5 Lessons Learnt About Being an Entrepreneur
In 2013, I stepped into the Entrepreneurial world and what a journey it has been and continues to be! As expected, there are things I wish I knew before I started, things I’ve had to learn (quickly) and things I continue to learn on the go, because as they say every day is a school day.
With that said, here are 5 lessons I’ve learnt that may resonate with those already on the entrepreneurial journey or may be of help to anyone who is about to start.
The Mission & The Method
Your mission states what you are going to do, it is your purpose and your why, and the method is your strategy, the how of how you are going to complete the mission.
Now your mission and your why will always stay the same, but you may have to adapt your methods because of a range of factors; and if you have to change your method, always keep your mission in clear focus to keep you on track.
2. Build Your Framework to House Your Mission
Now that you know (1), what vehicle are you going to use to carry it? Will it be a Company, a Charity or a Community Interest Company? Whatever the legal status, it must be reflective of your mission.
Once this is known and in place, build your Framework, the Structures, Systems and Policies to inform and guide your Practice, which add up to being your Manual, your ways of working; and make sure to outline your house rules also known as your Core Values, which will help to instill your work place culture.
3. Identify Your Team
I believe there are 3 Teams as follows:
Your Internal Team: These are the people that work alongside you in the Business. They are your Staff, Volunteers, Directors, Board Members, Ambassadors and the list goes on. These are the people you have handpicked and chosen to be a part of your internal team.
Your External Team: These include your Solicitors, Accountant, Business Mentor, Trusted Advisors, your Therapist and your Health Professionals. These people help to keep you sound and healthy mentally, emotionally, physically and financially.
Your Community of Supporters: These are your family members and friends who may not know much about your business but are able to encourage you because they want to see you win in life.
4. Wake Up and Wise Up
As your business begins to grow and add value, be mindful of opportunists who may try to pass themselves off as you.
To get ahead of this and for peace of mind, Copyright your ideas (your intellectual property) and Trademark your brand name, logo or slogan that is associated with your product or service.
As your business grows and develops, you will gain momentum in being on the radar of your potential clients, customers and business partners, but you will also attract the attention of people who will want to be associated with you just because. In those moments a kind ‘no thank you’ will suffice, where missions, purpose and agenda do not align.
5. Quit, Exit, Succession Plan
This entrepreneurial journey is not for everyone and after a while some may come face to face with this reality. If this is you, gracefully walk away and quit, but do so with your head held high in knowing that you took the risk and tried.
Something else to quit, is whatever is not working for you in pursuit of your mission. For example, when a method you have implemented is not giving you a return on your investment, quit the method, pivot, refocus, strategize and try a new method.
With regards to exiting, what are your plans for the business you have created? Will it no longer exist when you no longer exist on this earth or is it to be passed on to the next generation? Whatever your plans, I encourage you to plainly write the vision that is in line with your mission, so that whoever reads it will know how to build the business alongside you until the time comes for them to continue the business without you.
Bonus Lesson - Be a Good Steward
Be a good Director, CEO, Employer, Entrepreneur, by taking the time to keep learning, upskilling and self-reflecting. Doing this will help you stay sharp, poised and ready in being a good representative of what you have to offer.
Be a good steward by treating people well, after all the saying says ‘people buy people’ and then your product or service.
Be a good steward of your time by managing your diary, setting boundaries and taking well deserved breaks. Know that breaks are not the enemy of progress.
And finally, I’m a Christian with a God Given Purpose Built Business, and if that’s you too, be a good steward of the Business He entrusted to you, after all, it’s been established to accomplish His Purpose here on earth.
If my 5 lessons learnt (+ the bonus) have helped you, let me know in the comments and feel free to share the 5 things you’ve learnt on your entrepreneurial journey.
And as an extra, have a listen as I share more insight into each lesson.
