for you: Don’t be afraid to fail. Learn from that, adjust and try again. Each and every failure provides you with something you shouldn’t do.
3. Stay Focused on Solving Problems
Good businesses are built on solving problems. Ola disrupted India’s unreliable transportation system. It was Paytm that made digital payments simple for millions.
Lesson for you: Identify a genuine human problem and base a business around solving that.
4. Build a Strong Team
No entrepreneur succeeds alone. It was a strong team Mark Zuckerberg had at Facebook. Ratan Tata never compromised on his people.
Lesson for you: Pick good people, invest in them and trust them. Behind any success is a great team.
5. Keep Learning Every Day
Warren Buffett reads for hours each day. Bill Gates goes on “think weeks” to study new things.
Lesson for you: Always keep learning. Read books, com find and attend seminars; listen to podcasts; be curious. Knowledge is your biggest asset.
6. Adapt to Change Quickly
The business world changes fast. Nokia and Kodak are gone precisely because they did not adapt. Netflix on the other hand went from DVDs to streaming and thrived.
Lesson for you: Stay flexible. Keep an eye on market trends and be prepared to shift gears when necessary.
7. Focus on Customer Experience
The first and foremost priority for successful entrepreneurs always has to be customers. Apple makes products that users enjoy. Easy returns policy of Flipkart is what drove the loyalty.
The lesson for you: Keep your customers satisfied. And happy customers bring in more customers.
8. Manage Time Wisely
The answer, some say, is to treat time as a shrink-wrapped commodity an approach that entrepreneurs like Richard Branson and Narayana Murthy adopt in spades. They focus on what is the most important.
Lesson for you: Don’t crap up the details with minor distractions. Do what you can to grow your business.
9. Take Calculated Risks
All great entrepreneurs are risk-takers – but they’re calculated risk takers. Jio, which revolutionized the telecom market in India, received multibillion-dollar investments from Mukesh Ambani.
Lesson for you: Never fear taking chances, but do some soul searching before decision-making.
10. Stay Persistent
Jack Ma was turned down so many times before starting Alibaba. Hundreds of “no’s” came before Colonel Sanders began KFC.
Lesson for you: You don’t find success overnight. Persevere, continue to get better and never give up.
FAQs:
Q1: The most important lesson to learn from successful entrepreneurs is?
In the end, the most important lesson is you have to keep at it. With the exception of very few, most successful people had to go through failures but never quitted.
Q2: I can’t afford to start, does that mean I can’t launch something?
Start small. Numerous entrepreneurs have started with very little. Solve a problem, scale later.
Q3: Do I have to have a unique idea?
Not always. Plenty of great businesses were built on updated ideas. The rub is in execution and customer satisfaction.
Q4: What keeps entrepreneurs motivated?
They have clear goals, keep a passion for their work and they hang around positive people.
Q5: Can every man be an entrepreneur?
Yes. Like anything else, however, with the right attitude and work ethic; anyone can become an entreprenerour.
