5 Entrepreneurship Lessons Learned From Experience

Every entrepreneur is on her path to running a business, and each will learn her own lessons in time. But take it from me, an entrepreneur who has started several successful businesses over the past 20 years: Sometimes it’s helpful to learn from others’ experiences!And so I offer five deceptively simple lessons I’ve learned as a business owner.Entrepreneurship lessons learned from running a business 1. It’s okay to pivotWhen you start a business, there’s often this drive to build the business, make it a success, and then…what? Most entrepreneurs keep running their businesses for years and ignore the fact that they’re burnt out and bored.There’s no lifelong contract you sign when you start a business. You call the shots, and if you’re being called to do something completely different, give yourself permission to do so. That may mean closing or selling the business you’ve worked hard to build. This is not failure. This is success. You have created a thriving business and now you’re deciding to take on a completely new endeavor. That takes bravery!Even if you stay in the same business, set your ego aside and constantly look for ways to improve the business, even if that means changing services or products to better align with your audience. 2. It’s okay to work lessAmericans have become workaholics, and rather than making us better at work, it’s impeding us, causing health problems and stress. Again, there seems to be some unspoken rule that says the more you work, the more virtuous you are (or appear to be).If you remove cultural expectations and instead focus on working just as much as you need to keep your business chugging along and move it in the direction of your business goals, you might find it’s a whole lot less than 40 hours a week. Creating systems and processes can cut down on the time you spend on menial tasks, like scheduling social media posts rather than creating them when you’re ready to publish them. And delegating tasks to others (which is why you hired employees, right?) can free you up to focus on the bigger-picture activities you need to perform as the business owner. 3. It’s okay to fire clientsNew entrepreneurs may be horrified at the idea of firing a client, but those who have been running their companies for a while will instantly be able to think of a pesky client who they would love to fire. Maybe it’s the one who sends 20 emails a day and calls you on the weekend. Or the one who constantly changes his mind about what he wants for a project. Or the one who pays little but demands much.You don’t have to put up with bad clients. Yes, you will lose revenue if you let one go, but think of the time you’ll free up. With that time, you can look for new, better clients to replace that revenue. You can also devote more time to the clients you have, which will make them so happy, they’ll refer others to you!Just be careful in how you “fire” a client. If emotions get in the way, you risk burning bridges. On the other hand, if you can tactfully tell a client that you’re no longer able to provide services for them, you may leave the relationship secure. If you don’t want to be honest about how crazy it makes you to receive dozens of texts about a project from the client, just tell them your workload doesn’t allow you to fully dedicate yourself to their project. 4. Who you are now isn’t who you will beEven after 20 years of entrepreneurship, I’m still changing and learning. You will, too. As your industry changes, as you’re influenced by books, blogs, documentaries, conferences, and peers, you will get new ideas about how to run your business and the products or services you offer.In business, there is no stagnation. Or there shouldn’t be. Your role as an entrepreneur is to constantly improve yourself so you can help your business grow. Your ego (there that word is again) may tell you that you’re experienced and that you don’t need to learn anything, but don’t listen to it. There’s always room to grow and learn 5. Listen to others (but know when to shut your ears)One great way to learn and help your business grow is to turn to others for advice. That might be a business partner, employee, friend, spouse, or mentor. Be open to the advice coming from anywhere, and humble yourself enough to really hear it rather than deciding that you always know best what your business needs.On the other hand, realize that while people have the best intentions, they don’t always know what your business needs! It’s up to you to discern when you’ve got things covered and when you’re in too deep and need to see your business from an outside perspective. Sometimes you need a combination of advice from others and your own intuition. If you pay attention, your business is teaching you things every day. But sometimes it requires you to pull your head out of the muck to hear it, and set aside self-pride to heed it.

