Entrepreneurship is a challenging task. Entrepreneurs frequently face difficulties that no one else is aware of. Late payments from clients, insufficient capacity, rejection of proposals, cash flow difficulties, unexpected disasters, and other issues can arise.
Overcoming such struggles is the stuff great entrepreneurs are made of.
A new episode of My Biggest Blunders — Failing Forward took place on Thursday, April 28th, a platform for entrepreneurs and professionals to discuss the mistakes they’ve made along the way as they’ve built their businesses and careers.
We had three speakers, a poultry farmer, a photographer, and a theatre performing artist group, at this session.
The following are the lessons from last night’s session:
- Surround yourself with experienced people – When starting out in a new sector, it’s important to surround yourself with people who have a lot of expertise.
- Don’t be afraid to ask for help – When confronted with difficulties, it is tempting to succumb to the temptation to hibernate. This will only make matters worse. Find and seek for help whenever you need it.
- Get a mentor – Don’t do entrepreneurship alone, always have a mentor
- Know your strengths and don’t try to do everything – It’s impossible for you to do it all at your startup. Work on your strengths first, and then seek help from others in the areas where you lack expertise.
- Don’t grow too fast – Growing too quickly without capacity increases the danger of making costly mistakes that impact cash flow, customer satisfaction, and even mental wellness. Grow your business slowly, not too quickly.
- Always look outside if you need help – Take the initiative to look outside and ask for assistance. Don’t be embarrassed to ask for assistance.
- Be resilient, toughen up – If hardship does not kill you, it makes you stronger. Overcoming obstacles builds resilience.
- Never give up – Starting and sustaining a business is a demanding endeavor; but, don’t give up when you encounter your first difficulties.
- Be proud of what you are doing – Your work is your signature, constantly strive to produce your finest work because it is a reflection of who you are as an individual.
- Don’t ignore the red flags – Do not dismiss red flags that may later prove to be troublesome while developing new relationships and collaborations with others
- Share responsibilities in partnerships – If you’re in a partnership, always share responsibilities and hold each other accountable for the deliverables that you’ve agreed on together..
- Have a partnership agreement – A partnership agreement ensures amicable resolution of problems. It’s difficult to enforce terms and conditions without an agreement.
- Study your partner, their strengths and flaws – Know your business partner, their strengths and weaknesses. Know them outside of work.
- Make new mistakes – You’re going to make mistakes, and you’re going to keep making new ones as you move forward and fail. What’s important is to fail forward.
If you would like to share your business or professional story, please send an email to email@example.com with a brief synopsis of your story.
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