10 Valuable Lessons Entrepreneurs want you to Learn
So your startup doesn’t fail like others
If I had a nickel for every time I heard “I wish I knew this before”, I would’ve been a billionaire today.
Okay, probably not a billionaire.
No matter how much industry experience you have, launching the first startup is always a rough ride.
There are a million things to be taken care of and the same amount of lessons that we learn the hard way.
In an era when entrepreneurs can be found in every street, it’s turning out to be a challenge to shine and outlive the legacies of the other startups.
Although finding your own path is the best thing to do, but it’s definitely helpful to learn from the people who’ve been on the same train that you’re planning to hop on.
Forbes reported that 90% of the startups fail every year.
So it becomes essential to learn what 10% of the remaining founders have realized and what they do to stay in the market.
I’ve compiled a list of the best entrepreneurial advice from people who’ve been in your shoes before, and learned their fair share of things during their journey.
Don’t look for perfections
“No product is perfect, no idea fully formed.
You will make assumptions, and you should trust your instincts, but the only real way to prove your product is by testing it on real customers.
So, don’t be afraid if the first cut of your product isn’t perfection. It will invariably change over time.” — Adam Friedman, CEO of Shareable Apps
Double everything
“It’s like a home remodeling project. If they say it will take 2 weeks to complete a project, it will probably be 4 weeks.
Same goes for money. If you think it will cost you $5,000 it will probably be $10,000.” — Kimberley Rath, Co-founder of Talent Plus
Learn to let go
“As a founder — or anyone who feels proud of and close to the product he or she creates — you struggle to have the right perspective about your business.
It’s easy to get too close, and that can be distracting.
Here’s the good and bad news: No one is looking at your work as closely as you are.
So, remember that when you’re on hour four debating which shade of navy blue works best for your logo.
Yes, details matter. But at a certain point, you have to let go and move on to the next thing.” — Pavia Rasoti, Founder of Fathom
It’s not just about you
“The best advice is to not give yourself too much credit when times are good and too much blame when times are bad.
Once you realize that luck plays a necessary role in success, it makes you both more humble and more self-confident at the same time.” — Ethan Austin, Co-founder of Give Forward
Live for the journey
“The joy is in getting there.
The beginning years of starting your business, the camaraderie when you’re in the pit together, are the best years of your life.
So rather than being so focused on when you get big and powerful, if you can just get the juice out of that… don’t miss it.” — Barbara Corocoran, Corcoran Group
Don’t look for an approval
“You don’t need anyone’s approval and in fact, you probably won’t get it, so don’t even try.
Build, release, and iterate. People will try to drag you down, some with well-meaning intent, others out of pettiness or jealousy.
Your biggest challenge as an entrepreneur is not concealing your idea from others or keeping your idea a secret.
It is actually convincing people that you’re not crazy and that you can pull this off.” — Sean Parker, Founder of Napster
Hire people who are better and smarter than you
“Forget your ego — this isn’t a contest!
Don’t believe that people who are smarter than you won’t respect you or support your decisions.
On the contrary, they know if you are in your position, you’ve worked hard to get there.
If you hire people who are ineffective, you will end up doing a majority of their work for them.” — Julian Kabab, CEO of Flashgap
Be patient. It takes time
“Things will tend to take longer than expected, whether that is fundraising, product development cycles, customer acquisition, etc….
Have resilience and don’t give up so quickly.
Survive another day and keep at it. Those who have patience and resilience will eventually find success.” — Jonathan Tang, Founder of Vastrm
Don’t lose yourself in the process
“Be in a hurry to learn, not in a hurry to get validation.
In a team environment, you will make a much better impression if it seems like you’re not at all worried about yourself.
It’s okay to actually be worried about yourself — everyone is — they just don’t seem like it.” — Ev Williams, CEO of Medium
Stick with your employees
“Your employees are your most valuable asset. Even more important than your first funding round or your attempts at going viral.
You must focus on creating a work environment that is empowering, flexible, and enjoyable, especially if you’re looking to hire millennial-aged (or younger) talent.
Also focus on hiring people much smarter than you — if you’re not, you’ve got it all wrong.” — Clayton Dean, Co-founder of Circa Interactive
