I decided to become an entrepreneur during the final year of my college while pursuing my MBA. I was fascinated by these new-age entrepreneurs. But I had little idea of the kind of challenges that were waiting for me as I set out on that path. Even though I had some great ideas, I couldn’t get the investors & business partners to believe in them. But I wasn’t letting go of my dream that easily. I decided to consult with a business coach to fulfill my dream of having my own business.
This decision was definitely changed in my career and my life. Having a business coach allowed me to push the envelope and achieve my goals. Working with a business coach has taught me some great lessons that I’ll value for the rest of my life.
So, if you’re also inclined to tread this path and need advice, these lessons will guide in the right direction.
Lesson #1: Time is the most precious resource
The aphorism “time is money” aptly defines the power that time wields when it’s budgeted and used as a resource. For instance, the sooner you start with any new endeavor, the more time you’ll get to generate benefits, and the more time you’ll have to work on that project.
Also, you’ll only get so many hours in a day, and how you use them places a direct influence on how much value you’re able to produce. The sooner you learn this important lesson, the more time you’ll save.
Lesson #2: Every idea needs to have the element of practicality
“No matter how original or appealing your idea is, it’s only going to be executed if it’s practical”, states Ian Stevens, an academic expert for business assignment help online. For instance, if you want to create an amazing video, but you don’t have the resources to produce it in a proper way, then you need to drop the idea.
The same rule is applicable to your business as well; you may have a pathbreaking new concept for an enterprise. But if there isn’t a way to make it profitable or feasible, you won’t be able to execute it. Sometimes, the most promising ideas need o shelved due to a lack of practicality.
Lesson #3: Keep improving and reinventing
If you want to witness the growth and success of your business, you need to plan ahead. It won’t do any good to just produce a one-hit-wonder and sit back thinking you’ve made it. You need to work on your next move and think of ways to outdo what you’ve already done.
This is a lesson that Walt Disney himself followed steadfastly. He presented the first-ever animation movies that we’ve all known and loved. But he didn’t just stop there: he also shifted his focus to design merchandise and develop an entire amusement park, too. He would also test all the park rides personally and make changes if he felt that something could be improved.
Lesson #4: You’ll face setbacks, failures and rejections and that’s alright
Regardless of how much you understand business or how much you prepare, failure or setbacks is an unavoidable part of running a business. Even when your business is successful, there will be individual strategies and campaigns that crash and burn, and ideas that don’t materialise at all. This is why facing failures or setbacks with the notion that it is unavoidable, makes it easier to accept.
You can take it as an opportunity and a lesson to improve, instead of an endpoint or a sign that you must give up.
Lesson #5: Strive for progress, not perfection
The business environment we live in is incredibly fast-paced. So, you may wait long enough to move forward with a new initiative because it’s not quite perfect. But that may still lead to failure. Agile and adaptive businesses that emphasise on the understanding that things can be optimised and tested while they’re already producing ROI are the ones that succeed.
You’re not going to achieve perfection on the first attempt. But you must make sure to balance your initiative’s “readiness” with speed and agility.
Lesson #6: Get the right people together
It’s nearly impossible to have a business without a little help from likeminded individuals. Even if you’re a solo entrepreneur, it helps to have vendors, peers, mentors and employees alongside to help you attain your long-term vision. So, you must understand that other people may open you up to more opportunities. Also, keep an eye out for new contacts no matter where you are. This will also help you decide on aspects like hiring and long-term deals.
Learning this lesson early on will prevent you from wasting time and energy on the wrong people. You’ll be able to invest more time to work with the best people you find.
Lesson #7: Create something of value
When you’re running a business, you must focus on creating something that will be of value to your consumers. Take Richard Branson, for instance, who believes that businesses matter when they improve people’s lives.
In fact, his idea for Virgin Atlantic came about after he was consistently dissatisfied with the service on British Airways. He had said he only ever builds a business when he is passionate about it. This devotion has helped his ventures to become successful.
Parting thoughts,
These lessons from the business coach have made a considerable difference in the way I approach my business. So, if you’re keen on starting your own business as well, then the earlier you learn and use these lessons, the smoother your journey will be.
Author bio: Alley John is an entrepreneur and venture capitalist. Simmons has acquired his MBA in business management from Curtin University. He loves blogging in his free time and is also efficient in public speaking. He’s also an academic expert for MyAssignmenthelp.com and offers business assignment help online.