5 Universal Truths That All Entrepreneurs Need To Know
There’s no right or wrong way to do business. Give someone an idea and there could be several ways to tackle the same problem, which is the beauty of entrepreneurship. Tt invites innovation and creative problem solving based on your own personality, experiences and view of the world.
However, there are a few business lessons that all entrepreneurs will learn at some point along their journey.
Have a read and let me know if you agree.
1. Good things take time
Regardless of the business stage you’re at, you probably have a sense of urgency within you where you want things to be done really well and really fast. You’re not alone.
However, let me introduce you to the iron triangle, which has been circulating in the project management world since the 1950s.
As you can see, at any one point in business you can choose two of the three. So ask yourself - what’s most important to you at the moment? Choose two and keep going.
2. You can’t do it all on your own
You can definitely start a business on your own, have a proof of concept, create a level of success and even become financially comfortable. Especially if you're a service-based business.
What you can’t do is scale your business. And this is simply because you can’t scale yourself. If you’re an incredibly strong marketer for example and this is how you got all your customers, can you imagine what would happen if you had someone else who would take care of your sales funnel? Or if you never had to reschedule meetings yourself?
Running a business requires a lot of admin. Don’t get stuck on those small tasks instead of focusing on your genius zone and strategy.
3. Learn to fail.
Again, not a new concept, but that’s the whole point of universal truths, right? Starting, running and scaling a business includes a lot of small risks, trying new things, failing and trying again. A big part of an entrepreneurial journey is learning to accept failure as part of the success and learning to get up fast and not take any failure personally.
There’s a reason why Mark Zuckerberg’s mantra early on was “Move fast and break things”. Staying lean in your business and experimenting will take you a lot further than staying put in your comfort zone.
4. People will constantly doubt you
Potential investors, friends, family, classmates, the random neighbour you make small talk with – all at some point will poke holes in your plan or tell you what you’re doing won’t work. In fact, there’ll be times when you doubt yourself as well.
And that’s fine. As long as you believe in a larger vision, your own abilities, and are up for the challenge, the rest is irrelevant. You need to decide who is worth taking advice from and who’s not. Ignore the noise. If you listen to everyone, or worse still follow everyone’s advice, you’ll never move forward. You might also just go plain crazy.
5. Your circle matters more than ever
You’re the average of the people who surround you, so make sure you are around people who are where you want to be or at least are building an inspired life for themselves. A different perspective can be refreshing, so they don’t have to all be entrepreneurs or work in the same industry as you do. However, make sure your values align and you feel the relationship is a two-way street.
If you surround yourself with people whose lives are on autopilot in their 9-5 and have no dreams, how are they meant to understand and encourage your drive to build a 7 figures business or the hard work that you’re putting in at the moment?
Having an inner circle that understands and supports you is a core element in being able to combat the loneliness that comes with entrepreneurship.
I hope you found these truths helpful or remind you that you’re not alone.
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