Want to become a successful entrepreneur? Here are some of the best entrepreneur lessons which can help you run a successful business. These lessons from entrepreneurs will teach you how to overcome the business failures, and how to face difficult situations in your entrepreneurial journey, so that you can focus on your business growth.
Becoming a successful entrepreneur isn’t an inherent trait; the brilliant ideas may flow naturally, but mastering the art of running a thriving business requires significant time and effort. Accomplished business individuals understand how to turn challenges into opportunities and glean valuable lessons from their missteps.
These skills aren’t acquired through formal education; instead, they are cultivated through hands-on experience.
To guide you in sidestepping various obstacles and setbacks, let’s explore the crucial business lessons gleaned from the success stories of entrepreneurs.
39 Best Entrepreneur Lessons From Successful Entrepreneurs
Launching a business is undoubtedly a challenging endeavor. To kickstart your entrepreneurial journey, brace yourself for putting in more effort than ever before. Feeling a bit lost on where to start? No need to stress – you’re not the only one in this situation.
Here are some useful tips that could guide you in initiating your entrepreneurial venture or enhancing your existing business.
39 best entrepreneur business lessons from successful entrepreneurs:
- Don’t waste time dwelling on your ideas
- It’s not all about the money
- Create something of value and dream big
- Learn from your mistakes
- Believe in yourself
- The customer is the one that truly matters
- Set your own trends
- Forget the haters
- Constantly improve and reinvent
- Don’t count on always having a high salary
- Value your team
- The process is more important than the destination
- Solve a burning problem
- Don’t give up
- Share your knowledge with others
- Don’t be afraid to get started
- Remember that time is a non-renewable resource
- Fit the launch of the idea within the size of your own wallet
- Sell before you even make a product
- Hire professionals to cover the competencies you lack
- Listen to alternative opinions
- To solve a problem, admit the problem
- Develop new skills, and help your team do the same
- Remember that done is better than perfect
- Use discontent as motivation
- Don’t let the age of your business get in your way
- Know that success is not about selfish victories
- Set priorities
- Rise after the fall, and follow through
- Always tend to your business and employees
- Remember that nothing lasts forever
- Start a business to change the world
- The first step toward accomplishing your goals is to figure out what they are
- Entrepreneurship requires you to follow both scientific and artistic pathways
- If you have a new idea or can improve an existing one, make it happen
- Get the ball rolling and keep it moving
- As time goes by, add more goals and dreams as they become more concrete
- Don’t wait to start making progress. Make a plan and get going
- Find an audience
39 Entrepreneurship lessons from entrepreneurs:
1. Don’t waste time dwelling on your ideas
Bill Gates achieved success by stretching the truth a bit. He informed the computer company Micro Instrumentation and Telemetry Systems (MITS) that he had developed a BASIC interpreter for their microcomputer, the Altair 8800.
Surprisingly, he secured a deal without having actually developed any software at that point! In a short span, Gates had to create a demonstration of the software, which ultimately paid off and marked the beginning of his successful career.
In the words of Roy Ash, co-founder of Litton Industries: “An entrepreneur often takes on more than they can handle, hoping they’ll quickly learn how to handle it.”
2. It’s not all about the money
Certainly, generating profits plays a crucial role in the success of your business, but even more significant is the vision and passion you infuse into your company. Consider the case of Mark Zuckerberg, the social media mogul and multi-billionaire, who barely broke even in his initial year of business.
Notably, he declined a billion-dollar offer from Yahoo!’s CEO Terry Semel for the sale of Facebook—a decision he surely takes pride in today. It’s Mark’s unwavering commitment and his drive to excel every minute of the day that propelled his social networking site to dominate the industry.
3. Create something of value and dream big
Copying the business plan of a successful competitor is a recipe for failure. The key is to create something of value for your consumers. Consider Richard Branson, who insists on starting a business only if it enhances people’s lives.
