Entrepreneurship is an exam—you work hard, and you prepare well, but there is always something that is “out of the syllabus”

Hello everybody!?

Exam time is near and I know how stressful it can get. I can relate to it.?

This is why I want to share my experience as an entrepreneur, which is not too dissimilar to exams—the hard work, the preparation, and of course, the “out of syllabus” questions.?

So, what have been some of the surprise scenarios I've encountered on my entrepreneurial journey? Well, for starters, there were several unanticipated roadblocks that I had to face. Whether it was a lack of resources in the face of adversity, or the ever-changing market dynamics, the list of potential obstacles was always growing. That said, I have now learned to rise to challenges through perseverance.?

Let’s see what came “out of the syllabus” in my entrepreneurial journey….?

When my father passed the baton of our family business to me, I thought I had everything under control. I had learned from my father, I had completed my education, and I had experience working in the business world. However, what I did not realize was that there were challenges that were unique to me and the times I was living in.?

Inheriting a family business can bring with it a lot of pressure to already know and understand what it takes to make the business successful. While it is true that—having some knowledge and experience can be helpful—there is also the added challenge of maintaining the values and traditions of the family while also adapting to the current market conditions. This can be especially difficult when there are different opinions on how the business should be run—the previous generation may have one way of doing things, while the new generation may have a different idea.?

Finding a way to bring these two perspectives together and come up with a shared vision can be a real challenge. It requires careful negotiation, creative problem-solving, and a deep understanding of both sides of the equation. It can also take a lot of time and patience to come to a final agreement, but the result is worth it in the end. With a shared vision, everyone can work together to build a successful business that honors the family’s legacy and carries it into the future.?

What I learned from being a family business entrepreneur is that there's no fixed syllabus. You have to keep learning and adapting to the ever-changing market conditions. You can't always predict what questions will be asked, and you can't always prepare for every possible scenario. There will always be something that is out of your control, something that you didn't study for.?

But this is where the real test begins. You have to be resilient and resourceful. You have to think on your feet and come up with creative solutions to unexpected problems. This requires a certain level of adaptability, flexibility, and creativity.?

This realization hit me hard when I was faced with a global pandemic that threatened to impede our family business. The pandemic was an example of something that was completely “out of syllabus”. Suddenly, all the preparation and hard work that I had put into the business seemed inadequate. I had to come up with innovative solutions to keep the business afloat. It was a challenge that no one could have predicted, and it required a completely different approach to business. However, this is not the only instance where I have faced challenges that were beyond my preparation.??

Another challenge in my entrepreneurial journey that I felt that was “out of syllabus”, was dealing with people. When I took over the business, I thought that it was going to be smooth sailing because I knew most of the employees, and they knew me. However, I quickly learned that managing people is not as easy as it seems. People are complex, and what works for one individual may not work for another. I had to learn how to communicate effectively, delegate tasks, and manage conflicts. These were skills that I learned on the job and make mistakes along the way.?

Managing finances when I first took the daily operations also came as a surprise. I had a good understanding of how to manage finances, but I did not anticipate the scale of our business's financial operations. I had to learn how to manage cash flow and make investment decisions. I had to become a quick learner to stay on top of my game.?

Unpredictability is a part of life?

The unexpected will always happen. However, this should not discourage you from pursuing your dreams. Instead, it should motivate you to be a lifelong learner and develop skills that will help you navigate through the unknown.?

One of the key skills that an entrepreneur needs to develop is adaptability. You need to be able to adapt to changing circumstances and make quick decisions. This requires a flexible mindset and a willingness to learn and grow. Another critical skill is resilience. There will be times when you will face failure, setbacks, and challenges that seem insurmountable. You need to be able to bounce back from these setbacks and keep moving forward. This requires a positive mindset and a strong belief in your abilities.?

I have come to appreciate the importance of continuous learning. You cannot rely on your past experiences or education to navigate through the challenges of entrepreneurship. You need to keep learning and evolving to stay ahead of the curve. This means seeking out mentors and advisors who can guide you through the ups and downs of entrepreneurship. It means attending conferences and workshops to learn from other entrepreneurs and experts. It means investing in your personal development to stay relevant in your industry.??

Continuing on my entrepreneurial journey, I am aware that unexpected circumstances that are “out of syllabus” could arise at any time. The same is true for students getting ready to take their exams. Although this period can be intimidating, it is also a fantastic chance to improve your talents, fortify your character, and prove your strength. Review the material, practice, have faith in your instincts, and be ready for whatever comes.??

With effort, commitment, and a bit of luck, you can make the most of this opportunity and come out on top. All the best!?