A businessman is successful because they run their business well. They can be successful because they have the experience and learn from what their teachers taught in school. At school, they learn about what is being taught by their teachers, especially regarding entrepreneurship. They apply many of these lessons in their entrepreneurship so that they can lead their companies to success. Various subjects, such as ways to create a business, how to start their own businesses, and much more are important for this field. However, not all the Important Entrepreneurial Lessons are taught in school. Some come from experience and contact with other people. Let’s find out The Important Entrepreneurship Lessons That Colleges never Teach.
Schools do not teach about creativity and people management. Creativity, in fact, needs to be self-taught with motivation to generate brilliant ideas. People management refers to the management of a team of employees. How can they be trained to become people with credibility and a high enthusiasm for work.
How Money and Cash Flow Work
The money that any company gets is either used up or saved for later. However, the real money and cash flow is not known by people. If one can learn more about this, they can manage their finances well enough. They can also analyze the gains or losses that will occur.
This lesson is very valuable because it can teach people to never give up. In any case, nobody should ever give up, because a person who gives up is not mentally prepared to face problems and may suffer business losses.
Failing Is OK When Aiming Big
Work in a team that can aim bigger than expected. If they fail, it is okay because they have been aiming big. That is, the big shots are indeed difficult to come by than a small shot. So, if you fail it will not be a problem.
Boss is a corporate leader who rules his employees to work and bring the business to success. Every person needs to teach himself or herself to be bosses to become successful in life.
Success Without Happiness, Love, And Service Leads To Emptiness
Success would be very sweet if it has come with hard work. However, it was never taught in school. Success without happiness will only bring a lot of money, but the individual will feel empty.
The Indomitable Will To Succeed
Persistence and hard work bring success. A person must be persistent in running a business. Many business people have learnt to work hard and train their persistence so they can get closer to success. But this important lesson is not taught in schools.
Question Everything
Question everything. Everything that is needed to be asked, All that is needed to be known. The exhilaration of curiosity can be missed if the answers are already known. However, the sense of curiosity to ask about things will lead to success.
Who You Know Is More Important Than What You Know
This perception has been said by a Co-Founder and CEO of ListenTrust, Craig Handley. Create a network and meet lots of people. They will give plenty of opportunities for running a business.
entrepreneurship lessons
Entrepreneurship Lessons – FAQs
What entrepreneur means?
An entrepreneur is someone who has the ability to establish and administer a business along with bearing the associated risk to make profits out of the new business.
What is the best definition of entrepreneurship?
The act of setting up and running a new business is known as entrepreneurship. Entrepreneurship is defined as the ability and readiness to establish, organize, and run a startup or an enterprise, taking the risk of uncertainty in order to make a profit.
Elon Reeve Musk is a technology enthusiastic entrepreneur, using his sharp and clever mind in technological investment, and engineering. Elon Musk is trying to save the world by recreating and innovating every industry he has come across with, be it media and finance to transportation and energy.
He is the Founder, CEO, CTO and Lead Designer of SpaceX and also the product architect of Tesla Inc. He also has other ventures and has a net worth of $171.6 Billion and is the third richest person in the world right now. Musk is one of the most admired people, especially for his creative and innovative skills.
Work harder than the average people. Don’t work 100, but 150 percent, which will give you the edge over all the people. Hard work always pays and working hard more than the other humans, will be always beneficial.
2. Work with smarter guys
“Show me your friends and I’ll show you your future.” This quote works well while hiring people. If you hire one smart guy instead of 3 normal guys. In that case, one guy working for 1 hour is better than two guys working 6 hours and also saves man-power. It is a mistake to hire huge numbers of people to get a complicated job done. As number will never compensate for talent, getting the right answer will tend to slow down progress, and will make the task incredibly expensive. The personality of a person also matters along with the talent the person has and these two traits go hand in hand.
Don’t always be nice to people. In business, be as direct as possible. Give higher priority to goals than money. Have a higher goal in life rather than focusing on making money. The money will be the outcome of the higher goals. Know as many details as you can know of your work, to be an expert in your field.
4. Believe on your decisions
If something is important enough and there are odds against it, against you, you still have to pursue it. Persistence is very important. You should not give up, unless you are forced by your mind to give up.
5. Clear vision
If one has a vision and is continuously working on the idea, then Nothing is impossible. Life is too short for long-term grudges. Know what motivates you. Keeping your eye on the ball is key. The key to success and to fulfill your dreams is having clear vision.
Follow your guts. Listening to one’s instincts is natural to everyone but we usually tend to curb down our natural thoughts owing to external response and stimuli. Don’t do it. Follow what your inner mind says and block out all the external thoughts. It is never too late to find out what one loves and pursue it as a dream.
