A business is any occupation, work or trade done regularly to gain profits. Businessmen or women of a previously successful business have a 30% chance of succeeding with their next business, businessmen or women of a previously unsuccessful business have a 20% chance of succeeding and first time businessmen or women have an 18% chance of succeeding.
Note that once successful businessmen or women have higher chance of succeeding in their next businesses than previously unsuccessful businessmen or women who would have learnt few lessons and first time businessmen or women because they would have learned many experiences before eventually establishing a successful business unlike unsuccessful businessmen or women and first time businessmen or women who have never learned lessons.
However, it would be better if you didn’t learn from your own mistakes; this is why we have prepared these 11 must learn lessons about business.
Please read carefully and make sure you put these lessons into practice.
11 Real Life Lessons About Business
1. Hard work will always surpass talent.
The first lesson to learn about business is that nothing is as important as hard work. Hard work surpasses talent and brainpower and is fundamental if you want to be successful in any business. Hardworking individuals do not only work hard when things are going well, but they work harder when things are not going their way. Hard working individuals take calculated risks and sticks to them, no matter how challenging they may be.
2. Be Always Happy And confident to accept and correct your Mistakes.
Nobody is perfect and everyone commits mistakes. No matter how fruitful or fruitless we may be, never try to cover up your mistakes. Instead accept these mistakes, face reality and do your best to correct these mistakes. The greatest sign of confidence is self-acceptance.
3. Always Invest More Of Your Profits Back Into Your Business
The more you invest in your business, the more your profit. To grow your business rapidly, never make the mistake of investing little out of the profit you gained back to the business. You shouldn’t use most of your profits to buy clothes, shoes, phones and other fashionable things that won’t increase the growth of your business.
We are not saying you should not purchase necessary stuff that you need but make sure anything you are purchasing is either directly or indirectly involved in the growth of your business.
For example, if you were to be taxi driver, you will be investing your profits back into your business if you use your profits to paint your cab because you will gain more passengers since people will be more attracted to boarding a more beautiful taxi, hence indirectly increasing the growth of your business, but you will be foolish if you use your profits to buy costly shoes that passengers don’t even see since your legs won’t even be visible to the passengers once you are inside your cab hence, no growth is added directly or indirectly to your business.
Never make a decision based wholly on financial profit
Making money is a huge motivator in our lives, but you should never go into a business just because of financial profit. You need to have a great passion for whatever business you are involved in.
5. Love And Respective Your Family And Friends Unconditionally
All people share one similar trait anywhere you go in the world: everybody wants to be loved. Give due respect to everyone you meet, irrespective of who they are. Love your family and friends unconditionally, and always remember them regardless of how busy you are because they made you what you are either directly or indirectly. Think deeply about this.
6. Never Discriminate Any Opportunity Presented To You
In this life, you will be presented with various business opportunities but never judge any opportunity too soon. The business opportunity presented to you might be completely strange to you but don’t discriminate against it straight away because you can never predict what this strange opportunity could lead to in future.
7. Your Health Must Always Be Number One
As they say “Health is wealth.” Don’t ever sacrifice your health for any business because it is only when you are healthy that you can manage your business most appropriately and you can’t enjoy your wealth to the fullest without good health. No other thing is as important as your health in this world.
8. Don’t Be Scared To Start Small
Several people are scared to start small because they think they still have a lot way to go before they can get to the level they are planning their business to be. Don’t be scared to start small because little drops of water make a mighty ocean. It would be best if you started somewhere and the earlier you start, the better it is for you.
9. Only Take Calculated Risks
Taking risks is great. However, these risks must be calculated. Risks taken without considering your options are reckless, but risks that are well considered and calculated will result in huge profits.
10. Avoid Unnecessary Comparison
Why do you waste your time comparing yourself to others and their businesses? If your business deals with blogging, you shouldn’t be wasting your time comparing yourself to footballers, engineers, doctors, and others that are not related to your business field.
The more the time spent focussing on what others do, the less the time spent concentrating on your greatness. Focus on your work by comparing your business growth with the business growth of others in your field, if you were to be lagging, look for ways to improve, and if you are doing fine, you must still think about ways to grow because there is always room for improvement.
11. Connect With Experienced Advisors In Your Field
It is more beneficial to work with experienced advisors in your business field because they can help you guide to the peak without much stress. Experienced advisors will share their experience in the business with you so that you don’t make the same mistake they have made; hence, your work will be more efficient than theirs.
We have given you the 11 must learn lessons about businesses to make you succeed in your businesses without much stress. It is now up to you to make sure you do n’t learn lessons from your mistakes after we have already emphasized the corrections to these mistakes. You can always drop your comments in the comment section below.
For more tips on establishing a successful company, you can always check back this blog for more updates.