It’s easy to think successful businesspeople got where they are because of blind luck, or because of others helping them along the way. But this isn’t always the case. In fact, when you look into it, more often than not they found success through their determination, hard work and expertise.
That’s why there’s so much you can learn from them. Whether you are just starting your journey in business or you are a seasoned veteran, there are still things you can pick up. That’s why in this article I will go over four of the lesson you can learn from a self-made entrepreneur.
Don’t Go It Alone
Self-made is a bit of a misnomer. It can cause us to believe these people did everything themselves and had absolutely no help. On the contrary, learning when you need to ask for help is a key lesson in the world of business.
Granted, don’t just ask for help at the drop of a hat. You need to learn to be independent but also know when something is out of your capabilities. Similarly, collaboration is vital for any successful business.
Knowing when to ask for help and who in the team to ask shows great teamwork. Tom Chapman, fashion entrepreneur and founder of Matchesfashion.com, said on this matter that:
the success of the business wouldn’t have been possible without them and it’s wonderful to be acknowledged for the work Matches Fashion continues to do in championing new and emerging fashion talent around the world.
Today brands all over the world are collaborating and getting noticed. Just look at Apple with the Hermes Apple Watch strap or Starbucks partnering with Spotify, offering a free premium to employees and rewards for users of the app.
Even working with influencers can get your brand noticed. This is the same in any business. As the old saying goes: If you want to go fast, go alone. If you want to go far, go together. Work with others and you will be rewarded.
Learn To Fail
One of the biggest advantages you can have in business is knowing how to fail. If you read up on some of the world’s self-made entrepreneurs, it will be nearly impossible to find one who hasn’t failed at some point in their career.
Take James Dyson for example. He was named the richest man in the UK in the Sunday Times Rich List 2020 and spent his life savings to develop the first bagless vacuum cleaner. It took him 15 years and 5126 failed prototypes to get it right. He is quoted as saying, “The key to success is failure … Success is made up of 99 per cent failure.”
Getting knocked down and finding your feet again is a learning process. If you are too afraid to fail, you will never be able to innovate or find a different way to do things. Even Richard Branson, the founder of the Virgin Group, had big failures in Virgin Cola and Virgin Vodka. The entrepreneurs who strike gold are the ones bold enough to take a chance in the first place.
Rome wasn’t built in a day. And neither were some of the world’s biggest businesses. Even when things are going well, it’s tempting to want even quicker growth or to move onto what you think will be the next big thing. This is a mindset you need to shake yourself out of.
Impatience is your enemy in business. You can’t afford to make rash decisions. If you rush into things, you will miss critical details. Even if it does pay off, it will be an exception and not the rule. Take time to carefully think of your next move and if you do decide to take a risk, make sure it is a calculated one.
Developing an idea takes a long time. If you are patient and pair this with persistence, you will have the opportunity to learn along the way. Otherwise, you might find yourself growing too quickly and biting off more than you can chew.
Solve A Problem
The leaders of the most successful businesses all have this in common. Not only are they problem solvers in the sense that they have great business minds and can find solutions to complex issues within their companies, but they also solve problems for other people.
So before you set off on your entrepreneurial adventure, identify the problem. Then you can tailor your company from the ground up to find the solution. If you enter into a market that already has sizeable competition, then you better have an idea that’s better, cheaper or more efficient than your competition. Otherwise, your company has no future.
There are countless other lessons that self-made entrepreneurs can teach us. Those listed in this article simply some of the most important. Even if you don’t want to pursue a career in entrepreneurship, these are lessons that anyone can use. The importance of learning to fail, how to collaborate with others, patience, and problem-solving are valuable skills that benefit everyone.