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.