What I’ve Learned on My Entrepreneurial Journey | Entrepreneurs Share Their Most Valuable Lessons
June 03, 2021
Every entrepreneur has a story to share. While there might be some similarities in their journeys, there are always more unique lessons and discoveries to be had from their insights.
We’re fascinated by these entrepreneurial journeys, and even if you don’t plan to start your own business anytime soon, you might be as well! Here is what business founders had to say about the most valuable lessons they learned along the way.
Going by Instinct
We all have the tendency to read books, take courses, and obtain credentials before getting started on the things that really matter for starting a business.
Sometimes, just diving in and following your instincts is the best way to make an impact from day one.
“As a first-time entrepreneur, I had no idea what to expect going into building a business,” said Ming Zhao, CEO and Co-Founder of Proven Skincare. “However, looking back I realize that going headfirst into the unknown despite doubters or uncertainties gave me the freedom to just follow my passion and instincts. Today I am successfully running Proven Skincare with my co-founder and revolutionizing the world of skincare by using artificial intelligence to create customized skincare formulas. Although this idea may have seemed inconceivable to some at first, going for it anyway is what led me to success.”
Your intuition might not always be 100% correct, but it’s better than sitting on the sidelines.
Authentic Action
Working as an employee often requires that we blend into the crowd and take on certain characteristics that the company wants from us. That’s not necessarily bad, but entrepreneurship is something totally different, fully embracing your true personality.
“To be an entrepreneur, to us, is all about authenticity,” said Olamide Olowe, CEO and Co-Founder of Topicals. “Be unapologetically you, don’t bend on your beliefs, and don’t let others tell you to feel any less about your objectives. You have to be headstrong, almost to a fault, to succeed in this world. Also, staying true to not only yourself, but your brand. Keep a close watch on all facets of your company, and make sure they are always aligning with your brand’s ideals. Focus, determination, and confidence are all great assets to have in this world.”
This won’t come naturally to some people, but with time it will feel intuitive and authentic.
Vision First
Many business leaders talk about vision, but until you start working on a vision of your own, it’s difficult to comprehend in full.
The truth is that your first vision won’t be the final version, and you need to be ready to tweak and adapt to create a viable business that lasts.
“The entrepreneur must be able to make a vision in the mind’s eye into a reality that people can buy into before it exists,” said William Schumacher, CEO of Uprising Food. “One must exude confidence in their convictions so that others will follow yet at the same time have the humility to adjust the vision or the steps to get there as the market clarifies the details of the path.”
Every great entrepreneur is a little bit stubborn, but not afraid to be flexible when necessary.
Embrace Risk
Everything in life is a game of risk and reward, whether you’re working a part-time job, climbing the corporate ladder, freelancing online, or starting a business of your own.
Great entrepreneurs are highly attuned to risk and how much they can tolerate. This helps them make smart decisions on the fly and conquer the toughest challenges in business.
“Do not be afraid of risk-taking,” said Jing Gao, CEO of Fly By Jing. “There is always some risk when setting out to create a product and kickstart a business venture. The risk, however, varies upon your industry. For me, I set out to create a delicious and diverse chili sauce to represent my Sichuanese background and bring recognition to my culture’s delicacies. In this, there was a good amount of risk. Food from my home is not widely accepted as high-end. People expect cheap. So, getting notoriety was initially a challenge. I had many critics of my business telling me that people would not pay the price for my sauces. Despite this, my company has prevailed. I would encourage all women, especially minorities setting out to create something they love, to take the risk.”
What risks do you consider to be tolerable, and which ones pose a bigger challenge in your life?
Content Powerhouse
Today’s entrepreneurs have their hand in nearly every aspect of the business. From product design to finances and even marketing, they wear many hats and juggle various tasks left and right.
Many CEOs are also content creators since they know how important this can be to marketing and brand recognition.
“Keep creating content, and simply don’t let up,” said Dr. Blake Livingood, Founder and CEO of Livingood Daily. “There are always new topics to explore, new angles to take, and ways to synthesize information in different ways that keep things fresh. Everyone is always in search of new and original content, so the best thing you can do is never stop creating.”
You don’t need a professional studio to make great content – originality and consistency matter most.
Stand Out Online
The internet is filled with distractions and brands competing for our attention. In other words, the old-school methods of marketing simply don’t work to the same effect anymore.
It’s time to ramp up your creativity online and stand out from the crowd.
“I’ve learned to be creative with your marketing,” said Chris Vaughn, CEO of Saucey. “With a low budget, getting your name out there can be challenging, so standing out is essential. We did reach some bumps in the road, like getting the licenses and approval to be able to deliver liquor. But once you get through the logistics, the next step is getting the word out there.”