The concept for Virgin Atlantic arose from his dissatisfaction with the service provided by British Airways. Moreover, he only ventures into projects he is genuinely passionate about. It was his unwavering dedication to making his airline the best that led to its triumph, making it the leading force in the travel industry today.
4. Learn from your mistakes
Numerous celebrities and entrepreneurs serve as living proof that failure isn’t always a negative outcome – as long as you glean valuable lessons from your mistakes. Take Elon Musk, CEO of SpaceX, for instance, who has a decade-long track record of seeing one rocket after another go up in smoke. However, he didn’t allow those failures to deter him.
Eventually, he successfully landed another Falcon 9 first-stage booster after launching a US Air Force space plane from Cape Canaveral. In 2020, SpaceX even transported astronauts to the International Space Station. Musk consistently questions himself, seeking ways to improve and push the boundaries of what’s possible.
5. Believe in yourself
Have you ever come across an entrepreneur who lacks belief in themselves? Chances are, you haven’t, because successful business tycoons have unwavering confidence in their product or service right from the beginning.
After all, if they don’t believe in it, who else will? Allowing self-doubt to take hold can hinder you from taking the risks that could lead to success and can make you hesitant to pursue your groundbreaking ideas due to fear of negative feedback.
As Shane Barker from Inc aptly expressed, “If Larry Page had heeded the naysayers, we probably wouldn’t have Google today.”
6. The customer is the one that truly matters
In any customer service role, you’ll quickly learn the mantra that the customer is always right. Jeff Bezos, the mastermind behind Amazon, staunchly believes in this principle and goes to great lengths to ensure his customers’ satisfaction.
He has a 24-hour team ready to address any issues that may arise with his services. As Barker puts it, “By meeting your customers’ needs, you can earn their loyalty and, in the long run, establish yourself as a successful entrepreneur, outshining your competitors in the process.”
7. Set your own trends
In entrepreneurship, it’s crucial to establish your own trends rather than simply following the crowd. The goal is to have people embrace your vision and aspire to emulate your success.
Look at fashion designer Vivienne Westwood as a shining example of this approach. She refuses to conform to societal norms and has still emerged as one of the foremost designers in the industry. Interestingly, she doesn’t buy into social media; in fact, she doesn’t even own a phone.
This unique stance allows her to create fashion that she deems stylish and wearable, free from the constraints of catwalk trends. When you genuinely believe in something, your conviction will inspire others to join you on your journey.
8. Forget the haters
Regardless of whether you’re a celebrity, artist, reality star, model, public figure, or entrepreneur, facing criticism is inevitable. Haters will always attempt to undermine your efforts and throw you off course.
Arianna Huffington, a successful entrepreneur and media icon, has firsthand experience with this. When she initially launched the Huffington Post in 2005, she faced significant criticism, with the online publication being labeled as an “unsurvivable failure.”
The takeaway from this story is that, in the business world, you must cultivate resilience and learn to tune out the naysayers.
9. Constantly improve and reinvent
To thrive in business, it’s essential to anticipate the future; it’s not enough to rely on a single successful venture and then kick back. You must strategize your next move, constantly seeking ways to enhance and surpass your previous achievements.
This crucial business lesson is exemplified by Walt Disney. He pioneered the creation of the first-ever animated movies that have become beloved classics.
Yet, Disney didn’t rest on his laurels; he expanded into designing merchandise and constructing an amusement park. Notably, he personally tested all the park rides and promptly made improvements whenever he sensed an opportunity for enhancement.
10. Don’t count on always having a high salary
Once certain individuals achieve success in their industry, they sometimes get a bit extravagant with their finances. They indulge in pricey cars, luxury homes, glam squads, extravagant vacations, and flashy designer goods, often forgetting that fame isn’t everlasting.
Mike Tyson provides a classic example, having spent $140,000 on a Bengal tiger, only to declare bankruptcy shortly afterward.
