Three Lessons I WISH I Learned Sooner Before Becoming an Entrepreneur

Becoming an entrepreneur is, as I once heard during a conference I attended, a lot like falling off a cliff and building an airplane on the way down. It is so amazing how fast you seem to figure things out when facing a very scary crash at the bottom. Entrepreneurship is as thrilling as it is terrifying, but the rewards only become clear after you’ve built that plane (duct tape and all) and find that you actually were able to succeed at landing. 

There have been many lessons learned since starting my small business, but there are three critical ones that would have saved me a lot of time and stress. 

The Importance of the Right Mentorship 

When I first started, I underestimated the importance of finding mentors who had navigated similar challenges. 

The right mentor is not just a guide; they are a compass that helps you navigate through the stormiest parts of your entrepreneurial journey. They provide insights that books and courses can’t. 

They have been through the grind and can offer tailored advice and foresight that can prevent costly mistakes and overlooked opportunities. Looking back, investing time in finding mentors who resonated with my path and could share relevant wisdom would have been invaluable. 

To find them, I just had to find the places they’d be– Chamber of Commerce meetings, business owner breakfasts, and yes, lots of golf coursescourse. There is something about being in the proximity of the people you want to be like that seems to accelerate all your goals. 

Calculating the Full Cost Upfront 

Had to talk about money at some point, right? Every entrepreneur expects startup costs, but understanding the full extent of these before you begin can save you from many sleepless nights. 

It’s not just about the initial investment in products or services, office space, or marketing; it’s also about ongoing expenses like insurance, taxes, and unforeseen costs that invariably pop up. 

Before you spend a dollar, sit down and map out your expected costs as comprehensively as possible. This preparation does not just help in managing your finances better; it prepares you for the realities of running a business and can inform your revenue strategies and pricing models. 

Oh, and hire a very, very good accountant and lawyer, you’ll thank me later. 

Clarity is King

If you can’t explain what your business does in 30 seconds, chances are, you won’t catch the interest of potential customers or investors. 

Early on, I struggled with this. My offerings were complex, and my explanations were too detailed for quick interactions. The ability to distill what you do into a clear, concise, and compelling elevator pitch is crucial. 

This clarity affects not only marketing but also your strategic vision. It forces you to define your value proposition sharply and communicate it effectively. 

Remember, in a world where everyone is bombarded with information, simplicity sticks.

In Conclusion 

Entrepreneurship is a journey of constant learning, but some lessons are better learned before you begin. Understanding the value of targeted mentorship, the real costs of starting and running your business, and the power of clear communication are foundational. 

These insights have not just shaped my business approach; they have fundamentally changed how I operate in the professional world. For those about to step onto the path of entrepreneurship, take these lessons to heart. They might just make the difference between floundering in the waves and sailing smoothly towards success.