You never know when a campaign might be the next viral sensation, so why not take some risks?
Believe in Your Brand
How many entrepreneurs are truly passionate about the products they promote? Alternatively, how many people are just going with the flow and not really committing themselves fully to the cause?
This can be the make-or-break factor for success or failure.
“I’ve learned that having a passion for the products or services you’re providing will help propel your business growth,” said Abraham Rahmanizadeh, COO and Co-Founder of Leafwell Botanicals. “We wholeheartedly believe in CBD as a healing method for anxiety and trauma for both humans and animals, and that’s what keeps us going. Our customers can sense this authenticity in all that we do.”
Passion can’t be created out of thin air – it needs to be real and from the heart.
Avoid Comparison
In today’s world, it’s easy to get tripped up in comparing your journey to others and basing your self-worth on the standards of society.
If you plan to start a business or pursue any entrepreneurial effort, comparison is not an option.
“Every entrepreneur takes a slightly different path, so it’s important to avoid the trap of comparison no matter what stage you’re at,” said Tyler Forte, Founder and CEO of Felix Homes. “It sounds cliché, but the only real competition is with yourself, and you need to outperform your own expectations each day to make progress.”
It’s a tough habit to break, but the sooner you stop playing the comparison game, the better.
Demolish Distraction
It only takes two seconds to reach for your phone, get distracted with the latest social media post or text convo, and totally get thrown off track from your goals.
This doesn’t seem like a big deal at first, but think about how this cycle can compound and add up over time.
“Don’t get distracted,” said Jas Bagniewski, Co-Founder of Eve Sleep. “Never tell yourself that you need to be the biggest brand in the whole world. Start by working on what you need at the present moment and then what you need to do tomorrow. So, set yourself manageable targets.”
Distraction is one of the biggest productivity killers of our time, so do what is necessary to put an end to it.
Trial and Error
One of the biggest misconceptions of business is that everything will go smoothly the first time. This could not be further from the truth, and experienced entrepreneurs know it best.
“Being an entrepreneur absolutely has its highs and lows,” said Kaz Amor, Founder of VoCe Haircare. “There is a lot of trial and error in beauty. As a hairstylist, I’ve spent countless hours figuring out the best formulas and ingredients to create products that I truly believe in. The frustration and doubt can always set in, and I have been able to push through that by having my incredible team by my side. They are always the first to give feedback and push me to the highest levels of confidence in my products.”
It’s time to start viewing trial-and-error as a good thing, bringing you closer to success every time you make a mistake.
Lean on the Team
It can feel like you’ve got the weight of the world on your shoulders when starting a business, and many entrepreneurs fold under the pressure when they fail to delegate and work with the people around them.
“I’ve learned to balance independent thinking with input from my team and the ability to delegate effectively,” said Michael Fischer, Founder of Elite HRT. “Many young entrepreneurs struggle with this, and I understand why. But at some point, you’ve got to learn to lean on the people around you and make it a team effort to get to the next level.”
Every entrepreneur has a definitive moment when they put their ego aside and start working with their team in a more coordinated manner.
The Right People
We mentioned the importance of your team, but your business will only go so far if you make smart hiring decisions and create a high-energy culture from within.
“The most valuable lesson that I have learned during my time as an entrepreneur is that your team and company culture go a long way in creating feasible success within your business,” said Steve O’Dell, CEO and Co-Founder of Tenzo Tea. “You could have one of the best business ideas ever, but if you are not able to create a team that is ambitious and full of talent then the chances of your making it big dissipate immensely.”
It’s hard to know whether someone will be a good fit for your team, so use all the clues you can gather and go with your gut most of the time.
Keep Those Connections
Every hand you shake, every email you receive – these are all tiny building blocks for your network, and you should take none of them for granted.
You never know when you might need to call on one of these connections to take your business to the next level.
“The most important thing to keep in mind when you are working on your business is to never burn any bridges,” said Joshua Tatum, Co-Founder of Canvas Cultures. “This is talked about so often, but it cannot be focused on enough. If you make any sort of connection with a client or employee, always make sure that the connection stays there or at least you part on good terms. You will be shocked by how many people you will meet that can help you down the line within your business.”
When you’ve finally reached the top of the business world, you’ll be shocked how many people want to catch up for lunch!
Always an Opportunity
Naysayers will often comment how certain industries are too crowded and that no good opportunities remain. Why then are thousands of successful new businesses started every single year?
“I’ve learned that there’s really no such thing as an overcrowded or saturated market, especially in a global market with internet access,” said Kelli Lane, Chief Marketing Officer of Genexa. “There are so many niches and small segments you can tap into, and with today’s targeted marketing, you can accomplish this more easily than ever.”
