By 6 min read

Introduction

The journey of an entrepreneur is challenging and full of uncertainty. You never know when you’re going to hit a roadblock, but you always have to be prepared for it. It’s impossible to predict what will happen in the next 6 months or even 3 years from now. The only thing you can be sure about is that things will change — and quickly!

Entrepreneurship isn’t for everyone, but if it is something that interests you then here are five lessons I wish someone had told me early on in my career:

Trust Is Earned, Not Given

  • Trust is earned, not given. It’s a two-way street.
  • Trust is built over time by being consistent and transparent with your team, investors and partners.
  • You can’t give away what you don’t have yourself.

People Are Assets, Not Liabilities

While you can’t do everything yourself, no one else can either. People are your greatest asset. You need to hire the right people and treat them well. You need to make sure they’re happy and motivated so that they work hard for you, not just for a paycheck.

The Art Of Letting Go

It is a skill to let go of something you have worked hard on, or that has been your baby for a long time. When you start a company it’s natural to want to be involved in every decision and aspect of the business, but this can actually be detrimental in the long run. Not only does it take up valuable time, but it also creates an attachment that clouds your judgment and makes it harder to make decisions objectively.

Be Frugal With Your Money

  • Don’t spend money on things you don’t need.
  • Be aware of the cost of things.
  • Don’t waste money on frivolous things.
  • Don’t buy things that are not needed.
  • Spend less than you can afford to spend.

Focus On What You Can Control

Focus on what you can control.

This is the most important lesson I’ve learnt as a founder of multiple companies. Not only is it useful for your business, it’s also great life advice that will make you happier and more productive in all areas of your life.

There are many things in life that we can’t control (the economy, other people) and others that we can control (your health, your work ethic). If you spend time worrying about things out of your control—what other people think about your company or product, what the market is doing right now—you will become frustrated and unhappy because there’s nothing else to do but wait for those things to change. If instead you focus on the things in which you have influence over, such as working hard during daily standup meetings with teammates or spending time learning about new technologies related to your business model, then when those uncontrollable factors inevitably change beyond expectation (or even fail), at least there was something positive gained from dealing with them!

Entrepreneurship is full of challenges and lessons. These are five i wish i’d heard early On In My Career.

Entrepreneurship isn’t a straight line. It’s more like a rollercoaster ride, with lots of ups and downs. There are many lessons to be learnt along the way. Some are easy, but some can be hard to learn. These five lessons are ones I wish I’d known when starting my first company:

  • It’s okay to fail – You don’t have to be perfect from day one
  • You’re not alone – The start-up community is here for you
  • Ask for help – Don’t try and do everything yourself
  • Keep calm and carry on – Don’t let your emotions get in the way of making good decisions

Conclusion

I hope that these five lessons help you as an entrepreneur. I’ve learned many of them the hard way, but each one has helped me grow as a founder and an individual. You might not find every lesson relevant to your business or situation, but they’re all valuable in their own ways.

Author: Ruchi Rathor

RUCHI RATHOR Founder & CEO

Payomatix Technologies Pvt. Ltd

FOUNDER AND INVESTOR | PAYMENTS PROCESSING EXPERT | MERCHANT ACCOUNT SOLUTIONS | WHITE LABELLED PAYMENT GATEWAY | Dreamer, Creator, Achiever, Constantly Evolving

 

Founder Of Multiple CompaniesRuchi Rathor