12 things I wish I had known before I got into Entrepreneurship
Davidson Hang
Head of Business Development @Untap Your Sales Potential ex|LinkedIn, Fortune, Udemy, and TriNet
Reflecting on 12 weeks as an entrepreneur has provided valuable insights and lessons I wish I had known before embarking on this journey. Here are 12 key takeaways, along with advice for individuals considering a similar path in the future:
This sounds easier said than done. I went into with what I thought I would solve for people, and quickly, the market responded with people reaching out to me. Sometimes, it's helpful to ask your peers, friends, and people in your community what you are good at.
3. Build a Strong Support Network: Surround yourself with mentors, advisors, and peers who can offer guidance, support, and valuable insights. Seek out communities and networks where you can connect with like-minded individuals.
There are so many friends out there, and one of the best parts about the job is that you are always networking, and you never know who you are going to meet. The past 12 weeks I've met some of the most incredible human beings on the planet and this wouldn't have happened because typically in corporate environments you stay in your lane/bubble. There is so much more out there.
4. Prioritize Time Management: Time is your most valuable resource as an entrepreneur. Learn to prioritize tasks, delegate when possible, and focus on activities that drive the most impact for your business.
I am not going to lie, and it's probably the most important one. This is going to be something that is really relevant for everyone. I was focusing on the wrong activities that made me happy but did not move the needle forward for my business, especially in the short term.
5. Learn from Failure: Failure is inevitable on the entrepreneurial journey, but it's also a valuable learning opportunity. Embrace failures as stepping stones to success and use them to iterate and improve.
The good news is that there are no mistakes because everything is a learning journey of what NOT to do. As long as I don't make the same mistakes its all good.
6. Take Calculated Risks: Entrepreneurship involves taking risks, but they should be calculated and informed. Conduct thorough research, gather data, and weigh the potential rewards against the risks before making decisions.
It's all about the long game anyway, but at the end of the day, there is something to be said about following your gut and intuition and not being overly data-driven. There's value in both but I do think the best ideas coming from within you and not being overly outwards focused.
7. Invest in Continuous Learning: The entrepreneurial landscape is constantly evolving. Invest in continuous learning by staying updated on industry trends, acquiring new skills, and seeking out opportunities for personal and professional growth.
I've learned more in the past 12 weeks than I did the following year combined. It's true what people say that entrepreneurship comes with a ton of self-development. You are focused in reckoning with all of your insecurities. Its certainly not for everyone.
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8. Stay Resilient: Entrepreneurship can be challenging and demanding, requiring resilience and perseverance. Develop resilience to navigate setbacks and obstacles, and maintain a positive mindset even in the face of adversity.
Every day comes new challenges, but you will grow, and you will become a better human being because of it.
9. Seek Feedback and Iterate: Solicit feedback from customers, mentors, and peers to gain valuable insights into your product or service. Use feedback to iterate and refine your offerings based on real-world insights.
A lot of the best coaches have supported me on this journey. You will see who is in your corner and who really isn't. Its okay to have people come in and out of your life. That's Normal. Embrace it and move on to greener pastures.
10. Focus on Customer Experience: Customer experience is paramount in building a successful business. Prioritize delivering exceptional service, addressing customer needs promptly, and building strong relationships with your audience.
Figuring out your secret sauce is important once you have that. Everything else is easier. Ask your customers why they are working with you and how you can add more value to their lives. That will be the foundation of your next product.
11. Balance Passion with Pragmatism: While passion is essential for fueling your entrepreneurial journey, balance it with pragmatism and strategic thinking. Make data-driven decisions and be willing to adjust your approach based on market feedback and insights.
I'm definitely learning the hard way that being practical is equally as important as passion.
12. Celebrate Wins, Big and Small: Celebrate milestones and successes along the way, no matter how small. Acknowledge your achievements, express gratitude to those who supported you, and use them as motivation to keep moving forward.
You have to celebrate everything or else you will burn out.
For anyone considering entrepreneurship, my advice is to approach it with a combination of enthusiasm and preparedness. Do your research, validate your ideas, and be willing to put in the hard work required to succeed. Surround yourself with a strong support network, stay resilient in the face of challenges, and never stop learning and growing. Above all, believe in yourself and your vision, and don't be afraid to pursue your dreams with passion and determination.
PS: Thank you to the communiy for supporting me on this journey. I'll never forget the kindness.
Learning & Development | Partnerships | 2X Author | LinkedIn & Gartner Alum | Pursuing ICF Coaching Certification
6 个月Thank you Davidson for sharing these powerful lessons.