Entrepreneurship Lessons I learnt from the school of hard knocks

[djentre]

I thought I should share some of the lessons I learnt the hard way:


1. Never be afraid or ashamed to ask for money – It goes without saying. You really have to be shameless when asking for money. Walk in with your hat in your hand, and your knees on the ground if you have to, but get that money. People really hesitate when asking for money, when it’s the easiest thing to do. Its building a business that’s hard.

2. Never Hesitate or be double minded about a decision- Frankly, you are the leader of your own life and of those whom you employ, even if they’re freelancers. If you’re not clear about what you want or why you took a certain decision, your business will suffer, big time. If you take a decision, stick with it. If you fired the superstar who had attitude problems, well you fired the superstar, no need to ‘regret’ or re-think anything.

3. Always Talk to the Main Guy – People in the middle always cause trouble. Miscommunication happens and people have their own agendas. So you never know. For example, I was trying to approach an old friend who runs a startup. Unfortunately, his secretary kept brushing me off. According to her, my friend did not know me! Finally, I found a way around and when we talked, he not only talked to me, but opened up his vast network to me without hesitation. So, you better be vary of the gatekeepers.

 

[bria1]

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.

 

[Arken June Malvecino]

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

 

[rz3300]

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]

Yes. We can't do it alone no matter how much we want to go fir glory.

 

[djentre]

You're most welcome!

 

[djentre]

True bria1, word of mouth is also important. In fact it is the kiss of death for businesses if customers are not happy. An unhappy customer can tell 10 or 10 million depending upon the medium they use. 1 bad review hurts the business more than 50 neutral ones.

 

[setupdisc]

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.

 

[bria1]

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.

 

[dyanmarie25]

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.

 

[Digsby Trace]

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.

 

[bria1]

It almost a

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.

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.

 

[ProxyRadar]

Great tips, thanks for sharing

 

[bria1]

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.