5 Lessons Learned By Millionaire Entrepreneurs During the Time of Crisis
By the time an individual cover the journey till adulthood, (s)he undoubtedly has learned numerous lesson. With the moving time, these lessons keep on getting matured, but smartness is in keeping learning from everything and everyone you come across.
While the guy next door learns thousands of lessons throughout his lifetime, an entrepreneur almost doubles the figure. The journey to becoming a successful entrepreneur acquaints you with few encounters that usually people don’t come across. This is why a successful entrepreneur becomes a role model for the rest of the people.
Starting From The Beginning
One fine day you have this one idea, which you believe will roll the dice overnight, with time, and will make you stand amidst the ‘Big Boys’. You moved further with the idea, side-lining the unnecessary suggestions and learning with time, eventually achieving your set targets. But wait!!
It Isn’t A ‘Just Like That’ Thing
The three-line, 45 words paragraph sounds much like a fairy fable. The reason is that we skipped the ups and downs which as an entrepreneur one faces in his day to workings. One such stabbing moment is a time of crisis.
This moment comes across almost all entrepreneurs at least once during their journey. Nothing to feel bad about;
Swami Vivekananda rightly said, ‘If you don’t face a problem, you are heading wrong’
The concern shouldn’t be that you came across some problem, rather you need to be concerned that you don’t have the solution/the way to get off it.
To get your career as an entrepreneur to reach heights, you need to learn and integrate the traits that help you overcome the uncertain crisis. Now, just to ensure that to learn them you don’t have to face this crisis, here we have pointed out five lessons that the millionaire entrepreneurs learned during their time of crisis. Scroll to find:
Fleeing with The Flow Isn’t Always Beneficial
An entrepreneur is often passionate about the work. This passion mostly makes him take a decision fast during the times of riding low or high. One needs to understand that decisions taken during the heat of the moment can impact negatively.
The phrase has given birth to numerous emotions, and taking a decision at this time often yields unfavorable
Failures to Avail Distinct Benefits
There are a number of reasons behind start-up failure. You might have heard people asking you to ‘embrace failures’ and the primary reason behind this often includes; we are humans, people make mistakes, etc. But believe me, if we look closely, we’ll find that failures to avail distinct benefits.
Apart from learning from your mistakes, you can find the second trial more effective. While the mistakes will help you make better decisions on your second attempt, the effectiveness of work will be on its own flow.
I can recall the quote by Edison, ‘I Haven’t failed. I’ve just found 10,000 ways that won’t work.
It isn’t just to change a perspective but is indeed a fact that can help you attain goals efficiently.
Don’t Forget, Tame It
If you really wish to soar your confidence and change the results, you need to ensure that you don’t take the shortcut by forgetting the fear. The true win is in taming fear and then covering the boulevard ahead. Always remember, fear directly impacts your decision-making negatively.
You can find numerous ‘aspiring entrepreneurs’ who didn’t take the first step to date, as they are afraid to be part of those ‘80% entrepreneurs who can’t make it to success.’
Planning Isn’t Everything; Execution Is
If we look in-depth, planning is nothing but a theoretical strategy that anyone can come up with. But out of this ‘ anyone’, the one who can execute it with perfection is an entrepreneur. Founder of IdeaHacks Donny Gamble says, “Information without execution is useless”.
When we talk about execution, factors like team management, communication, and role-defining play a crucial role. These factors can only be well executed if you are an entrepreneur.
Everything Has A Price
You might not be a big fan of the movie series Batman, but you can’t sideline the famous quote by Joker (Heath Ledger), “If you are good at something, never do it for free”.
If you’ll be doing things/giving your time for free (let that be for user acquisition purposes), you might end up losing your capital before making any money. To move ahead you need to first define the problem you’ll be solving, and then look at the people who need that solution. Remember instead of going free initially, you can start small.
Rather than doing a mistake and then learning, you can try the safer and better way of learning through mistakes and lessons that helped successful people achieve higher. These were the top 5 lessons that helped successful entrepreneurs in achieving their targets. Get them injected into your working style and move closer to your desired target.