On the contrary, tennis champion Serena Williams took a more prudent approach. Upon receiving her first $1 million cheque, she deposited it in the bank, securing her assets. Today, she is worth over $80 million.
11. Value your team
Many managers often perceive themselves as the puppet masters, believing they run the entire show by pulling the strings. However, the reality is that it’s their team putting in the hard work to achieve the desired results.
Danny Morel, the author of The Resilience Roadmap and founder of M.PIRE University, emphasizes the equality of every person within the team. He states, “People mean that every person who works for you is equal. I don’t let anyone call me ‘boss’.
No matter how big you get, remember: you’re nothing without your team.” In essence, it’s crucial to express appreciation and value your team members because, without them, you’d essentially be a sinking ship.
12. The process is more important than the destination
As per Steven Bartlett, the youngest entrepreneur on Dragon’s Den, the journey of how you obtain business success holds more significance than reaching the destination. Focusing too much on the finish line can undermine performance. Hence, it’s crucial to tackle each step as it comes, overcoming small hurdles one at a time before reveling in your overall success.
13. Solve a burning problem
One of the most impactful lessons is this: for your business to thrive, you must identify a solid solution to a prevalent problem faced by many. Take Irene Agbontaen, for instance. Standing at 5’11”, she encountered challenges finding clothing that fit her tall frame.
To address not only her issue but also that of many others, she established the brand Taller Than Your Average (TTYA), focusing on styling clothes for women 5’9” and taller. By catering to this niche, her brand achieved remarkable success, even earning a feature in Vogue magazine.
14. Don’t give up
Numerous businesses meet their demise because owners give up too quickly. However, every obstacle or setback serves as a learning curve, contributing to your and your business’s growth and development.
J.P. Pesare, CEO of Kinetic Bridge, emphasizes, “There are no overnight successes — it’s a myth. It usually takes years to become truly successful in your business, but as long as you don’t quit, it will eventually happen. Hang in there!”
Being a successful CEO involves fostering openness with your community. Give back to them, share your insights, and offer advice on how they can also achieve success. Natalie Ellis, co-founder of Boss Babe, passionately supports women in business, basing her entire company model on providing women with the tools to build and nurture their own brands.
While one might wonder, “Why is she freely sharing her knowledge?” It’s actually a savvy strategy. Natalie leverages her personal success story by generously sharing her knowledge and strategy.
16. Don’t be afraid to get started
Steer clear of overthinking. When you indulge in excessive contemplation or over preparation, there’s a risk of convincing yourself that your idea is impossible to bring to fruition.
17. Remember that time is a non-renewable resource
You might encounter financial setbacks multiple times, but I firmly believe that there are limitless opportunities to regain it. On the other hand, once your time is spent, you can’t get it back, so make wise choices about your priorities.
18. Fit the launch of the idea within the size of your own wallet
If bringing an idea to life exceeds what you can realistically afford, it might be worth reevaluating. Businesses like oil production or satellite launches, for instance, can be lucrative, but initiating ventures of that scale usually requires substantial investments. Make sure your idea aligns with your budget before diving in.
19. Sell before you even make a product
It may seem like I’m suggesting you “sell air,” but think about it: if you struggle to sell the idea itself, chances are you’ll face difficulties selling the actual product, especially if production challenges arise and take up your attention. I suggest gathering pre-orders; it can give you a sense of whether consumers are genuinely interested in your product.
20. Hire professionals to cover the competencies you lack
Entrepreneurs may grapple with their own skill gaps. For instance, I face challenges with my spoken English, so I’ve made it a point to surround myself with individuals who are fluent in English to provide assistance. If you find yourself struggling with tasks like accounting and tax forms, consider collaborating with an accountant to ensure this aspect of your business is managed successfully.
21. Listen to alternative opinions
As you build a circle of people around you, keep in mind that it’s not a sure thing they’ll always agree with you on everything. Embrace these alternative opinions.
