The world of business is, of course, not easy. But the problem is when we experience lessons that are so harsh that they threaten to undermine our entire perception of the world of entrepreneurship, which is why we all need to have an idea of the harshest business lessons so we can prepare for them.
Lesson #1: You Know Nothing
Most entrepreneurs are more than aware of their limitations. Because it’s not about knowing everything but about knowing the right people that know the relevant things so you mould it all together. The fact is that you will never know everything, but if you need to get a good idea of some components, you either take it upon yourself to start learning every minuscule thing or you take a step back and you bring the right people in. The fact is that everybody needs to know certain things, but when it comes to the business side where you do need to be clued up is when it comes to the legalities, which is where compliance training is invaluable. You don’t know everything and you shouldn’t pretend that you do.
Lesson #2: You Need to Work Smart, Not Hard
Most people believe that being busy means they’ll be productive. But when people seem so busy running around from meeting to meeting, are they actually successful? The fact is that if you want to be successful, you’ve got to be supremely focused. And feeling like you are doing a million and one duties don’t mean you are achieving anything. This is where the 80/20 rule becomes invaluable. Look at where you are getting most of your results because you may think you need to put in a lot of hours but if you are putting those hours in completely the wrong areas, you will pay the price in some way.
Lesson #3: The Biggest Obstacle Is You
You may believe that you’ve got to deal with a number of external problems that impact your business’s ability to thrive. But the reality is that if we don’t learn the art of accountability, we are never going to learn from our mistakes. Business leaders have to remember that the buck stops with them. You can only control the present and everything else is merely window-dressing. Problems will come up and you can solve them, just as long as you approach them with the right attitude. If you do not achieve solutions, you need to ask yourself why. As easy as it is to blame external circumstances when something goes wrong, it’s down to you which is why you need to take control over your mindset and give yourself a heavy dose of self-worth because every aspect of your business is going to rely on your abilities to thrive. From marketing to customer engagement, the fact is that everything will come from you. And this is one of the harshest lessons we’ll ever undergo. But it is far better for you to prepare now.