Six Important Lessons For Every Entrepreneur

Most people daydream about the idea of running their own business.  The freedom to have no boss, set your work hours, and control your own financial destiny.  However, running your own business doesn’t come without taking on some bumps and bruises.   Here are ten important lessons that every entrepreneur should keep in the back pocket.

  1. Entrepreneurs Are Always Overly Optimistic-  I often use this phrase with the works; irrational exuberance.  Be very careful of letting your own rose colored lenses cloud the quality decision making your company needs based upon the facts.
  2. Measure Twice And Then Measure Again- No matter how many pro forma sheets you run and how many classes you sit through, nothing can prepare you for the certainty of uncertainty.  Make sure to margin for error in the beginning.
  3. If It Doesn’t Smell Right, Don’t Do It- You’ll have lots of salespeople wanting to sell you different solutions or products for your business.  If they don’t pass your smell test, than just move on to the next salesperson.  You won’t be missing out on anything.
  4. Be An Avid Tester- Nothing can get you quicker to answers than doing A-B testing and figuring out the answers to your hypothesis.  Fail fast and correct quickly.
  5. Activity=Effectiveness- You will typically get better at what you do more often.  Focus on the tasks you are good at and those that generate top line revenue.  Get good at these and do it more often.
  6. Be Prepared To Cut Bait- This doesn’t mean giving up as an entrepreneur, but because of industry or regulatory changes you should be prepared to cut bait on what doesn’t work and focus on what will work to grow your company.

By learning some of these lessons, hopefully you can take less of an initial beating as an entrepreneur.  There is no doubt you’ll be left with a few scars as all entrepreneurs are when they start a business.  E-mail us for the entire ten part series on what to do as an entrepreneur at ted@oxygenfinancial.net.

Written by: Ted Jenkin
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About the author  ⁄ Ted Jenkin @ Your Smart Money Moves

Ted Jenkin @ Your Smart Money Moves

Hey!

My friends and family all think I’m a workaholic, but I say I’m just a guy that loves to help people do better in life.

My mother is still the only one that calls me by my real name Theodore Michael, my wife calls me Teddy, but for the rest of you it is just plain old Ted.

Ever since I was a little kid, I always loved money and being an entrepreneur. In fact, I still have cassette tapes of me talking to my grandmother at the age of five and my mother tells me all the time how much I played with money as a kid...

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Ted Jenkin is a frequent guest columnist for the Wall Street Journal and Headline News Weekend Express. He is the co-CEO of oXYGen Financial. You can follow him on LinkedIn @ www.linkedin.com/in/theceoadvisor or on Twitter @tedjenkin.

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. oXYGen Financial is not affiliated with Kestra IS or Kestra AS. Kestra IS and Kestra AS do not provide tax or legal advice.

The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor regarding your individual situation. 

Background and qualification information is available at FINRA's BrokerCheck website.

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