The entrepreneurial life is filled with a million different opportunities to learn important life skills. Business owners are forced to grow up real quick and develop the intuition necessary to make effective business decisions. These learnings eventually evolve into a framework for dealing with life as a whole!
Let’s look into what you can learn from entrepreneurship and how you can apply it to your life.
Time is the one resource that can never be replenished, and every business owner very quickly learns this. Every hour you put into your business, whether it’s scouting locations for your next expansion or meeting with clients after normal hours, creates value for the company. Every hour you don’t spend on your business therefore must have equal value in some other fashion - whether that’s working on yourself or spending time with people you love.
This concept can be employed to put monetary value on your hours, or to help you choose how you spend your free time. Every minute should have a purpose, because your time has value.
Entrepreneurs know this intimately, and the quotable quote universe is filled with these. One of the original Sharks on Shark Tank, Kevin Harrington says, “If time is precious, how am I bringing the most value to the present moment? How am I planning for my future so that each minute counts?”
Gary Vaynerchuck on the other hand says “You need to spend all of your time and energy on creating something that actually brings value to the people you’re asking for money!
Humans are risk-averse creatures. It’s what kept us from being eaten by saber-toothed cats back in the hunter-gatherer days. However, overcoming this natural risk aversion is essential to increasing your stand in life, whether that’s taking a chance at a new job or new career after being stuck in a safe but stagnant workplace, or even something as simple as asking that cutie out on a date.
Business owners live in a world of risk. Every step they take, every new expansion plan, every new hire is a risk that could lead to success or failure at the drop of a hat. It’s tempting to stay in still waters and never venture into the unknown. But that leads to stagnation, while competitors race forward in pursuit of value and profit.
Israeli-American psychologist Daniel Kahneman said,“Optimistic people play a disproportionate role in shaping our lives. Their decisions make a difference; they are inventors, entrepreneurs, political and military leaders - not average people. They got to where they are by seeking challenges and taking risks.” Taking these opportunities, even if they’re risky, will allow you to shape your own life!
A million different quotable quotes will talk about how acceptance of failure is critical to success in business. Entrepreneurs know this all too well - quarterly losses, failed expansions, bad hires, negative reviews, even site closures are all part and parcel of the entrepreneurial life. But it’s not the failure that defines you - it’s your response to failure that makes the person.
Salesman and motivational speaker Zig Ziglar once said, “How many people are completely successful in every department of life? Not one. The most successful people are the ones who learn from their mistakes and turn their failures into opportunities.”
Similarly, you must look at every failing in life and not see it as a pure downside, but rather as a means to learn new things and gather new information about how to approach life.
Owning a business can sometimes feel like starting life over. You begin with virtually nothing, and you have to get your knowledge from people who have been ahead of life. You experience a sort of adolescence as your business soars, and you feel the highs and lows of owning life.
It’s up to you when you truly mature as a person and take a hold of your life, and this coincides with learning these important life lessons!
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