Starting and building a business is a journey filled with valuable business lessons and experiences. While buying and selling businesses may seem more appealing, everyone has to begin somewhere. In this article, myself and my team share the knowledge we have gained along the way, reflecting on our journey of spending $5 million to build a company. These 15 valuable business lessons encompass the wisdom we’ve acquired, providing insights that can benefit aspiring entrepreneurs and business owners alike.
Buying and selling businesses is 100x better than starting them. But we all start somewhere and this list is designed to guide you on your way to acquiring profitable businesses and reaching your goals.
15 Valuable Business Lessons for Aspiring Entrepreneurs
Lesson #1: Being Afraid is Okay
Once you realize everyone else is posturing and afraid too, you can accept and make your interactions more meaningful by being real with people and meeting them at their level.
Lesson #2: Value Your Time
No one else will. Everything comes at a price of doing something else. It’s called opportunity cost.
Lesson #3: Never Compare Your Start to Someone’s Middle
The story is just starting. I used to buy my way into conferences and meetups and think, man if I could just get that guys attention, that could change my life. Now those gurus hit me up and say I heard x about you…nice to meet you.
Lesson #4: Enjoy the Quiet Time
I used to pray for the chaos and work. Until I learned that if I really feel grateful in the moment of silence, I can hold that feeling and reflect back during the chaos.
Lesson #5: Positive Mental Attitude
If you haven’t learned how to convince yourself you can change the outcome of something by simply changing your attitude and perspective, you’ll feel the emotional roller coaster your on with every bump
Lesson #6: Design a Plan
Reverse engineer how you’re going to do it. Make lots of plans but a clear achievable path to hit certain metrics.
Lesson#7: Stop Regretting the Past
It’s something that happened to you or for you. Find the value in the beat and find a way to harness the lesson to your advantage.
Lesson #8: Excuses are Just that – Excuses
You’re playing small. You’re petting your ego. You’re vilifying your ambition and accepting defeat because it’s easier to be soft and accommodating to yourself to protect your ego. Knock it off. Just stop. Own your faults. Play to your strengths.
Lesson #9: Build a Team
There is no nobility in being small. One man teams. No one ever built anything of value by themselves.
Lesson #10: Less is More
No more is more. But sometimes smaller is better than smaller. Go for the big deals and be gracious about the base hits.
Lesson #11: Serve Others
If you’re chasing dollars, they will run from you. If you’re serving others and solving problems, they’ll pile up at your door step.
Lesson #12: Say No. Not Yes
True discipline and growth and focus is achieved by saying no to more and yes to less.
Lesson #13: Kill Them with Kindness
I’ve become very articulate in telling someone how much I don’t want to do business with them and when I won’t accept them as a client or Take their money, they want to do business MORE not less.
Lesson #14: Be Confident
The only thing separating you from doing 300k a year and 30 million a year; is confidence and experience….and leads.
Lesson #15: Money is Just Money
Nothing more nothing less. It’s a tool. Treat it as such.
Valuable Business Lessons – The Take Away
As you embark on your own entrepreneurial path, remember these valuable business lessons we’ve learned from our journey of building a company.
Embrace the fear, value your time, and avoid comparing yourself to others. Find solace in the quiet moments, nurture a positive mental attitude, and design clear plans to achieve your goals. Understand that less can be more and focus on serving others. Cultivate confidence, recognizing that it can be a catalyst for success. Finally, remember that money is just a tool, and it’s how you utilize it that truly matters.
By embracing these valuable business lessons, you can navigate the path of entrepreneurship with greater clarity and purpose, propelling your business toward success.
Ready to gain more insights, strategies, and connect with an industry expert who can guide you in acquiring profitable businesses and reaching your goals? Take the first step now and get started here!