The journey to success has no shortcuts. Often we think we progress only when we overcome big obstacles in our paths. Contrary to the belief, it’s the small in-betweens where the progress happens. This may be slow, but the impact is everlasting. It’s not the destination that matters, but the journey. The space between where you start acting and when your action comes into fruition is where the LEARNING takes place.
When an Entrepreneur takes action leading to an outcome, it may not necessarily be a positive one. Don’t think of it as a success or a failure. Think of it as either success or learning. This article sheds light on some of the lessons and learnings shared by seasoned and established Entrepreneurs.
Do Not Accumulate Dead Money.
“We buy things that we don’t need with money we don’t have to impress people we don’t like”. This is an excellent quote by Dave Ramsay. In life, people mess up when they buy stuff they don’t need. 80% of the stuff we have lying around in our closet are clothes that we don’t even wear anymore. Imagine if that cash was in a bank making interest for you, or if it was invested properly, people would have been better off or less in debt. This is a huge problem. Imagine you have 200$ debt to pay off, and you end up walking in front of a cafe, and you end up buying coffee. For a coffee that only costs 15 cents to make, you end up paying more than 2 dollars. The rest of the money could have been saved and used to reduce your debt. Be smart with your money. Ensure you go through every single month in a way that you respect money.
You Only Learn Once You Try.
It is not enough if you’re equipped with all theoretical knowledge. Being practically experienced is as important. Doing or Acting teaches you many more lessons than just gaining knowledge from textbooks. While interacting with a Nobel prize winner, he will never tell you that he has won the Nobel prize. People around him will. This has taught him HUMILITY. Only he knows his story best. Aim at making a difference, upholding your values. May humility be your defense. You are not successful until you go home satisfied thinking ‘Yes! I have made a difference!’.
Take Risks and Learn From Them.
It is important to take risks, try different things and tackle problems from different angles. When Thomas Edison discovered a light bulb, he failed 999 times! It was the 1000th time that he successfully made it. Although he does not see his failures as failures. He said he found 999 ways in which you cannot make a lightbulb. In the real world, being well-rounded is important. If you focus on tackling really difficult problems, it is ok to fail. You can take your time as you have no competition. Others are not working on solving the same problem as you are. You learn so much in the process. Failure teaches you so much more than success. Even if you fail, you end up doing something great.
Any mistake is a revenue.
Working in a smaller team for a small company can teach you a lot! This lesson is from Jack Ma, who says that working in a big company can teach you processes well but working in a smaller company allows you to learn passion. You learn how to become a jack of all trades. It is important to have a good mentor. A good mentor shares with you the mistakes they’ve made and ensures that you don’t walk the same path. Invest in the younger people. Young people take risks and will do things better.
TRY TRY TRY till you succeed!
Entrepreneur Mark Cuban emphasizes the importance of trying and failing. “It does not matter how many times you fail, but if you get it right, you’re an overnight success.” Find something that you like to do, and you can only do that if you keep trying different things. These small steps you take can help you realize what you are good at and allows you to capitalize on the same.
Time is Money
You always have money for a 100$ wine and dine, but you don’t have it for a 100$ healthy meal plan. You always have time for a 3-hour Netflix binge session, but you don’t have 3 hours to learn a new skill. It’s not the lack of opportunity to be blamed but it’s the choices that you make that take effect. People always say ‘time is money’ but don’t really understand what it means. Successful entrepreneurs everywhere have experienced this and have been telling people ever since. It is a lesson that everyone learns from their mistakes. Planning well and using your time wisely can take you a long way.
Apart from the many successes you have in the entrepreneurial journey, the things you will remember and learn from will always be from the process and seldom from the result. As an Entrepreneur, it is always good to be a constant learner, try different angles, and learn new ways. It is the creators and the Entrepreneurs who govern the future of the World. Learn from your mistakes and use them to your advantage!
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