Entrepreneurship comes with unique challenges, but the rewards can be enormous. These are the lessons you should know to limit big surprises as you get started
Launching and running a business is no small feat, but its rewards can be enormous.
A 2019 survey by London-based company SME Loans found that 64 per cent of the UK workforce want to set up a business, and a massive 83 per cent of 18- to 24-year-olds dream of working for own account. Despite these high numbers, comparatively few people end up starting their own companies, and even fewer people end up running successful companies.
Many aspiring entrepreneurs have great ideas for startups, but ideas are cheap and execution is everything. So what are some of the key things you should know before starting your own company?
Success is never linear. Every successful entrepreneur has gone through countless failures and learned from them as they grew. Peter Thiel of PayPal is just one example of an entrepreneur who failed long before his great success. Thiel’s first hedge fund, Clarium Capital, lost 90 percent of its estimated $7 billion in assets in 2010.
I have found that people tend to focus on the successes of others and overlook their failures. Remember, the lessons learned from failing give entrepreneurs the skills needed to better execute their business plans in the future.
Studies have shown that the average age of high-growth startup leaders is 45 years old. It’s never too late to start, especially since older entrepreneurs often have a wealth of experience, failures, and life lessons they can draw on.
Many entrepreneurs describe their company as their “baby.” In the early years, it requires more attention and care; Over time, however, the company’s foundations become stronger.
The most successful entrepreneurs love and are passionate about their work. They are confident that their product or service is something the market needs. Remember, nothing worthwhile comes easy, and you will have to sacrifice a lot of your free time in order to give your startup the attention it needs to thrive.
Doubt is a normal human emotion, especially if you’ve been working on your startup for a while without seeing much success. One way to overcome self-doubt is by analyzing what you have done well and what you can do better.
Taking notes throughout the startup journey is a good way to allow yourself to remember past events. As an entrepreneur, your life is probably hectic at times, so taking notes or journaling is an essential tool for analyzing yourself.
We can always be better and do better. Doubting yourself too much will hinder your productivity. This is why confidence is an important trait for any entrepreneur to possess. Exuding confidence instills confidence in everyone around you, whether it’s your clients, your team, or your investors. This is one of the most important lessons.
According to Small Business Administration data, only 50 percent of businesses with employees survive the first five years, and only one-third survive 10 years or more. These statistics reflect how difficult it is to start a successful business.
Building a strong team is an important step in reducing the chances of failure. Your team should have a wide range and great experience. There will always be someone out there who knows something that you don’t.
Gallup data has shown that up to 85 percent of people around the world are not engaged in their jobs. Many of the entrepreneurs I know, on the other hand, love what they do. Job satisfaction is priceless, and can be an important factor that contributes to a happy and fulfilled life. If you’re not happy with your current job, it may be time to start thinking about looking for that startup you’ve always dreamed of creating.
Many of the jobs in our economy have been created by ambitious, forward-thinking entrepreneurs. They had a vision and were willing to stop at nothing to execute it.
