The Life of An Entrepreneur: The Wins and the Losses

An entrepreneur is someone who starts a new business, venture, or project. Entrepreneurs are often people who have an idea for a product or service and decide to pursue it. They are usually risk takers and can act even if they don't know all the details.? This was me in 2019, shortly after retirement from the military.? The first thing I said was “I am a risk taker”, “I am smart”, and “I am capable.”? But...what I did not know was that those characteristics were not the only requirements needed to become a successful entrepreneur.? There were many more lessons to be learned.

Successful entrepreneurs share certain qualities such as ambition, persistence, and creativity. They never give up on their ideas and they always try to find new ways to improve them. Successful entrepreneurs also tend to be able to see the big picture, which means they know how each of their decisions will affect the company’s future in a positive or negative way.

Entrepreneurship can be risky, but it's also rewarding. It's hard work that requires both passion and perseverance. The rewards for being an entrepreneur can be great - you get to be your own boss, create your own schedule, set your own goals, and make your own decisions. Entrepreneurship is not for everyone though - it takes a certain type of person with certain skillsets to succeed as an entrepreneur.? The risks vary depending on the type of business being started. However, there are some common risks that most entrepreneur face:

- The risk of not having enough money to start or run the business for an extended period

- The risk that customers will not buy goods or services from the company

- The risk that suppliers will not provide goods and services to the company in an adequate quantity and quality for an extended period

- The risk that people within the company will not work well together or trust one another enough to share information effectively

Success is relative. What may be a success for one person, may not be for another. There are many factors that determine whether an entrepreneur will be successful. It is up to the individual to decide what constitutes success for them.? The key is not measuring success through the lens of others. Your commitment and perseverance should be the measuring stick; not perceived success from others who may have started before or after you.

Failure can also be relative, but it is usually considered a negative outcome by most people. Entrepreneurs who fail usually have some regret about their decisions and how they handled certain situations. There is a lesson in every setback. The key is to learn from it, access how to move forward, and limit repeating the same mistakes. The failures and disappointments will come.? Some will be cheap, and some will be expensive.Collaboration as a new entrepreneur can be critical to the speed and success of your business.

Expand your circle to those who have navigated the rough waters ahead.? They can be your best resource to limit costly mistakes as you grow your business.

The three biggest takeaways in my entrepreneurship journey have been friendships, trust, and branding:

Friendship and business have a complicated history. In the past, they were often seen as mutually exclusive. But in recent years, there has been a shift to seeing them as complementary.? Some people will say that friendships should never cross professional boundaries, but others disagree. If you're friends with your boss, it can make things easier in the workplace because you're more willing to go out of your way for them and vice versa. However, if you're not careful you could end up crossing a line that shouldn't be crossed - like allowing negative behavior or a less than ideal work ethic to persist degrading your organizations culture and relationships with other employees to save the friendship.? Moral courage is a must if you are going to enter a business relationship where you are the boss and a friend.

There are benefits to having a friendship with someone you work with. You can learn more about them, build stronger connections with them, and even have a better understanding of what they want to achieve. Friendships can turn into partnerships which ultimately allows others in your circle to pursue their dreams.? The ultimate prize is forging a friendship and business relationship where everyone wins!

Trust is a key element in every business transaction. It is a core value that needs to be instilled in the entrepreneur and it is important for the entrepreneur to have a trustworthy team.

Trust is a key factor in the success of a business. The entrepreneur must be trustworthy and reliable. The customers need to be able to rely on the entrepreneur’s word and promises. If they don't feel like they can trust you, they will not buy from you or work with you.? Introducing your business with a story of how it all started and what makes it different from other competitors is a good way to build trust with potential customers.

In order for an entrepreneur to be successful, there must be a balance between these two factors:

1) Trust: Employee’s need to feel like they are being treated fairly and have all their safety nets in place, such as fair compensation, a sense of purpose, and a commitment they will be valued in good and tough times.? This will make them more likely to work hard for the company and stay with it long term.

2) Growth:? Entrepreneurs need to know that if they put in hard work, it will pay off in the end. They should not be afraid of what they do not know. Become a lifelong learner and have the humility to say, “I need help!”. If your goal of becoming an entrepreneur is for overnight success; stop now and revisit your strategy.? That mindset is not a winning formula.

Building a successful brand can be one of the most overlooked aspects of an entrepreneur. If you do not have a brand that drives customer to you, then you will struggle to standout.? Just having goods and services does not ensure success. I often get overwhelmed in the cereal aisle and will likely just pick up a brand I recognize and have some familiarity with.? I am sure there are better cereals on the aisle, but there are not familiar to me.

There are many ways to build a brand as an entrepreneur. The first thing you need to do is to identify who your target audience is and what their needs are. You also need to create a strategy on how you will reach them and how you will make them aware of your product or service.? One of the most popular is the use of social media. Social media platforms such as Facebook and Twitter have been used by entrepreneurs for years to create their brands and reach out to potential customers. The key is the strategy and effective execution.

The bottom line is “run your own race. Be competitive, but not in competition. Collaboration as a new entrepreneur can be critical to the speed and success of your business. There is a reason million-dollar race horses have blinders on while running. The goal is not to be concerned with any other horse in the race.? The goal is to run straight and get to the finish line.

Written By: Todd Simmons