22. To solve a problem, admit the problem
The initial step in resolving any business problem is acknowledging its existence. Put the problem down on paper and make an effort to identify its root causes.
Consider taking a step back and looking at the problem from a different perspective. Allow yourself the time to thoroughly analyze the situation. The more you comprehend about the problem, the greater the chance of finding a solution.
23. Develop new skills, and help your team do the same
Acquiring new skills doesn’t happen effortlessly. It takes time to learn and master something new. As an entrepreneur, continuous learning and practicing are crucial. Moreover, share your knowledge with others, passing on what you’ve learned.
24. Remember that done is better than perfect
If you’re a perfectionist, you might believe that your solution has to be flawless before you can sell it. However, this isn’t necessarily the case.
In my company’s experience, we sold a somewhat imperfect product initially, and the revenue from that sale enabled us to make some improvements. Subsequently, when we sold at a higher price, it provided us with the means to further enhance the product.
25. Use discontent as motivation
On a personal level, I always find aspects of the business that dissatisfy me. If I were content with everything, I wouldn’t have the drive to consistently enhance the company. If you share a similar sentiment, focus on the areas that make you unhappy. Reflect on what is causing the most concern.
Afterward, engage with the relevant team members to devise a plan for improvement. To bring about change, you need a clear understanding of your current position and your desired destination. Once you identify the issue, set a goal that brings satisfaction.
26. Don’t let the age of your business get in your way
As a successful entrepreneur, you’re not just marketing your product to customers but also to partners, suppliers, and potential team members.
Occasionally, partners may be hesitant to collaborate with newcomers due to concerns about their longevity in the market. If skepticism surrounds your business because it’s new, remind yourself that success doesn’t happen overnight, and everyone has to start somewhere. Persevere. You won’t see the results of your efforts unless you take action.
27. Know that success is not about selfish victories
In the business realm, achieving remarkable success is possible by supporting the goals of others. Instead of solely pursuing your own victories, actively contribute to helping others on your team achieve their goals as well.
28. Set priorities
As a successful entrepreneur, it’s crucial to prioritize initiatives for business success. Evaluate the future and opt to concentrate on endeavors that offer the best return on investment. Place things that are essential for business success at the top of your priority list.
29. Rise after the fall, and follow through
Before venturing into your own business, make sure you’re prepared to rise again after a setback. This resilience is a key factor in determining your success. Wondering how to stay motivated after a fall?
Concentrate on small fixes. Avoid creating mental mountains. Every significant goal is composed of smaller ones. Following a failure, taking on something big may seem daunting. However, a small action is what can restore your confidence and strength.
30. Always tend to your business and employees
Consider your business and your employees’ happiness as plants in a garden: Without proper care, they won’t thrive. In my view, content employees are the key to a successful business. I believe there are three essentials to enhance your staff’s happiness:
- Ensuring your wages can provide financial stability.
- Hiring the right people.
- Allowing for work-life balance
31. Remember that nothing lasts forever
Life and business are not eternal. Therefore, each morning, ask yourself, “What else can I improve today?”
Entrepreneurship encompasses a positive mindset, a passion for execution, and effective selling techniques. While you may not know what challenges lie ahead, embracing these lessons can aid in your preparation.
32. Start a business to change the world
In business, it’s wise to ensure that every action you take serves a clear purpose. Despite having the best intentions, success is elusive unless you take specific actions to turn your goals into reality. Your business should have a distinct purpose that guides every decision. Each action you undertake should contribute to fulfilling that purpose. If it doesn’t, eliminate it.
Before diving into entrepreneurship, you must have a clear understanding of why you want to start a business. What are your motivations? What problem do you aim to solve? Once you have a clear understanding of your motivations, you can then craft a comprehensive business plan.
33. The first step toward accomplishing your goals is to figure out what they are
Before clear goals are defined, the entrepreneur typically has just one objective: finding a way to make money. While the pursuit of financial security often lures individuals to the entrepreneurial path, setting clear goals is crucial for business success.
