The journey of an entrepreneur is challenging and full of uncertainty. You never know when you’re going to hit a roadblock, but you always have to be prepared for it. It’s impossible to predict what will happen in the next 6 months or even 3 years from now. The only thing you can be sure about is that things will change — and quickly!
Entrepreneurship isn’t for everyone, but if it is something that interests you then here are five lessons I wish someone had told me early on in my career
People are assets, not liabilities
How you treat your employee influence their behavior. If you treat them unfairly or disrespectfully, there are chances they wouldn’t enjoy working with you or your organization even if it’s a job what they always wished for.
According to studies, employees who feel like they are being treated unfairly are less productive, more likely to act dishonestly, and less likely to stick around the company for a long time.
While you can’t do everything yourself, no one else can either. People are your greatest asset. You need to hire the right people and treat them well. You need to make sure they’re happy and motivated so that they work hard for you, not just for a paycheck.
Trust is earned, not given
Consistency is a key component of trust. People who are there for us consistently in both good and bad times tend to have our highest level of trust. Regularly showing someone that you’re there for them or that you care for them and you’re willing to stick through rough times is an effective way to build trust. Always remember:
- Trust is earned, not given. It’s a two-way street.
- Trust is built over time by being consistent and transparent with your team, investors and partners.
- You can’t give away what you don’t have yourself.
People will be more likely to treat you with respect if you keep your word and show what you expect from them, which will increase their level of trust in you. Also, focus on trusting your employees, remember it’s a two-way street.
A man who trusts nobody is apt to be the kind of man nobody trusts.– Harold Macmillan
Focus on what you can control
This is the most important lesson I’ve learnt as a founder of multiple companies. Not only is it useful for your business, it’s also great life advice that will make you happier and more productive in all areas of your life.
There are many things in life that we can’t control (the economy, other people) and others that we can control (your health, your work ethic). If you spend time worrying about things out of your control—what other people think about your company or product, what the market is doing right now—you will become frustrated and unhappy because there’s nothing else to do but wait for those things to change. If instead you focus on the things in which you have influence over, such as working hard during daily standup meetings with teammates or spending time learning about new technologies related to your business model, then when those uncontrollable factors inevitably change beyond expectation (or even fail), at least there was something positive gained from dealing with them!
The art of letting go
It is a skill to let go of something you have worked hard on, or that has been your baby for a long time. When you start a company it’s natural to want to be involved in every decision and aspect of the business, but this can actually be detrimental in the long run. Not only does it take up valuable time, but it also creates an attachment that clouds your judgment and makes it harder to make decisions objectively.
Be frugal with your money
Living frugally will give you more money for investing and saving. It’s a really simple idea: the less money you spend, the more of it you keep. As a result, there will be more savings and investments, and your financial situation will continue to improve.
Some ways to go frugal with your money:
- Don’t spend money on things you don’t need.
- Be aware of the cost of things.
- Don’t waste money on frivolous things.
- Don’t buy things that are not needed.
- Spend less than you can afford to spend.
Entrepreneurship is full of challenges and lessons
Entrepreneurship is full of challenges and lessons. These are five I wish I’d heard early on in my career. Entrepreneurship isn’t a straight line. It’s more like a rollercoaster ride, with lots of ups and downs. There are many lessons to be learnt along the way. Some are easy, but some can be hard to learn. These lessons are ones I wish I’d known when starting my first company:
- It’s okay to fail – You don’t have to be perfect from day one
- You’re not alone – The start-up community is here for you
- Ask for help – Don’t try and do everything yourself
- Keep calm and carry on – Don’t let your emotions get in the way of making good decisions
I hope that these lessons help you as an entrepreneur. I’ve learned many of them the hard way, but each one has helped me grow as a founder and an individual. You might not find every lesson relevant to your business or situation, but they’re all valuable in their own ways.
Payomatix Technologies Pvt. Ltd.
FOUNDER AND INVESTOR | PAYMENTS PROCESSING EXPERT | MERCHANT ACCOUNT SOLUTIONS | WHITE LABELLED PAYMENT GATEWAY | Dreamer, Creator, Achiever, Constantly Evolving
Website Ruchi https://ruchirathor.com