
5 Breakthrough Lessons I Learnt About Successful Entrepreneurship
Entrepreneurial journey is filled with experiences everyday. Most entrepreneurs get stuck in finding solutions in complexities and let the greater, simpler and the best lessons the journey offers, pass by. The key is to devote oneself in embracing these smaller lessons life throws at you. The lessons I learnt were many and in this blog I am highlighting some of the lessons that I believe are the key.
In my case, I always thought that entrepreneurship was an accident until I read “There are no accidents, there is only some purpose that we have not yet understood”. Though it took some time to understand this, 4 years into the journey and today I can firmly say “There are no accidents”.
The Start:
The start of my journey was nothing less than a blockbuster movie or bestseller book. 4 years back, while working at a multinational company, one fine morning I was asked to leave the organization. Having committed and served the organization for several years with continuous growth and winning awards, this came to me as a shock. I still remember that day and the days after that. It was painful and I felt miserable. This was the first and the biggest unpleasant experience that I had ever faced. With such experience on my shoulder, I was reluctant to start anything new. Doubts and fears became part of my everyday conversation.
Lesson No1: 80% of your success in business or in life is Psychology & rest 20% is Mechanics.
What I learnt from Tony Robbins (Tony Robbins: #1 New York Times best-selling author, life and business strategist, philanthropist, entrepreneur.)
One thing he said that stuck me is “While we can come up with a variety of reasons why we don’t follow through on what we say we want to do, inevitably it boils down to our mindset. 80 percent of success in anything is psychology, and only 20 percent is mechanics. Most people know enough to get the job done, but they’re not doing it because their psychology is not in sync with their goals.”
This by far was the biggest lesson that I learnt. The thing that we cannot ignore in the journey of being an entrepreneur is developing our own self. As they say, “your business is just a reflection of who you are.” Entrepreneurship is marrying personal development with business development. It is more about psychology and less about mechanics. It is about developing the mindset, beliefs and values needed to be a successful entrepreneur. Once you master these, the mechanics of doing the business can always be learnt.
What My First Big Failure Taught Me?
Every entrepreneur experiences failures and my story is no exception. The failure in my case came earlier than I thought it would. As early as my first assignment. As I decided to launch the first project, I went out seeking help and support from everyone around me. Strangely help came from all the unexpected people and not from those who promised and those I counted on. I just did it. I lost almost all the money.
Lesson No2: Success is a lousy teacher.
What I learnt from Richard Branson. (Richard Branson: American business magnate, investor and philanthropist.)
Richard says: “Failure and rejection are an inevitable part of business, and how you deal with them will ultimately affect your success. The ability to cope with and learn from failure and rejection can be practiced and honed along the way. Some people are better at it than others. “We have had many great successes at Virgin, but we’ve also experienced a number of failures. Every time something hasn’t worked out as we hoped it would, we have picked ourselves up, looked at what went wrong, and learned from our mistakes.” He also said “You don’t have to fail to be a successful entrepreneur but you certainly will have to have a positive attitude to failure and not be afraid to fail.”
This is one key which can open door for everyone’s success. The fact is you cannot learn the game by being a spectator. While most people think of winning the game while standing at the fence. The truth is you got to be “In” the game to win the game! And, when you are in the game, you always stand a chance of facing failures. You must learn from your failure. In fact ,you learn most from your own failure than studying other’s success. Remember, while others treat failure as a liability treat failing as your biggest asset. When you fail, you learn. The more you fail the more you learn and faster you grow, both professionally and spiritually.
The Dilemma And The Turning Point:
Let’s get this right, most individuals step into the world of entrepreneurship because it is rewarding. Two things that it can offer you in abundance is Money & Freedom. When you do not know why are you in the business, it can take back everything from you and a lot more. That’s exactly why most entrepreneurs never realize the potential their business has and fail within the first few years. The dilemma between making profits and realizing the vision, looking for what you want now and what you want most becomes part of every day conversations. This gets tougher when you do not see money in your account for longer than you ever imagined.
Lesson No3: When you are driven by your vision, fear takes a backseat.
What I learnt from Jack Ma — (Wealthiest Man in Asia)
“It’s not what you are, it’s where your heart is, your vision” says Jack Ma. “Many people chase after money, some of them become rich and successful .But real successful people are those who have the vision to change the society for the greater good.” He believes that “creating something that has an impact on people’s lives makes you wealthier. Money should always be a by-product and never the end goal.”
You need to realize this aspect earlier in your journey, it is less about income and more about impact. In an age when many others are selling a similar product or service like you, what you see as your vision and what impact you want to leave back is the differentiator. It drives your business during the toughest of times. Your income is directly proportional to the impact you create. Your income is for living, but your impact is to build and leave your legacy. This was the turning point of our business.
Lemons or Lemonade?
What would you do when you experience breach of contracts, inconsistent cash flow, people leaving the team, broken promises from partners ? Such adversities are not uncommon when you choose the entrepreneurial journey. Uncertainties dominate our lives and facing such adversities can be quite stressful.
Lesson No4: They say it right “When life gives you lemons, make lemonade”
What I learnt from Jack Delosa: (Australian Self Made Millionaire)
Persevering through adversity gives us the experience necessary to develop sound judgment. The wisdom and swift response rate that we admire in successful business people has usually been “hard won” over many years of meeting challenges. It is this judgment, this wisdom, which ultimately enables entrepreneurs to innovate effectively and build something great. Running a business is not about getting to a point where there are no challenges — such a place does not exist in a growing concern — but rather, becoming comfortable as you navigate the numerous and inevitable challenges that come with building something new.
Adversities are the hidden treasure of wisdom. Every time you face one they reveal to you the mental flexibility and the emotional muscle that one needs to develop. In my journey, every time we experienced adversities, we strengthened our operations, designed newer processes and clearer SOPs. Next time you face any adversities convert them into opportunities, as they say “When life gives you lemons, make lemonade”
Trading it Right!
What will be the price point that I must stick to? Will I get paid the amount I desire for the services or the product that I offer? Am I doing it right? What if no one buys? These are the few questions that haunt most of the entrepreneurs. Every time we would not get the deal I would beat myself up for the pricing that we quoted and think of lowering the price for the next client.
Lesson No5: You get paid for the value not for the time.
What I learnt from Jim Rohn (American entrepreneur, author and motivational speaker.)
Jim Rohn always advocated, “You get paid for bringing value to the marketplace, and if you’re not very valuable you don’t make much money. You Don’t Get Paid By The Hour, But The Value You Bring To The Hour”. In an industry where most people calculate the time that is invested as the price point, the true price people will be willing to pay is the value you bring to the hour.
This brought in profound difference in the way I treated my time. Most successful entrepreneurs are living example of this. They invest time wisely and are paid for it. What I learnt is the only way to increase your value is to increase your worth and the only way to increase your worth is to invest in your own self.
Being a life time learner, I have learnt so much more in the last 4 years. These are some of the most profound lessons that I have highlighted and they had great impact on what I do today. I hope you find them useful too.
Stay connected as I share more about business strategies and personal mastery.
Do leave your thoughts below in the comments section.
If you love these articles and you know someone else will love them too, please share them on LinkedIn, Facebook and Twitter!!
About The Author:
Sharat Sharma — a leading Leadership, Sales & Productivity Expert. He is an upcoming Author, recipient of “Young Entrepreneur For Business Excellence Award” for his contribution in the field of education, A prominent speaker at various forums and contributes articles in world’s highly acclaimed success magazines.
