Joseph says entrepreneurship isn’t a mere fashion statement; it’s a way of life. However, most people don’t have the perseverance or fire in the belly it demands, and usually give up. The primary goal of entrepreneurship is to create growth and wealth by offering high value-added activities to the present economy. This is possible when new and innovative ideas are implemented and jobs are created. In just a matter of weeks, the COVID-19 pandemic has greatly changed how we do business, not a single industry has been spared.
Businesses are left with no other option but to respond with the same rapid speed to accommodate these unplanned transformations. Undoubtedly, as an entrepreneur, you’re going to get a lot of advice from a multitude of sources—friends, partners, mentors, and investors—about what it takes to run a business. Some of it will be useful and some of it won’t. Knowing who and what to listen to can be tricky not to mention overwhelming. As entrepreneurs, we all follow our own path.
For some, the rise to financial success is a long, slow, painful process. For others, things just seem to magically fall into place. I believe that the latter isn’t a result of magic, however, but is the sure sign of an entrepreneur who understands the importance of learning from, adapting to and growing with their business. Particularly when you’re just starting a business, it’s easy to get caught up in doing what others tell you is the “best way” to do something. Problem is, “they” don’t know your customers or clients. Use best practices as a starting point, but adapt them to meet the unique needs of your business and customers.
Lessons Every Entrepreneur Must Learn
It’s a marathon, not a sprint
The goal is to increase your chances of success. Being an entrepreneur is hard. It takes sacrifice. There are no overnight successes (well, maybe one or two), but for most successes out there, the real backstory is much more tumultuous. Success is almost never linear. Sometimes there are ups and downs, rights and lefts, forwards and backwards. You need to be able to weather the storms and take advantage of serendipity.
Plan for the unexpected
It’s worth emphasising that planning should not be too focused on specific risks. Your plan must also be able to be adapted to cope with the unexpected. Nobody foresaw the extent of COVID-19 and the rapidity with which the global response escalated—but those who had a flexible plan have proved to be more resilient than others.
There’s no such thing as an expert
Listen to what mentors have to say, but remember that you are the only one building this business at this particular point in time. No example before you is an exact replica of your business. And just because something worked in the past, or didn’t work in the past, doesn’t mean that it will or won’t now. I don’t believe in experts. The idea that anyone (including me) is an expert is silly. To me, many “experts” are a product of a time. With that said, there’s obviously things you can learn from mentors, but their word is not gospel
Not all money is good money
This is a lesson many entrepreneurs struggle with early in their career. When you’re getting your business off the ground, it’s easy to fall into the trap of taking money from anyone who offers it. The problem is, not all customers or clients are worth it.
My philosophy is to always find the smartest people you can. Hire people smarter than you.
Most people have a very hazy idea what cryptocurrencies are, whether they should invest in them and have no idea how to invest in them if they decide they should. This opacity extends to Bitcoin, the first and most well-known.
Joseph O’Connor knows exactly what bitcoin all is about – being a self-made millionaire from his bitcoin investments.