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Lessons you learned the hard way

Discussion in 'General Business and Entrepreneurship' started by djentre, Apr 15, 2016.

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  1. djentre

    djentre Entrepreneur

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    What are some of the major tactical lessons that you learned the hard way?

    And how did you learn those lessons?

    Finally, what advice would you give your 21 y.o. self?
     

  2. Pejman Ghadimi

    Pejman Ghadimi Entrepreneur

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    Dont understand#1

    21 yr old self would be told to listen more, talk less. I didnt do that till 25 and it paid off very well. Could have paid off more if earlier
     
  3. Goldstandard89

    Goldstandard89 Entrepreneur

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    Don't start working on a project you assume will pay until they've paid half up front and signed an agreement. Go try all the things that little stupid voice in your head tells you that you're going to fail at because starting sooner means getting better faster. Don't spend all your energy on trying to get that A in school and work on building a business to work for you while you're in school, because that A in class isn't going to pay the bills after you get out of school. Start reading business books because your school isn't going to tell you how to sell the artwork you'll lose sleep for or you services once you leave school. Lose those people in your life that have bad habits sooner because they'll rub off on you without you knowing it. The last thing I wish I could tell my younger self is to not take failure personal, it's just part of the system grind away at your old self so that you can be someone new. That those people who criticize your work will finish school with a degree and never touch a paint brush again. That those people who are so hateful about your work and your failure are going to end up working at Walmart and McDonalds because they don't know how to work for themselves and they didn't get a shoe in at Pixar and Disney like the school promised them. Oh, at that it's going to get a lot worse than finals before you figure out exactly what you're supposed to do with your life tuck away some rainy day money for when it comes.
     
  4. Corazon

    Corazon Entrepreneur

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    We failed in getting a partner in the computer supplies retail business that we established. The main proponent was my husband's high school chum who was employed as a salesman in the same industry. We have fully trusted him since he was our source of knowledge regarding the business. After a good year and with 3 employees already being paid a good salary and commission, there came the unexpected. That our partner had registered his own business and pirated our major clients.

    My advice is always be in control of the business and you should hold some secrets that can be your weapon when crisis hits your business.
     
  5. Alaine

    Alaine Entrepreneur

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    Listen to advice given by those "who've been there."

    I wasted 10 years trying to do what others could not. Pride. I'd seen others fail but I thought I was better and could actually be successful. That's how I wasted 10 years and now I have to start from zero but unlike back then right now, I'm actually taking some time to learn new strategies and what works before I start a new business.
     
  6. Valerie

    Valerie Entrepreneur

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    Oh-ho, I could write a book on "lessons learned the hard way" haha. But I'll spare everyone the exhausting details and just go with a list:

    1. Don't ever let others tell you what's best for you.
    2. Don't ever let anyone steer your ship. You're the captain of your life.
    3. Breathe.
    4. Mom was right. In other words, as Alaine said, listen to those with more world experience. (Although I'm only 25, my 21 year old self would have yet to understand this.)
    5. Stop thinking about the perfect route. Stop being rigid. There is no single route to anything, and so you have to be able to see from every angle. In business, the paths to success that I didn't deem worthy or didn't even care to think about in the beginning have ended up playing up my strengths and getting me to a position I find most agreeable.
    6. Don't let one failure deter your from trying again. Rather than getting discouraged, keep pushing forward. Learn from your mistakes, edit the issue, and try again.
    7. Everyone gets rejected sometimes. I'm sure everyone in the entrepreneurial world understands this, but I used to fear getting rejected and criticized. Yet, that's the world. You gotta stand up for yourself or you'll get stomped flat.
     
  7. remnant

    remnant Entrepreneur

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    The best lesson I have learnt the hard way is that you are a product of what you did yesterday. So what you are sowing today, you will reap tomorrow or in the fullness of time. I used to approach life in a happy go lucky manner especially in times of abundance and forgot to lay strategies to maintain the same in the coming days. When the sources of income dried up I had no recourse but to bend low to merely eke a livelihood. Nowadays, I make sure to incubate something for the future.
     
