11 Lessons every entrepreneur can teach you

Want your business to grow faster and better than your competitors?

No matter what niche you’re building your business in, there are tricks that work or don’t work for everyone.

And today we want to share with you the best business lessons that really work. Always. No matter what you do. So be attentive. 

If you just thinking about starting your entrepreneurial way, you would probably need to gain some valuable experience from professionals and experts. For that, you need to impress your employers with your profile, skillset, motivation letter, etc. Don’t be afraid of this little formality and find yourself a professional cover letter writing service where experienced writers will polish out your history and shape it in an amazing text. 

Lesson 1: Trust Your Intuition

You’ve probably heard this advice a lot. But many entrepreneurs don’t fully understand it.

No, we are not advising you to discover your psychic abilities or superpowers.

But remember, this has probably happened to you before: some idea seems to you to be unsuccessful, but you still put it into practice. And it turns out to be a failure. And then the thought, “I knew it. So if you knew it, why did you do it?

Try to take the time to think about every situation like that. If something in your or someone else’s plans bothers you, figure out why. What it is that’s bothering you.

Listen to yourself, and you will avoid many mistakes. In general, if you sense some doubts about taking some decision or taking action, it’s almost always a sign that you need to pause if not to stop.

Lesson 2: Your problems are yours only

Think about how many times you were faced with the situation when the boss blames his subordinates for all the problems. Like, they do nothing / can not do anything / do not want. And he did not do anything to change the situation.

It’s unlikely that the dismissal and hiring of new employees will solve the problem. Always start with yourself.

Lesson 3: Keep your best employees 

It doesn’t matter how small or large your company is. Losing a good employee is a huge loss. Oftentimes, it is even worse than losing a good customer.

So make every effort possible to create an atmosphere in the team that prevents an employee from leaving.

Lesson 4: Always know how much money you have

There is no excuse for entrepreneurs who don’t keep track of their finances.

If you don’t know how much money you have at any given time, how can you plan anything? Make any contracts? Buy something? Promise your employees their salaries? And conduct business in general? Of course, you don’t need to be greedy, but still.

Lesson 5: Always be aware of your income and expenses

One more point about finances.

If you don’t know the size of your income and net income, your expenses, what taxes you pay and how much you pay, and other financial transactions, it will get you into trouble.

You should keep your finances under review so that you are always up to date.

Lesson 6: Your employees are not your children or your personal assistants

You don’t have to run to solve all of their current problems. Give them freedom, let them take responsibility.

This will only make them more productive. They will be more involved in the process, they will have the opportunity to show initiative and show their best.

But you should not dump all of your tasks on your employees. Everyone should perform their own functions.

Lesson 7: You cannot get rid of bad employees right away.

First, make sure that they are really the problem.

For example, if we have some employee in the team who doesn’t perform well or communicates poorly with other team members, try talking with them. Perhaps the person is having some kind of difficulty and just needs help.

If within a month after the conversation the situation does not change, the employee is dismissed. But not before that.

Lesson 8: Listen to Your Customers

There are many entrepreneurs don’t pay attention to their customers. They focus so much on sales that they stop noticing everything else.

But after all, your customers are the very people through whom you make sales. They are the backbone of your business, and it is to them you should listen above all.

So learn to listen and hear your customers.

Study the feedback and comments they leave on your social media pages or on your website. Ask your salespeople and customer service what customers are saying, what they are interested in, what they complain about.

This will open up a huge opportunity area for you to grow.

Lesson 9: Know when to be silent

Openness is a great human quality.

But you shouldn’t always be that way in business. So we suggest that you always think about when, where, with whom, and what you can say and what you’d rather not say.

This does not mean that you have to be dishonest. We just recommend that you learn to keep your distance, control your emotions and be more tolerant.

Lesson 10: Protect your intellectual property

Sadly, there is a rather low level of legal culture among entrepreneurs in general.

And many do not even think about protecting their copyrights, trade secrets, and have no idea about trademarks and patents.

And after all, these are your advantages over your competitors!

So we strongly advise you to deal with these issues. Independently or entrust this task to a specialist. That’s up to you.

Lesson 11: You must acknowledge you know nothing

Smart entrepreneurs never stop learning and improving. This is what makes them successful. Don’t forget about the importance of self-education. Constantly improve your level, do not be lazy to learn new things. This will allow you to be one step (or even 10 steps) ahead of your competitors time after time.

The main lesson entrepreneurs can teach you – think before acting, but do not overthink. By trial and error, you’ll reach the top.