Five Powerful Lessons I learned early in Entrepreneurship

Oct 31, 2021 | Blog

By Shanice Rattan, Digital Marketing Intern

 

No amount of ‘how to’ books, manuals or guides on entrepreneurship will suffice when it comes to your electrifying journey of entrepreneurship. Everyone’s entrepreneurial journey is unique but the lessons we learn can be quite similar. Here are five (5) powerful lessons I learned early in entrepreneurship:

1. Collaboration is important… but make it strategic

Collaboration is key in entrepreneurship as it can help to exponentially grow your business. However, it must be strategic. Strategic collaboration with other businesses that are aligned with your brand and its goals is where the magic happens. Seeking to expand beyond your borders? Strategic collaboration is a powerful lever.

2. Financial gains v.s. dreams

Accounting Software, Fresh Book states: “It takes two to three years for a business to be profitable on average.” Starting and growing a business requires sacrifice and perseverance, so don’t expect to see a sizeable profit in the early stages. Coming to terms with this fact, allows us to continue working towards our goals. You can change your plans but keep working towards your dreams. https://www.freshbooks.com/hub/startup/how-long-does-it-take-business-to-be-profitable

3. Time Management is Life Management

Oftentimes in entrepreneurship there are more tasks to complete than time. Effective time management can allow us to make better use of our already limited time. Try prioritizing tasks instead of random ‘to-do’ lists. This is especially essential when planning for a hectic seasonal period, such as at the end of year (e.g. Thanksgiving and Christmas).

4. The Balancing Act

As entrepreneurs we wear many hats. One of the most difficult things for some of us is finding a healthy work-life balance. In the early stages of entrepreneurship, we are constantly thinking of ways to grow and improve our business which can lead to severe burn out. Nothing is more satisfying than finding that ‘sweet spot’ between work and personal life. Setting boundaries is one way to balance responsibilities in your business and personal life.

5. Establish a resilient ethos

The reality of entrepreneurship is often overshadowed by the perception of glitz and glamour. Nobody becomes an overnight success. It is definitely not easy street, and the business projections, costs and feedback may seem daunting. Our perpetual fear of failure, coupled with, the opinion of others can be a lot to cope with. Establishing a resilient mindset/attitude enables us to better cope with being an entrepreneur and the many challenges we may face.

Being an entrepreneur means you are ever-evolving and learning. There will always be more to uncover in the various stages of entrepreneurship.

Are you thinking of venturing into entrepreneurship? Have you had similar experiences? Here at Business Clinic, our team is eager to assist you at any stage in your entrepreneurial journey! Contact us for a free consultation and let’s get your business on the path to sustainability with effective marketing, training, business coaching or startup support.

Shanice Rattan is an entrepreneur and digital marketer. Her background is in Communication and she has been honing her skills in the field for more than 5 years. Shanice has a penchant for supporting local businesses, creating content and she quite enjoys a good pun.

 

Join our 2 Month Virtual Incubator Program

Business Clinic’s 2-month Virtual Incubator Programme provides training, guidance, templates and one-on-one coaching to entrepreneurs committed to growing their business, including conducting market research and developing strategies to successfully compete in the market. Apply online and get the skills and knowledge you need to grow your business!

More Articles

2023 Business Spotlight

2023 Business Spotlight

People go where they are welcomed and stay where they feel valued.  2023 challenged the idea of safe spaces. Safe spaces were disrupted by disputes, digitization, divided boards, layoffs, wars, home invasions, corrupt practices, grafted deals, theft and more. Post...

How to be a better salesperson

How to be a better salesperson

Learning a new skill can be difficult, especially if it forces you to push past your comfort zone. Similarly, being a salesperson can be challenging, especially when you are facing stiff competition and demanding customers. However, with the right skills and attitude,...