  8. Digsby Trace

    Digsby Trace Entrepreneur

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    If you want to achieve something, do it yourself. You can't rely on others to achieve the kind of result that you want. I graduated college when I was twenty one and I felt as if I was behind on everything. I had my frist job after three months as I took a vacation and still have that job until now. I wish I've become more laid back and not worry about not being stable. To my 21 year old self, you're doing great.
     
  9. Khashoggi

    Khashoggi Entrepreneur

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    I started a business with some friends and after a year of work I found the motivation levels and workloads were not shared equally between us. I now know it's better to work with fully motivated people than with people you expect to work well with whether for personal or professional reasons. Also passion is somewhat overrated, you can be passionate about the industry you operate in but the everyday reality of doing business can make anything mundane. It's best to align your passion with your overall ability to succeed and get things done regardless of the type of task. The main thing I learnt is that the most important thing is to try and not view failure as a major obstacle. The only way you can understand business is to do it, there are no books you can read that will highlight every tiny aspect of what can and will happen.
     
  10. Nathaneal

    Nathaneal Entrepreneur

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    Always Be Prepared
     
  11. VirtualGlobalPhone

    VirtualGlobalPhone Moderator Entrepreneur

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    @djentre ; By knowing other man's "Tactical lesson for Hard way.. " do you want to run his or her life ? or you want to leave a mark of your story in this world ?

    I am sure their are 1000's of self help book, which talks about this story or that. In practical nothing comes in hand and it shouldn't be also.

    The best way is just jump-in the ocean and sail , swim etc through every type of wave that comes on your way. And remember your life will be as much fun, joyful as the unique wave you choose in this ocean.

    Best wishes...
     
  12. T J Tutor

    T J Tutor Entrepreneur

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    Learning to be a silent runner, not disclosing information too soon. I did that way too much as a young man. It cost me money and business relationships in my early years. I learned it the hard way when one of my proteges ran with an idea of mine and banked big. I was about 23. Never made that mistake again!
     
    VirtualGlobalPhone likes this.
  13. bob1978

    bob1978 Entrepreneur

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    1. Although everyone says to get contracts, you still need to be careful and vigilant when dealing with clients or workers online. There's not much you can do if they're far away in another country. I learned the hard way, several times. They all ran. One constantly gave me the runaround.
    2. If clients balk at the thought of signing simple contracts, toss them. You'll save a tonne of headaches dealing with them (yes, really). Experienced this constantly, again and again. No, no one's going to scam you out of your little business that isn't making anything yet.
    3. If clients lose their temper when you bring up compensation (before any work has even started), run. Don't bother with these useless scum. They'll just waste your time. Had to run into these people time and time again. It's as though these idiots think the world owes them success or something.
    4. Just because an idea is good in your head, doesn't mean it'll work in the real world. Research the market very very carefully. Confirm there's a market for your specific service/product. Then reach out to see if people will actually pay money for it. Don't assume or guess any part of this process, else you'll waste money and time. Two ventures failed because I didn't do my homework. Now I'm much more careful.
    5. If you want to be successful, even moderately, sometimes you just have to spend money to get there. Constantly cheapening out and bootstraping with minimal funds on new ventures, only guarantees you access to low-level businesses in over-saturated markets, that's a bitch to expand, and has over-competition. It's a lottery, and a big waste of time at that. I realized this some time ago when researching the best chances of success. Basically you need to get into a venture that's out of reach of the masses. You'll have a much better time at it, less stress, fewer cheapskates to deal with, fewer competition, and more.


    Hang in there. It gets better.
     
  14. Deni Dzoja

    Deni Dzoja Entrepreneur

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    If you're selling some kind of product such as an e-book or online course, you need to make sure that you have valid testimonials and authority to build trust. You'll have a hard time selling anything without authority and valid testimonials.
     
  15. BenOgren

    BenOgren Entrepreneur

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    Celebrate your successes as an entrepreneur or your losses will eat you alive.
     
    Chris Parrish likes this.

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