Have you ever thought about what your life would look like as an entrepreneur? Gone are the days of having to work for someone else, especially someone who you may have conflicting ideas with. Being an entrepreneur allows you the creative freedom to bring your own ideas to life, rather than working hard to bring to life the ideas of someone else. It also gives you more control of how you balance your personal life with your business life.
But entrepreneurship is not something that everyone can excel at. While there are obvious benefits of becoming your own boss, there are substantial challenges that will present themselves over time, especially throughout your first year in business. While, in the moment, these hurdles may seem significant and impassable, they will also be the lessons that will prove the most beneficial to your future success.
Straight from the experiences of fellow entrepreneurs, these are the top 3 first-year lessons that you will learn as you begin your business venture:
1. Be flexible with your expectations.
Many entrepreneurs spend years thinking of how to start their own business. With a pressing passion to get their business off the ground, they often set high expectations for themselves and all they will accomplish in their first year. This drive is what sets entrepreneurs apart, yet it’s important not to do too much at the onset. You want to build your business for success while also not burning yourself out in the process. Set goals for yourself but don’t hold too tightly onto these plans. Unpredictable changes are going to occur and you need to make sure you are flexible enough to run with the punches.
2. Learn how to say “no” when necessary.
Financial stability is at the forefront of every entrepreneur’s mind. There will be a lot of financial sacrifices that will need to be made in order to not only support yourself, but your business as well. While it may be tempting to say “yes” to every opportunity for the sake of revenue, this could be very dangerous to your future success. You can’t take on every single project or else you will work yourself too thin, which could have a detrimental impact on your mindset towards your business.
3. Create a schedule that works in your favor.
One of your strengths at your current position may be time management, but prioritizing your time when you are working for yourself can prove to be extremely difficult for those not accustomed to it. One of the reasons you chose to become your own boss was so that you can be more in control of your schedule. Don’t let work control your life. There needs to be boundaries set in place to ensure that you give yourself a break so you can focus on your personal well-being as well.