7. Learn from your failure
Learn from your failures and keep going. Learn from your mistakes. See what went wrong and what is stopping you from getting the desired results. Work on it and keep moving. Everyone follows the heard, try to break-free of the heard and challenge the norms. The one who breaks the mediocrity are the ones who become successful in life and everyone follows them. Don’t be afraid of new arenas. Always consider failure as an option and keep hustling.
8. Be like water
Always have a adaptive nature and be comfortable with the change. No one knows what challenges might come in future. Successful people knows how to adapt to any situation and they continue pushing themselves to reach their goals. No matter what comes in the way, embrace it, and try to solve the problem instead of complaining about it.
9. Improve the Product, not the marketing
The bigger a company gets, the more it spends on marketing, and in some cases, their marketing budgets surpass the budget of any other aspect of their business. This means that you are investing more in improving promotion than in improving the quality of your product. Focus on improving the product. The word-of-mouth will do the marketing for you.
10. Work consistently
Consistency is the key. It’s matters a lot and takes time. In order to be consistent, you have to maintain positive behavior and perform day after day, until you get what you desire. If you get what you desire, then celebrate for a while. The prizes are not an excuse to take rest. There’s nothing wrong with taking some time to celebrate and enjoy your successes. But yeah, don’t celebrate too much and get derailed from your goal.
“You get paid in direct proportion to the difficulty of problems you solve”
“Failure is an option here. If things are not failing, you are not innovating enough.”
“Persistence is very important. You should not give up unless you are forced to give up.”
“I don’t think it’s a good idea to plan to sell a company.”
“People work better when they know what the goal is and why. It is important that people look forward to coming to work in the morning and enjoy working.”
“Starting and growing a business is as much about the innovation, drive, and determination of the people behind it as the product they sell.”
“When Henry Ford made cheap, reliable cars, people said, ‘Nah, what’s wrong with a horse?’ That was a huge bet he made, and it worked.”
“You have to say, ‘Well, why did it succeed where others did not?’”
“As much as possible, avoid hiring MBAs. MBA programs don’t teach people how to create companies.”
“Don’t delude yourself into thinking something’s working when it’s not, or you’re gonna get fixated on a bad solution.”
“I say something, and then it usually happens. Maybe not on schedule, but it usually happens.”
“If you get up in the morning and think the future is going to be better, it is a bright day. Otherwise, it’s not.”
“I don’t spend my time pontificating about high-concept things; I spend my time solving engineering and manufacturing problems.”
“People should pursue what they’re passionate about. That will make them happier than pretty much anything else.”
“Failure is an option here. If things are not failing, you are not innovating enough.”
“Being an entrepreneur is like eating glass and staring into the abyss of death.”
“Really pay attention to negative feedback and solicit it, particularly from friends. … Hardly anyone does that, and it’s incredibly helpful.”
“You want to have a future where you’re expecting things to be better, not one where you’re expecting things to be worse.”
“Brand is just a perception, and perception will match reality over time.”
Some small tips from Elon Musk’s speeches at various university
Work super hard.
Attract great people.
Focus on the things that actually make a difference.
Don’t just follow the trend.
Take risks.
Focus on signal vs noise.
Work with the best possible people.
Work hard, and work very smart.
Elon Musk’s work formula
1. Practice managing cortisol
The second aspect of this is that when you are with friends, your body gets a rush of serotonin whereas when you are at work, your body gets a rush of cortisol. To adapt biologically to achieve anything that has to do with ~ 16 hours of work per day, one has to embrace a very good response about cortisol rush.
2. Look to the solution
No matter what the situation is, you have to look at the situation from the point of view of an problem, and deriving an solution. And this is a hard but possible way to do it.
Learn to get more efficient at embracing stress. To do this, “calibrate each task”. Think about a simple situation: You head out of your home to catch a flight, and you are stuck in traffic. Your stress level increases very quickly. If you were to calibrate this and say – no matter what the traffic conditions are, no matter what the weather is – the journey to the airport from my home takes ~ 35 mins. Then if you take ~ 55 minutes in hands and travel accordingly you cannot be stressed out.
4. Do not stress
Most efficient people do not stress about a problem. They just identify it quickly, plan a good solution, and work on the solution. Their stress level remains low enough, and therefore they are able to make this a habit.
Rules of success of Elon Musk
5. Do not let others get stressed out
When one person in the team panics, many others panic. It is very important to keep a very cool temperament when stressful situations arise. If a soccer team coordinates well, while keeping a cool temperament, they can win a match with one fewer player. But if one player demoralizes the whole team, they can never win a match.
Shubham Kumar
