Trials of the Entrepreneur

August 15, 2011 · Filed Under Online Advertising Australia 

Whether it’s Steve Jobs or yours truly, every entrepreneur has committed many mistakes and been victim to rejection and letdowns along their entrepreneurial journey. These arrows of misfortune, though agonizing, will teach you more about business than any coach, or guru ever could.

I’m no exception, I have learned a lot from my failures, and they have yet to kill me. This is an opportunity to share some knowledge I gained from my experiences. Without further ado, here are 5 tips (read as lessons) to survive the “entrepreneur fail test” that were worth confessing, once I survived them.

1. Success isn’t final

Despite how booming you are, understand that you may fall short again. ‘Loser’ tag is just fine as long as you’re ready to learn. It will motivate you to make wiser, enhanced assessments. The sooner you understand that your business has some beautiful and ugly parts, and there is such a thing as the “God Complex”, you’ll raise your stakes as a leader.

2. Keep in mind: No returns, no business

It’s as simple as that! Initiate a viable business for yourself, and not the one rooted in future skills or unreal investment. If your real business can make it, you will learn how to acquire other firms in the future or raise funding sources. But, relying on the latter path as a surefire tactic is just dumb and can easily backfire on your dreams. Upshot: Quit guessing about coming days from now, and laser-focus on present-day. Adopt, or perish.

3. Keep It Simple

As your business gets underway, and you think you can do more than a few things perfectly at once, well you’re probably not going anywhere. From PayPal to Google, everything stands out like a beacon today. These companies were developed by clear-cut plans, balanced budgets, and only then, did they expand. Keep your business/start up plan uncomplicated; because if it’s not easy, you’re doomed.

4. Be practical

You are an ordinary person attempting extraordinary things, As you are human, the mistake easily made is to believe your own nonsense, so be alert, stop conceiving you as a champion imagining your thought is brainy, and go motivate yourself better.

5. Think outside the box

Murphy’s Law in business is the likely scenario. If you predict 500 clients, you might get around 100. If you project a contract to seal within 10 weeks, it might creep up to 20. What I’m trying to say here is you invariably need to be prepared for these kinds of worst-case scenarios and have fitting backup plans for every circumstances. Don’t look at the problems with one solution in mind, commit yourself to think creatively. Extend yourself by brainstorming about options for every uncertainty and you’ll turn into a better business person.

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