By planning and targeting properly, you can make a splash in markets that might seem ultra-competitive on the surface.
Learn from Failure
It’s a classic entrepreneur trope, but having a good relationship with failure is so important at every stage of the game.
Whether you’re just starting out or on your fourth venture already, failure will happen, and you’ll need to respond constructively to stay on track.
“The most important lesson I’ve learned from being an entrepreneur is that failure teaches you more than success ever could,” said Melissa South, CMO of SwingTie. “Success is something that when it happens, you celebrate and move on. There is no extra learning that occurs, but in terms of failure, if you stumble you have to learn ways to pick yourself back up. This process is one of the best ways to learn new tactics of how to better yourself personally and professionally.”
The sooner you can detach from the emotions of failure and extract key lessons, the better.
Start Small
Many people who are entrepreneurially minded – especially younger folks – tend to bite off more than they can chew, thinking this is necessary to achieve success.
The opposite is true, in fact, since small steps are more conducive to long-term productivity.
“Start as small as you can,” said Gretta Rose van Riel, Founder of Hey Influencers. “When I started SkinnyMe Tea, I had $24 in the bank, and I was entirely self-funded. If you are not embarrassed by the first version of your product; you’ve launched too late.”
Dream big, but don’t let those steep ambitions get in your way of actual progress.
Adapt and Innovate
Take a moment to zoom out and see how much innovation has happened in just a few short years. If you plan to succeed in business for the long run, you’ll need to learn the ropes of adaptation and tech adoption to stay ahead of the curve.
“The one thing that I learned as an entrepreneur is that if you need to keep up with innovation that occurs in your industry,” said Ryan Solomon, CEO of Kissmetrics. “If you are not flexible with how you innovate yourself and your team then you will slowly start to fall behind in terms of how well your team is able to keep up with competition. Do your best to analyze your competitors and understand what is the next big thing in your industry and run with any new findings you have. You always want to take risks that can keep you ahead of the curve rather than seeing a big opportunity pass you by.”
Master Marketing
There are so many facets to marketing, and we can’t all be experts on every single front. Instead, work on singular marketing strategies one at a time and build on those foundations over time.
“Discovering effective campaign strategies with PPC ads was a journey for me and my T-shirt business,” said Mike Pasley, Founder of Famous IRL. “After several attempts, I finally found workable methods that were cost-effective, sparked engagement, and were profitable. I’ve learned to be patient and that you’ll have to try multiple times before finding whatever marketing strategies work for your particular business.”
You’ll find that many marketing strategies have overlap in terms of messaging and tactics, so you make real progress with every campaign launch.
Stay on your Path
Everyone knows the importance of staying true to yourself in life, but this is even more vital to success when starting a business.
“It’s important to move at your own pace and not be swayed by the opinions and expectations of others when you’re starting a business,” said Ashwin Sokke, Co-Founder of WOW Skin Science. “Nobody else truly understands your vision and what you want to accomplish with your company, so their input is often not that helpful – sometimes even detrimental. Be open to advice but remember that you’re the one steering the ship.”
Even the people closest to you might not offer useful input, so be discerning.
Sensible Products
That dream product you’ve always wanted to sell and make money from? Maybe the market just isn’t ready for it, yet. More important than this is putting out products that people want to buy and enjoy.
“As an entrepreneur, I learned quickly that it’s important to provide your customers with products that they actually need, rather than products you want them to purchase,” said Travis Killian, Owner and CEO of Everlasting Comfort. “I think many people starting off in ecommerce experience this – trying to make a particular product fit with a certain demographic. However, you should be looking at it from the exact opposite angle. First, do your research and discover the products that fit your target audience, and then offer them, along with stellar customer service and a pleasing price point.”
When your business is thriving and enjoys cult status, then you can release less sensible products just for fun.
Narrow the Niche
The more specific, the better, in today’s business landscape. Narrow down your business plan as much as possible, even if it seems overly targeted. This will serve you more in the long run than being too general.
“When I first became an entrepreneur, I had to fight hard for every lead and every collaboration,” said Jordan Dwayne, CEO and Founder of 6 Ice. “The market was fierce, and so was my competition. But, the more I learned, I realized that it was better to hone in on a very narrow niche, rather than to appeal to a wider audience, but with much more competition. It’s important that every business creates its own path, and by offering select products to a truly targeted audience, my company would be much less commonplace, and much more extraordinary.”
Entrepreneur origin stories are always interesting to hear, but the lessons we get from those tales are even more important as we apply them to our own lives. Which will you remember as you navigate the next chapter of your journey?
