Ten Rules of Entrepreneurship
1. Prepare to be unprepared. You are not going to be ready for everything. It is important to try and anticipate multiple outcomes when making decisions. Plans are going to change. Try and have a plan A, B, and C when making plans.
2. Embrace failure. You are going to fail, it is the hard truth. There will be failures, but failures prepare you for success. Nearly every successful entrepreneur has filed many times before they found success. Fear of failure can prevent you from getting started, but it can also give you the courage to be great. Embrace it. It is going to happen.
3. Learn from your mistakes. You are going to make mistakes, and your staff is going to make mistakes. It is important not to dwell on them, and do not punish others for theirs. The best education you are going to get is by learning from your mistakes.
4. Hire character, teach skills. People are your company’s most valuable asset. Understand that and treat them accordingly. People are going to come, people are going to go. As long as you hire good people and give them the tools to learn and grow, everyone will succeed.
5. Opportunity knocks. An opportunity will present itself. You can neither control nor force opportunity. All you can do is work hard and learn new things every day. Stay open-minded, learn from every conversation, build as many quality relationships as possible, and opportunities will come.
6. Change is inevitable, embrace it. Most people don’t like change. If you don’t like change, entrepreneurship may not be for you. A business is a living, breathing entity. It is always growing, always changing. You as the owner should always be changing and growing with it.
7. Do not freak out! Bad things happen whether you like it or not. When you freak out, everyone freaks out. Do not focus on the problem, instead turn your attention towards finding a solution. Make quick, efficient, and logical decisions. Deal with the results as they happen.
8. Always be learning. Be a student of your business, be a student of your industry. Understand that you do not know everything. Take advantage of every opportunity to learn and grow every day.
9. Take the high road. Integrity is everything in business. There will be many times when you will be challenged, and you will be asked to do things that are outside of your ethical comfort zone. If you have to question if something is unethical, then it probably is. The key is to always do what you know is right even if it jeopardizes relationships. Unethical people always lose in the end, so why associate with them? Do not burn bridges because you never know what or who will provide opportunities in the future.
10. Time is your most valuable asset. There are only so many minutes, hours, and days in our lifetime; don’t waste time on things that don’t propel you forward. Time management is one of the most important keys to success.