Millennial startup founders are over the idea of conventional business paths. Increasingly, new startups are redefining when and how to reach mega-success. For some, it takes making their passions profitable; for others, it means skipping school to pursue a dream. But for every successful entrepreneur, it took discipline, hard lessons, and learning to achieve all they did.
Learn from, and be inspired by these five lessons.
1. Have sufficient desire
If you plan to be in business for the long haul, then you need to have sufficient desire. Otherwise, you won’t be giving it your best efforts.
Choose a big problem or challenge that you can quantify with real money or an impact on lives and see if you would consider it as your life’s mission to find a solution.
2. Success is in the small steps
Starting anything new is risky. You don’t want to move too far too fast. Take small steps at a time. Everything you have probably read about entrepreneurs says they love risk. Nothing can be further from the truth. Success is actually in the small actions.
Be patient and try to get the timing on things right. Try not to do things with haste and know that better possibilities will spring up in the future. The key is seeing them and knowing them when you do.
3. Never lose your sense of humour
In an atmosphere charged with pressure and a high level of unpredictability, the ability to laugh at yourself and circumstances is invaluable. Maintaining a sense of humour during the ups and downs helps boost your morale and creativity.
It’s always going to be more demanding than you think. You will ultimately end up hating the project, followed by falling back in love with the project a few times over. So, have fun while at it.
4. Have a short memory
It is essential to have a short memory and not get caught up in a big success or worry over something that doesn’t work, instead focusing on the tasks at hand. If you can do that, you will have greater opportunities for success.
Be adaptive. Don’t be afraid to fail – just do it quickly. The hardest thing to do is to admit failure – but fail fast – know when it’s not working and have the courage to find a pivot.
5. Be 0pen-minded
You may be the business owner, but never assume that you know everything. Approach situations hoping to learn something from the experience. So many industries are changing at a rapid pace that ideas and methods of doing things have been replaced with better options. Learn from employees, business partners, competitors, clients, and so on.
Take a step back and make sure the niche or market you are tackling can truly scale. Take a deep breath in the early days and really study some of the adjacent niches from the original idea, a couple of which might become the real deal.
Did you find this article inspiring as an budding entrepreneur? Tell us in the comments!