As entrepreneurs, we all follow our own path. For some, the rise to financial success is a long, slow, painful process. For others, things just seem to magically fall into place. I believe that the latter isn’t a result of magic, however, but is the sure sign of an entrepreneur who understands the importance of learning, from adapting to and growing with their business. If you’re going to stay with your entrepreneurial vision for the long haul, there naturally will be days when you feel like you’re on top of the world. Those can be a blessing, but also a curse says, Kenneth Mak.
“Don’t let the successful days or months make you overconfident,” advises Kenneth. “Conversely, don’t let the bad days or months make you pessimistic. Keep focused on your long-term goals and not the short-term fluctuations.”
If you think you’re too young to start something, you’re wrong. The sooner you start, the more mistakes you make. And the more mistakes you make, the sooner you learn from them and the better you understand how to not make them again. Starting young is a boon; allow yourself this ‘extra’ time to learn through practical experience because this is what will propel you farther.
When one failure succeeds another, it’s important not to give in to the pessimistic mood and continue to move forward. Life is like a roller coaster, where recession is replaced by a lift, and success is followed by a large pit.
If you want to create a difference for your own self, you have to give up things that distract you from your goal. What sets you apart from everyone else is how you decide to spend your time while others decide to hang out or party. It’s not wrong to party obviously, but you must realise when it is pulling you away from your dreams.
The following are lessons every Entrepreneur must learn
Time is money
Money, customers, ideas: all resources you can potentially gain more of. Time, however, is the one commodity you’ll always have a finite amount of. One way to ensure you make the most of your time is to assign an hourly dollar amount to your tasks.
Having talent isn’t enough
The truth is, you could be the most talented person the world, the smartest one in your class, born with an exceptional gift — but if you’re not willing to work, you won’t make it very far.
I have always been the type to feel like I had to work so much harder than everyone else in order to succeed.
Your passion leads to profit
The word entrepreneurship is often thought of as being synonymous with dollar signs and pictures of people throwing money out the door of their private jet. Those things are absolutely wonderful and they are every reason you should not become an entrepreneur. When you follow your passion instead of profit and concern yourself with relationships instead of numbers, the revenue comes and in a big way.
Complacency will kill you
Never get too satisfied by your success. When you hit a milestone, great. That’s what true winners do. They act like they’ve been in the end zone before.
It’s your job to harness that enthusiasm, and use it wisely — because you don’t want to get fat on your success. A lot of entrepreneurs can fall into the trap of getting complacent once they reach their initial goals. Why? I have no idea. It’s almost like some of them don’t have enough dreams in their head to keep coming up with more.
I knew that if I failed I wouldn’t regret that, but I knew the one thing I might regret is not trying.
There are a lot of turns and obstacles ahead, but do not forget about the achievements that you have already made, about that huge segment of the path that has been overcome.
It is not the end result itself that matters, but the pleasure of the ascent process, of moving from point A to point C. The more you motivate the path, the sooner you will succeed, he concludes.