How to Reframe Failure: 3 Tricks to Change Your Perspective

By Hussain AlmossawiWhen we look at some of today’s household names, we think of the innovative and creative entrepreneurs behind them.We connect our Apple iPhones to our Tesla cars and get our news from Twitter. We see these companies as the epitome of what it means to be successful in the twenty-first century. But we don’t think about how revolutionary ideas often only stick after thousands of failures.Innovation exists because problems exist. And it is the entrepreneurs who identify these problems and work to solve them who are responsible for bringing about innovation. But behind every success story is a long list of failures.James Dyson: A lesson in overcoming failureTake the case of James Dyson, the founder of the world-famous Dyson vacuums. Dyson set out to solve the problem of inefficient, bagged vacuums that lost suction over time. This was a common problem that had gone unsolved for years.Dyson designed and tested 5,127 prototypes over five years before he finally cracked the code and created a vacuum that worked. The result was 1983’s G-Force cleaner, a brand new vacuum system that rocketed to popularity in its initial Japanese launch.The rest is history, right?In reality, Dyson’s success was far from guaranteed. Bringing his innovative vacuum back to the UK saw rejection from nearly every major retailer. Why? It solved the problem too well—the bagless vacuum was seen as a threat to the ongoing business of the replaceable dust bag market.Overcoming failure often means success but can also mean hitting yet another wall.Undeterred, Dyson took his product directly to the consumer through his own manufacturing company. Now, Dyson is a global household name, and rather than depend on retailers, he built a direct-to-consumer business model that has disrupted the industry.Dyson’s story reframes failure as an opportunity. The same opportunities exist for innovators across the globe today—if only we have eyes to see them.Flipping failure into innovation1. Every failure offers a unique lesson in improvementYou’ve probably heard the saying, “Failure is not an option.” But in the world of innovation, failure is essential. To create something new, you must be willing to fail—and fail often.The key is to reframe failure as a learning opportunity. What went wrong? What could you do differently next time? How can you improve upon your idea? What element of your current idea could birth a brand new one?When you start to see failure as a learning opportunity, it becomes far less daunting. And with each new lesson, you bring yourself one step closer to success.2. Your failures are a success story in the makingCan you imagine how James Dyson must have felt when his Japanese success story was at first a UK flop? It would be easy to give up at that point—after all, he had already achieved some level of success. But Dyson didn’t give up.Instead, he took this “failure” and turned the page, starting a new chapter in his story. Forward momentum is the key to reframing failure as potential innovation; see it as a chance to start anew, rather than an indication that you should give up altogether.Ask yourself, what could potentially rise from the ashes of this failure? What new opportunity has been created? How can I use what I’ve learned to start something even better?3. Your first try may not be perfect and that’s okayNothing screams “failure!” like a first-draft flop. Entrepreneurs see this daily—their first product or service is often not the runaway success they hoped for. It’s enough to convince many would-be innovators to throw in the towel on their entire venture.But the truth is, your first try doesn’t have to be perfect. In fact, it shouldn’t be—remember, you’re trying to innovate here! The goal is to create something new and better than what already exists, not to replicate it exactly.Ask any successful innovator, and you’ll likely hear the same thing: their first product was far from perfect. Their first idea may have been a product or service in a completely different industry. What matters is that they took that first step, learned from their failures, and kept moving forward as they saw potential in their imperfect idea.The next time you face a failure, don’t give up. See it as an opportunity to create something even better. You never know. Your first “failure” could, in reality, be the stepping stone to your greatest success.Reframing failure: It’s all about perspectiveEntrepreneurs and innovators want to see their hard work turn into success. But the fact is, success seldom comes easy—it’s often the result of years (or even decades) of failures. The key is to have the proper perspective on those failures.When you reframe failures as opportunities for growth and improvement, they become far less daunting. And with each new lesson learned, you bring yourself one step closer to success.So, the next time you face a failure, remember these three things:Every failure offers a unique lesson in improvement.Your failures are a success story in the making.Your first try may not be perfect and that’s okay.Perspective is everything when it comes to failures. By changing how you view them, you can turn even your biggest flops into opportunities for innovation and success.RELATED: Make Your Business Idea a Reality by Following a Few Simple StepsAbout the AuthorPost by: Hussain AlmossawiHussain Almossawi is a renowned designer and innovator who has worked across industries around the world, creating and consulting for companies, including Nike, Apple, Google, Adidas, EA Sports, Intel, and Ford Motor Company. As a regular keynote speaker on innovation and design, Hussain has also taught at several universities such as The New School. In 2019, Hussain founded Mossawi Studios, a multidisciplinary design studio specializing in creating memorable, iconic, and bold experiences. He loves blurring the lines between product design, visual effects, and storytelling. He is the author of The Innovator’s Handbook: A Short Guide to Unleashing Your Creative Mindset.Company: Mossawi StudiosWebsite: www.mossawistudios.comConnect with me on Twitter and LinkedIn.