Lessons From An Entrepreneur

These are the lessons I learnt as an entrepreneur.

Lesson 1: Don’t assume

When I selected the location for my 1st haircut shop, I thought that particular shopping mall should be able to bring me a decent number of customers as it has one of the highest footpaths. Thus, I invested my savings to start the business. Little did I realize that my 1st month’s revenue was barely just 200 head cuts, I couldn’t even afford to pay for my employees salaries let alone rental and other misc fees like utilities.

Lesson 2: Must be sales driven

I thought customers will patronize my shop when I opened the business and I was dead wrong. I learnt a painful lesson that I needed to provide marketing tools to attract customers to come into my shop. Opening a shop was just to inform or show to patrons that your shop was around. It required additional steps to attract them to enter and use your service.

lessons from an entrepreneur

Various marketing tools

There isn’t a single method or solution that will determine success or failure for every shop. In fact, I also realized that in different locations, my past successful method may not bring similar results to another shop. Thus, one needs to be equipped with certain knowledge to understand the local needs in order to determine which methods to devise. Below are some common methods, but it may not be viable to use all the methods.

a. Send brochures or pamphlets to letter box. (this method is the most costly and most ineffective).

b. Use promotions in buses.

c. Use human signboard to walk around.

d. Use social media like Facebook or Twitter to inform your friends.

e. Use Groupon or similar concepts to gain publicity but it can be costly.

 

 

Lesson 3: Don’t over delegate

I learnt from my lessons or coaching that I can delegate most of my business functions away, but there is something I learnt from Donald Trump’s bankruptcy. Never delegate your finances away so I always handle the major expenses while my managers will handle expenses under a certain amount but I need to keep watchful eyes over the finances.

 

Lesson 4: Engage a coach

I still remember when I almost give up this haircut business between the 3rd month to 5th month. My coach kept on encouraging me that my revenue was growing but it was relatively slow, but he told me that it will one day break even and I don’t have to worry about it eventually. So I stuck for another few months but I told him I will give up on 6th or 7th month as I could no longer handle finances on negative figures for so many months. It turned out that my coach was right that this business of mine turned out to be profitable eventually and the lesson I learnt is to engage a coach especially one who had gone through the stage so that he/she can share with you from the experiences.

Do visit this page if you would like to read more.

 

 

Do drop me any comments or feedback if you find this article useful or there is something you want to share.

Thanks,

Stanley

 

 

 

 

 

 

 

12 thoughts on “Lessons From An Entrepreneur

  1. The_NathanNicholson

    Very good read. Brings up some points that I never thought about. Easy to follow format as to where I can gather my thoughts around the topic very easily. Loved how you listed some lessons that you learned on your own to help others avoid those same traps. Overall a great read.

    Reply
  2. Tim

    Hi Stanley,

    Love this website and article. Your sharing real, honest no fluff lessons learned in business that people can really take on board and apply.

    Yes, marketing is extremely important, I have studied it somewhat and in doing so realized the staggering amount that goes into it. It’s consumer psychology, economics, and sales all rolled into one. It’s one of the main things that separate successful and ordinary companies.

    Thanks for sharing

    Reply
  3. Boniface

    Hi Stanley,
    Great post on how to go about entrepreneurship. these lessons are indeed important to learn especially for all start ups. I like lesson 1 that says not to assume anything. Many people open shop with an illusion that customers will flock in. They might, yes, but not all will stick.

    Reply
  4. Andrian

    Hi Stanley,

    It’s a great post. 🙂 Especially, it’s about your experience.
    What I really like about your post is having or engaging to a coach. For me, this is really one of the most important aspects in life In order for us to be successful in any endeavor, we need someone whom we can look up to, and whom we can run to for advice, so that our we we no longer make the same mistakes they have done before.

    Very well informative post. Keep it up. 🙂

    Cheers,

    Andrian

    Reply
    1. Stanley Post author

      Andrian,

      Thanks. Yes, all of us need a coach at any point in time. However, one needs to find the appropriate coach who has gone through the hurdles. Choosing the right coach is key.

      Reply
  5. John Rico

    I believe that engaging with a coach is a main factor in order to be a successful entrepreneur. Actually, in the past, I thought that I can do everything. I thought that I can be successful without the help of other. And I was wrong. I realized that you really need someone that will give you insights and guide you throughout the process of building your business. Thanks for reminding me that no man is an island and we need help in order to succeed.

    Reply
    1. Stanley Post author

      John, yes we truly need a coach whenever you embark on new ventures or trying to grow to next level. Engaging the right coach is eqaully important as well.

      Reply
  6. Eddy

    Hey Stanley,

    These are very useful lessons that can be applied to any business including an online one. So thanks for sharing. Your coach lesson really resonated with me. I think having someone that you can lean on for advice and guidance is very helpful. Because every business owner goes through a period of doubt. So you need someone to push you forward. Clearly your coach did that for you.

    It’s sad because so many people give up so quickly on their businesses because they don’t have the proper support so I think that’s probably one of the biggest lessons in your post. Thanks for sharing!

    Reply
    1. Stanley Post author

      Eddy,

      Glad this article has help and inspire you. Choose the right coach and do remember – birds of feathers flock together. You need find a coach that has similar ideals and especially one who has gone through the experiences you are looking for.

      Reply

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