As I grow and become more mature, I learn both as a person and as an entrepreneur.
There are mistakes of which I've avoided the severest consequences by chance, though I have always been smart enough to analyze the experience, determine where I went wrong and correct it.
Out of all that I have learned thus far, the below 3 rules of entrepreneurship have held the truest, and can be helpful knowledge for all aspiring business owners both young and old.
1 - Entrepreneurship Is Harder Than Corporate Life, Though It Is Easier to Make Money
Although working in corporate will provide you with stability, it will significantly decrease your odds of ever building wealth. There are the old-fashioned methods of scrimping and saving, and investing wisely, but with today's declining real wages, time-tested practices such as these are less and less reliable for the younger generations.
I was always told, then learned first hand, that nobody will ever make you rich. You can kick and scream all you want, however reliance on a company or a boss to build your wealth is an unrealistic, self-defeating proposition.
2 - The Best Entrepreneurs Recognize Their Own Faults, and Relentlessly Improve Upon Them
As human beings, it is hard to admit to our faults and even harder to take the time and gain the discipline to improve upon them.
However, admitting and becoming familiarized with weaknesses, then taking the time to improve upon them any way possible separates the successful entrepreneurs from those who live in self-denial never truly achieving their goals.
Whether it be turning to a mentor or reading books, to be successful as an entrepreneur of any age, you must quickly defeat weaknesses as soon as you become aware of their existence - and you must be committed enough to identify them in the first place.
3 - Regardless of How Bad a Break You May Have Gotten, Learn to Pick Yourself Up - the Next One Could Be Worse
As a young entrepreneur in a tough economy minus a mentor to speak of, I have made my fair share of mistakes. As a result I have suffered setbacks that made it difficult to get out of bed on occasion.
What I have learned is that resiliency is an acquired trait for some (including myself) and the more you learn to pick yourself up and to keep going, the better off you will be.
Crumbling in the face of adversity and allowing the past to control your future is deliberately heading away from entrepreneurial success.
By: ken sundheim
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