Optimal decisions are typically made when there is a clear understanding of the need, guiding the decision-making process. If the need is ambiguous or unclear, it’s advisable for the entrepreneur to hold off on making decisions until that need has been clearly defined.
34. Entrepreneurship requires you to follow both scientific and artistic pathways
Entrepreneurship is a science that requires tackling the most crucial questions at pivotal moments and seeking solutions promptly. The quest for a market for your product marks the commencement of business science.
All these aspects contribute to the broader strategic planning that savvy business people employ before launching their products and initiating their advertising campaigns.
35. If you have a new idea or can improve an existing one, make it happen
We all know that person who has a knack for making things happen, constantly generating new ideas and refining existing ones. You might have heard others express a desire to be more like them. The reality is, anyone can embody those qualities.
Many individuals struggle to bring their ideas to fruition because they believe they lack the necessary qualities. There’s a misconception that a specific talent or skill is a prerequisite for success. In truth, you don’t need either of those things. All it takes is having an idea and the determination to work hard.
We all have ideas—some good, some not so great, and some with the potential to change the world. The challenge lies in the fact that many people never take action with their ideas. They either doubt the quality of their ideas or are too fearful of failure.
36. Get the ball rolling and keep it moving
To initiate progress, you must start from somewhere. To expand your business, you need a well-thought-out plan and the initiative to execute that plan. In this contemporary era, marked by numerous innovations and technological advancements, staying ahead of competitors is a crucial tool for survival in any industry. Hence, it’s imperative to observe market trends and act promptly.
37. As time goes by, add more goals and dreams as they become more concrete
Incorporating additional goals as they become more defined will aid in keeping you on course and ensuring your business fulfills its purpose.
Expanding the goals of a business can be crucial for various reasons. It can enhance profits, elevate customer satisfaction, and boost the company’s visibility for potential employees.
38. Don’t wait to start making progress. Make a plan and get going
Creating a plan and initiating action are the initial steps toward success. Once you have a plan in place, you can begin taking specific actions to propel your business forward. Delaying progress and holding back on further action in business might result in missing out on opportunities. Embracing risks can be a catalyst for learning and personal growth as an entrepreneur.
39. Find an audience
One of the most challenging aspects of launching a business is often identifying your audience. A common mistake made by many entrepreneurs is assuming that everyone is a potential customer.
The reality is, not everyone is interested in what you’re offering. The key is to concentrate on your target market. Discovering an audience can be achieved through various methods, but the most crucial involves creating a product that people genuinely desire and implementing effective marketing strategies.
Final Thoughts
Embarking on the journey of starting your own business can be challenging, especially without a substantial savings cushion. However, as these examples demonstrate, it’s not an insurmountable task! To be an effective leader, create a creative and inclusive environment that everyone is eager to be a part of. With a well-established reputation, you’ll be on the path to even greater business success!
Are you currently in the process of establishing your own business, or is it something you’re contemplating? Do you believe these stories will serve as inspiration for you to take the plunge? Share your thoughts in the comments below, and let’s engage in the conversation!
Let’s be honest: reaching the top requires a substantial amount of work and dedication. If you’re seeking a shortcut, you’ll be left disappointed. The secret to entrepreneurial success lies in hard work and self-discipline. You must be ready to invest the hours, maintain focus, and never give up.
To thrive as an entrepreneur, a disciplined mindset is essential. Positivity and concentration persist when you consistently contemplate how to achieve success. The key to success involves making deliberate decisions and preventing your thoughts from veering off course. By staying focused, you’ll have the ability to attain your goals.
Hey, I am Sachin Ramdurg. I run and manage futuredecider.com website that helps students, graduates, and professionals, to find and decide on their future career with ultimate future career advices and future career guides. I have an overall 12+ years of career guidance experience in multiple domains which has helped multiple students, graduates, and professionals to find the best career path for their future.