Important Life Lessons

When Steve Jobs got fired from his own company, no one guessed that he would return with a splendid comeback. History is full of stories of trailblazing entrepreneurs who show that successful entrepreneurship comes with its own sets of challenges. The problematic experience that comes from building and establishing your business shapes you, changes your perception, and always offers a learning opportunity.

Some of the skills that classrooms don’t teach you is how to turn a bad situation around to work in your favour, and this is something entrepreneurs have to deal with day in and day out.

What is Entrepreneurship?

Entrepreneurship refers to the process of identifying opportunities, taking calculated risks, and creating something new or improving upon existing products, services, or processes. It’s about turning ideas into reality and bringing value to the market.

Key aspects of entrepreneurship include innovation, risk-taking, and a vision to solve problems.

Entrepreneurship: The Basics

  • Identifying opportunities
  • Innovation and creativity
  • Risk-taking
  • Problem-solving

What Do Entrepreneurs Do All Day?

Entrepreneurs wear many hats throughout the day to ensure the success of their ventures. Their daily routine can be diverse and demanding, involving tasks such as:

  1. Planning and Strategy:
    • Setting goals and objectives
    • Developing business plans and strategies
  2. Marketing and Sales:
    • Promoting products or services
    • Engaging with customers and clients
  3. Networking and Relationship Building:
    • Establishing partnerships and collaborations
    • Building a professional network
  4. Financial Management:
    • Managing budgets and finances
    • Securing funding and investment
  5. Innovation and Product Development:
    • Creating and improving products or services
    • Staying ahead of the competition
  6. Problem Solving:
    • Addressing challenges and setbacks
    • Adapting to changing market conditions

Following are some priceless life lessons that entrepreneurship teaches you:

Learn from your failures:

One of the most important life lessons that entrepreneurship teaches you is that there’s a silver lining to failures too. Failure isn’t necessarily all that horrible and in no way should mean the end of your entrepreneurial journey. Entrepreneurs who start out their business become successful because they don’t let minor setbacks dissuade them from continuing on an otherwise rewarding journey. On the contrary, they treat failures as lessons that can help them in making better-informed choices in the future. Like a student preparing for GATE does not shy away from attempting the exam for a second time, it makes sense to not give up on your failures, and instead learn from them to make better decisions. Thomas Edison failed a thousand times before he perfected the design of the light bulb, where would the world be if he had given up in the first hundred tries?

Make Calculated Decisions:

A successful business does not get established by mere chance, but by making learned and calculated decisions. With the number of responsibilities that lie on the shoulder of an entrepreneur, it is no surprise that impulsive behaviour can pose a massive setback for the business. Regardless of the size of your venture, you always have a lot at stake while making critical business decisions. Therefore, it is crucial to make calculated business decisions while weighing all the variables instead of letting your emotions influence your decisions.

Belief in Oneself:

Successful entrepreneurs build businesses by an inherent belief in their abilities, regardless of the difficulties. Entrepreneurship can be a lonely journey and self-doubt can only hold you back from achieving your full potential. Almost every out-of-the-box idea faces scepticism, as a result of which you could be holding back from executing an excellent plan. In the face of criticism, a firm belief in oneself is crucial if you wish to see your vision come true. Elon Musk didn’t waver through all those failed rocket launches, so why should you?

Solutions can be Simple:

Most people associate innovation with something that can be out of the ordinary. While ideas that surprise and intrigue the masses are always right, we forget that innovation need not always be extraordinary. Innovation is defined as a new method, design, or product, i.e., it is anything that makes everyday life/processes easier. Therefore, there can be no reason why our solutions cannot be simple too. For example, the cab rental service Uber own no cars, yet it promises instant taxi services at the tap of your screen.

Establish a work-life balance:

There are countless stories of extremely hardworking entrepreneurs who work 80-hour weeks. While running your business does require the majority of your time and energy, it is also essential to take some time out of the busy schedule to establish a healthy work-life balance. While it is undebatable that entrepreneurship is a difficult job that requires long work hours as compared to other professions, but it is no reason to sacrifice family, social life, and fun. There will always be something that would need your attention, but establishing a work-life balance is essential for your own mental and physical well-being.

Celebrate Small Victories:

Starting a business is hard, so is growing it and running it to make sure it does not crumble. Likewise, running your own business can be tiresome as there’s no concept of holidays when there’s work to be done. While it is always a pleasure to celebrate the big wins (like closing that critical deal), but it helps if you celebrate the small successes as well. Recognizing small victories can boost your morale and pump you with a surge of energy. Not only does it help you to develop a positive outlook towards life, but it also alleviates the stress that threatens to pull you down. Celebrating small wins in life help you recognise the good things in life, and also provide you with the motivation to keep going forward.

Value Your Time:

It is an age-old saying that time is the most valuable resource that you can never get back. According to Stephen R. Covey, the bestselling author of “The 7 Habits of Highly Effective People”, “The key is in not spending time, but in investing it. Successful entrepreneurs realise the importance of effective time-management and thus derive the most out of their time. Likewise, it’s imperative to prioritize your tasks in a way such that they line up with what you value the most. A student preparing for competitive exams like IAS, CAT, or GATE realises the importance of time and prepares for the exam accordingly. While it is important to work hard for the future, it is also important to pause now and then to assess what matters the most to you, and to then assign your time to things that matter the most.

These valuable life lessons that one learns from entrepreneurship can help you define and build your own success not just in the field of entrepreneurship, but in achieving your personal growth and happiness as well. So, what are you waiting for?