Entrepreneurship Lessons I learnt from the school of hard knocks

One very important lesson would be that the customer is always right. In mistakes that your company may have done or did not do, the customer has the upper hand. There is a simple explanation for this....without customers there is no business. Simple as that, and word of mouth travels fast so be aware of how you talk to and treat your precious customers.

 

Thank you for sharing that @djentre! This could be helpful for people who are still starting. I also agree with you @bria1, great point!

 

I think that the first one is a big one for a lot of people. We all know that we cannot really do anything alone, but we are all stubborn to an extent and like to have that do it yourself attitude and pride with our work. We need help though, we need partners and advisers and everyone involved, and sometimes you need to ask for things, including money. The best way to get over that feat of asking is by being able to pay it back.

 

djentre, can I have some money? You qualify as the main guy on this thread to talk to so I thought I would ask haha

(I was double-minded about posting that, but I'm totally kidding here. I just wanted to say that after reading this post! lol)

In all seriousness, your points are good!

You have to make sure you have a solid business plan to show your investor, and collateral if it's high risk, though. Very few angel investors are going to take a high risk or even a medium one with lending on the way the economy is now. Many do, especially if backed by FDIC..but private lenders are a little more hesitant unless it's going to be a sure thing for them.

 

Another thing about becoming an entrepreneur is that you end up kissing some butt. This is usually the case when you are just starting and inside the market are people that have already been in for several years. You need to get some of their expertise..that is if you don't read it in a book. Speaking to someone face to face in my opinion can have a better outcome. Or for instance...you go to these special meetings or seminars to gain more information about the industry you just entered... and you find yourself having to suck up to people who are a bit further than you. Why is it that humans always want to feel bigger than what they really are.

 

Great tips. Thanks for sharing those ones to us here.

I just want to add this life lesson, "Never miss an opportunity." I remember when I was much younger, I used to say no to a lot of opportunities before, and that made me feel a little regretful, so people, always open your doors to opportunities and possibilities. Don't limit yourself.

 

Great advice indeed. About borrowing money though, you have to make sure that you pay it on time or you have the means to pay it. You're right about the gatekeepers though.

 

It almost a

Yes because I am in this predicament....I know I need help but I hate to ask people for this and I hate feeling like I owe someone. To make it worse I hate when people act like you are indebted to them forever because they helped you. I agree it is better to get help than to waste time and money doing the wrong thing.

 

Great tips, thanks for sharing

 

Absolutely right.... what ever you do never involve a middle man. I just learned this the hard way. The middle man in my case was trying to make a profit by charging me more than the true price..so essentially I was paying more to help him make some money. Needless to say I was pretty doggone upset.