The 10 Best Pieces of Advice for Entrepreneurs

The 10 Best Pieces of Advice for Entrepreneurs

Community User Blog | Posted by Greg Lehman - October 25, 2012 at 2:00 am
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Being an entrepreneur has been the most challenging and rewarding adventure in my life so far.


Here's a quick list of the 10 most valuable things I've learned during my first year as an entrepreneur. I hope they will help you too. 

 
In no particular order:
 
1. 90% of Success is Persistence
 
You'll hear 'No' many, many times before you hear anyone say 'Yes'. Take each 'No' as a lesson and one step closer to a 'Yes'.  Adapt and keep pushing on. The most successful people are the ones who didn't give up.
 
2. Embrace Failure
 
You're going to fail - a lot. Learn to love it. Appreciate that each time you fail, you're learning a lesson. Take what you learn from that failure to improve for next time. No one is ever perfect the first time they do something.
 
3. Feel the Fear & Do It Anyway!
 
If you're comfortable, you're not moving forward. Challenge yourself to go out of your comfort zone daily. You can become anything you dream of if you're just brave enough to try.
 
4. Friends & Family Won’t Understand
 
Unless they've been entrepreneurs themselves, they won't understand the long hours, extreme commitment and lack of money up front. Explain to them why you're doing what you do. Tell them you need their support even if they don't really understand why. Listen to that voice inside of you that says 'I can do it!'.
 
5. Build A Network
 
Network! Don't just hand out business cards, make genuine connections. Become that 'go to' person and you'll always be top of mind. I've met mentors, partners and friends networking. I've had speaking opportunities and been introduced to people I would have never met otherwise. I'm sure you've heard the saying: 'it's not what you know, it's who you know'.
 
6. Don’t Go For the Bottom
 
When things get tough, everyone wants to drop their prices. Don't! If you want to earn $10,000 a month, find a way to get 10 customers for $1,000 per month and blow their socks off. It will take just as much work to get 100 customers at $100 each, but you'll have 90 more customers and you can't possibly do the same work for them.
 
7. Do Not Work for FREE!
 
Especially when you're new you'll get asked to work for free or to discount your work. Don't do it. They may promise promotions or "buzz" but you won't be as committed and neither will they until there's money involved. Focus on the value that you bring to them. Stand strong and be prepared to say no.
 
8.Wii FM (What's In It For Me)
 
People don't care what you do. They want to hear how it's going to make their lives easier and how they can earn their money back. Whether networking or talking to a potential client, learn to listen. Ask questions. You'll find out much more about the other person and you'll be able to tell them exactly how you can help them. 
 
9.Focus on A Few Industries
 
You'll be tempted to become a jack-of-all-trades at the beginning. You'll want to market to anyone and accept everyone as your customer. Focus instead on a few industries. They'll recognize your message as talking to them and you won't have to wear so many hats. Become really great at a few industries instead of being mediocre at several. 
 
10. Everyone is Your Teacher
 
Whether they've been in business for 3 months or 25 years, everyone has something to teach you. They all have a different point of view and sometimes the most unexpected person (or dog) will tell you exactly what you needed to hear to have that 'ah-ha!' moment.

Lastly, have fun! Being an entrepreneur is a hell of a lot of work and if you don't truly love what you're doing, don't bother.

Do you have anything you'd like to add? What advice would you give to a new entrepreneur?

Connect with me here: GregLehman.com

Tags: entrepreneur, advice

Comments
Bill Stobbe
October 26, 2012 at 1:30 pm

Great tips.


Here's one more tip: You must maintain a work/life balance. You need to work hard to be successful but not at the expense of your family, personal relationships and your health. If you don't have balance, something will fail.

Greg Lehman
October 26, 2012 at 4:28 pm

Great tip Bill. You're right it can be really hard to juggle everything when you work for yourself, but without some kind of balance you burn out in the long run. 

Appreciate the comment. 

Kellie Shrimpton
October 26, 2012 at 5:18 pm

I love the part about everyone being your teacher.  Your clients, your friends, your family.  If you are open to listening to anyone, you can always take something away that will make your life, your work, your family better!  Great article, thank you!

Greg Lehman
October 26, 2012 at 5:25 pm

Thanks for the comment Kellie!

I agree. Sometimes the most profound idea or insight can come from the most unexpected source. 

Greg Lehman
October 27, 2012 at 2:06 am

I agree Kelly! Someone just shopping on price is not someone I want to deal with. I don't do less work so I don't see why I should get paid any less. If anything, I do more than I said I would - like you mentioned.

Having fun is essential! You only get to live once, you might as well enjoy it.

I talked to a group of high school students about a month ago in an entrepreneurship class. They had to pick a business they think they'd like to start by the end of their course. One of them asked me what kind of business they should start and just like you I said "whatever makes you the happiest! If you jump out of bed because you really love what you do - find a way to make money doing that."

Thanks for your comment Kelly!

Christina Amouzou
October 27, 2012 at 9:55 am
Great article. As entrepreneurs, sometimes we sell ourselves short. Really good to keep these 10 ideas in mind - thanks!
Greg Lehman
October 27, 2012 at 12:38 pm

Thanks Christina! Appreciate the comment. 

Lyndon Johnson
October 29, 2012 at 2:23 pm

Great piece, thanks Greg.  I'm learning about many of these as I build my business and there are a few that I'm dealing with right now, so this is really helpful.

Greg Lehman
October 29, 2012 at 2:26 pm

Thanks Lyndon! Glad you enjoyed it.

The learning never stops - feel free to come back and share some of your light bulb moments :) 

Appreciate the comment!

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