8 Lessons in Entrepreneurship journey
This March 2018, I would be completing 8 years of entrepreneurship.
So, I thought I could share some wonderful pointers as lessons I learnt in the 8 year entrepreneurial journey.
1) Passion is everything:
Passion and hard work beat luck every single time. Pursue your dreams because you sincerely believe in it & have something innovative and valuable to offer to end users. There will be stages of ups and downs, each one more traumatizing than the other at times and the only thing that will get you by during such times is sheer passion and perseverance. It will redefine the way you think about work. Bottomline, when you do what you love, people will love what you do.
2) Digital to Power Boost:
The power of digital today through digital strategy, digital marketing have enabled start-ups to compete with the big league in their own way and at times times, beat them at their own game in winning contracts. Digital isn’t free or cheap but is real value for money when implemented using the right digital marketing strategy and tools. Invest in yourself and your brand. Learn digital skills to empower your entrepreneurial journey, learn the intricacies of management, marketing, brand and personal branding to reach targeted prospects across demographics. For eg, with the power of digital, we were able to win clients across six countries with minimal investment, deliver exceptionally wonderful services at affordable costs and deliver on-time every single time. Ensure to integrate tools like Google adwords, Facebook ads, blogging, SEO, content marketing strategies as part of your entrepreneurial journey which will help you for both, short term goals & long term business ROI.
Scores of start-ups that had received billions of dollars of funding have gone bankrupt. Majority of these can be traced back to the “spending habits” of it’s founders. Swanky offices, investing in too many hires etc at a very early stage just for the sake of it is the worst decision you can make as an entrepreneur. Cut down on overheads to the extent possible. Every cent you save, can be reinvested in the business thereby enabling you to deliver better quality products, services at an affordable cost with the best possible resources. The greatest asset following ones brand reputation is liquidity (cash). “If you buy things you do not need, soon you will have to sell things you need ~ Warren Buffett”
4) Network for Networth:
As an entrepreneur, you will get invites to networking events across the globe. Be very careful when you choose such groups. Unfortunately very few of them really will help you reach your networth through their network. So don’t waste your time because ‘it …may…. someday’, rather work with people, teams when your instincts guide you because it feels right.
5) Invest in yourself:
An entrepreneurs greatest asset is their health. I learnt it the hard way. I paid a heavy price in this bargain and lost a lot in this journey, but it taught me a very important lesson. Take care of your health at all times. Invest in learning new skills, connect with the right people for right reasons, read, stay updated with things that really matter and learn something new every single day.
6) Cheap is exactly what it sounds like:
Never agree to work for free or cheap. It not only devalues your brand but also diminishes your self-worth in the long run. Rather, focus on delivering great VALUE every single time.
Not every brand or client you work with will necessarily be the right fit. Learn and understand that early on. Work with clients who trust and respect you. That’s the only way to sustain & grow in the long term. Learn to measure your bandwidth investment across every client & resource.
8) Discipline, perseverance and focus:
These three things will take care of majority of your pressures, worries & help you achieve your business and personal goals. Your work ethic should define your persona, your perseverance needs to outweigh your worries & your focus needs to be intense at all times.
Hope you found these insightful.
Feel free to share your views, comments, suggestions and queries if any. Would love to hear from all of you.