Credello: The tradition of celebrating entrepreneurs started in 2011 when President Obama designated November as National Entrepreneurship Month. Every US president since then has reaffirmed the proclamation annually. We even have National Entrepreneur's Day now. It's celebrated on the third Tuesday of November. That's how important new business is to America.
There are several financial lessons we can learn from successful entrepreneurs, including how to borrow money and which business structure is the most scalable. Those are both important, but the entrepreneurial spirit is what we want to focus on today. What drives these men and women to step out on their own? Why are they successful? Here's a list of six lessons we can learn from them:
1. Choose a Job You Love
It's impossible to be passionate about something you don't like. Successful entrepreneurs put their heart and soul into their business because they love it. Founders believe in their product or service. That's the reason they chose to make it a business in the first place. You can only do that if you love what you do. If you don't, success is unlikely.
2. Expect to Fail Repeatedly
Netflix was a DVD mail-order service that went broke in the late 90s and tried to sell out to Blockbuster Video. Today, they're worth $300 billion and the company has reinvented itself several times in the past two decades. Co-founder Marc Randolph wrote a book about it. What's the point? Expect to fail. It happens. Get up, make corrections, and try again.
3. Teamwork Makes the Dream Work
The most successful entrepreneurs are those who know how to build and work with a team of people. Trying to do it on your own will almost always lead to failure. It can be your idea and you can be the driving force behind the company, but you will need some help to make it all come together. Teamwork makes the dream work.
4. Continuous Education is Not Optional
The world moves fast. Those who continue to learn have a chance to keep up with it. This is critical to the success of an entrepreneur. Take classes. Go to webinars. Read a lot. Ask any self-made millionaire and you'll find that these are all common themes with them. They hungrily pursue new knowledge. If you do the same, you'll be successful.
5. Trust Your Gut, but Don't Ignore the Data
It's okay to "trust your gut," but don't jump if there's a fifty-foot drop in front of you. Winning in business requires good instincts. Business owners sometimes rely on those too much and ignore the data. Of course, there are companies that achieve success when the data suggests it won't happen. Finding the right balance is part of the journey.
6. Focus on the Future and Don't Regret the Past
Always move forward. This is a universal creed for entrepreneurs. Walk through the failures and leave the past behind. Learn from it, but don't have any regrets. Remember what Edison said when he was asked about failed attempts at making a lightbulb. "I didn't fail," he said. "I found 1,000 ways not to do it right." That's the mindset you're looking for.
Sources:
National Today
FranFund
Virtasktic
Source: https://www.newswire.com/news/national-entrepreneurship-month-6-financial-lessons-from-successful-21553150
