6 Key Lessons in Business
Since the launch of our business, over 5 years have sped by really fast. It does not seem that long ago when we, two business partners, got out of our comfort zones of working long careers in the corporate world. And jumped into the rough and tumble of business. As I look back, here are 6 key lessons in business from our over 5 years of operation.
Believe in yourself - and your business
Robert Herjavec, one of Canada's most recognizable business leaders, once said "The first rule of success is to have a strong belief in yourself". Almost to the point of being maniacal or delusional. There is no going back.
And no one can attest to this fact more than me. When things were not going as well as I thought they should, I had doubts. And it showed in business performance. When the belief was back, performance bounced back again. Life tends to reward those who persevere. So do not let the belief in yourself and your business wane.
Be prepared for the worst
As award winning author Melina Marchetta said “Be prepared for the worst, my love, for it lives next door to the best.” Never forget. You will always see the deep end first before you get a clear view of the sky !!
Herjavec says, “be prepared to survive the worst situation you can think of — and then assume that things will still get even worse than that.” While a great positive attitude matters a lot, realizing and being prepared for the worst – the absolute worst – makes the journey more tolerable.
Show up consistently
There are several moments in your journey things don't go as planned. Thus causing frustration. The pace of growth is not as quick as you want to be. Sales that you thought will come in seem to disappear into the horizon. All of these moments can weigh you down, force you into a mode of not wanting to get into your business. But let these moments not bring you down. As Scott Meyer, co-founder of 9 Clouds, says “Just show up and give your very best every time. You never know who is listening.”
It is a marathon not a sprint
Like so many people have said this before. Launching and growing a business is not a sprint, but a marathon. Unless you are in the business of supplying the oxygen that we all breathe. In most cases success in business does not generally come overnight.
You have got to develop the patience of a marathoner. While you have to be agile to maneuver in the marketplace, you have to keep the long distance in mind and not lose your energy in an early burst of energy.
It is all about the approach
There is no doubt that launching and building a business is back-breaking work. But you can make it enjoyable along with way. It requires a lot of sacrifices. Your time, your family, friends, golf, social life and more. You should be prepared to make these sacrifices. Work hard…have fun…be nice…inspire trust…maintain your integrity…play fair…dream big. And you will win. When you work for 5 years as no one else will, you will live the rest of your life as no one else can.
Get a Coach
Being an entrepreneur can get very lonely at times. With no sounding board, the journey may bring down your spirits. Do not hesitate to bring on a coach anytime you feel low in spirits. I did. And it helped immensely.
When I found the going tough and needed motivation, I had a motivational coach. Danny Lyon, an international best selling author, worked with me for over a year. Our weekly calls served well to get me out of the trough I had got into. The whole outlook towards business changed. My performance as a business owner improved by leaps and bounds.
Remember one thing – being an entrepreneur does not have an expiration date !!! According to a Global Entrepreneurship Monitor report, starting a business is the most rewarding career decisions anyone can make. But the fact is that it is also the most feared. If I may add to the cornucopia of material available out on the web, there is only one thing I can say. “If you believe in it, go take the plunge”. It is a difficult road. But, hopefully, the above 6 key lessons in business from our over 5 years of operation, may add some value to your decision making process. Good luck !!