6 lessons learned after your first year as an entrepreneur by geoffrey byruch

6 LESSONS LEARNED AFTER YOUR
FIRST YEAR AS AN ENTREPRENEUR

BY GEOFFREY BYRUCH


When we look at the life of an
entrepreneur, we always use individuals
like Mark Cuban or Mark Zuckerberg as
examples for the overall field.
In reality, the truth of an entrepreneur
is not mentioned nearly enough. The
reason for this is that our society craves
on instant gratification.
Simply put, we want things now and we
want them fast. As much as we would
like to see this type of change,
especially for an up-and-coming
business or company, the reality of it is
that success will be a long and arduous
journey.


AS AN ENTREPRENEUR, THERE
R E A L LY A R E N O S H O R T C U T S
OR MAGIC FORMULAS YOU
CAN DO TO MAKE THIS TYPE
O F T U R N O V E R O V E R N I G H T.
Y O U H AV E T O W O R K
I M M E N S E LY H A R D E A C H A N D
E V E R Y D AY U N T I L T H I N G S

S TA R T T O D E V E L O P.
B E L O W, Y O U W I L L F I N D T H E
S I X H A R D T R U T H S T H AT E V E R Y
INDIVIDUAL LEARNS DURING
THEIR FIRST YEAR AS AN
ENTREPRENEUR.


1 . FA I L U R E I S
I N E V I TA B L E
AS AN ENTREPRENEUR, YOU WILL BE ASKED TO
M A K E A VA R I E T Y O F S A C R I F I C E S
NOW AS MUCH AS YOU EXPECT SUCCESS, THERE
I S A H I G H P R O B A B I L I T Y T H AT Y O U W I L L
E X P E R I E N C E F A I L U R E AT L E A S T O N C E W I T H I N
YOUR BUSINESS’S LIFE. WHY DOES THIS
HAPPEN?
T H I S H A P P E N S S I M P LY B E C A U S E E N T R E P R E N E U R S
ARE CURIOUS. ENTREPRENEURS PURSUE THEIR
I N T E R E S T A N D PA S S I O N AT A M E A N S T O C R E AT E
A N O P P O R T U N I T Y.
AS MUCH AS CURIOSITY IS A MEANS TO FUEL
ENTREPRENEURS, IT CAN LEAD THEM TO
F A I L U R E . TA K E F O R E X A M P L E Y O U A R E L O O K
I N T O P R O M O T I N G A N E W A N I N N O V AT I V E
P R O D U C T F O R Y O U R C O M PA N Y. A S G R E AT A S
Y O U R I N T E N T I O N S W E R E , T H E PAT H I T S E L F
L E A D S T O FA I L U R E .
W H E N T H I S H A P P E N S , D O N O T L O O K AT T H I S A S
A C H A N C E F O R Y O U T O Q U I T. S E E T H E F A I L U R E

A S A W AY T O S E T Y O U R N E W E X P E C TAT I O N S F O R
SUCCESS. LEARN FROM IT AND ACCEPT IT AS A
W AY T O E V O LV E O V E R T H E C O U R S E O F Y O U R
CAREER.


While shows and movies such as Shark
Tank and Social Network have displayed an
imaginative world of ‘golden tickets’ and
easy opportunities, the reality of it is that
you will be expected to put in a lot of work
if you are looking to succeed in your field.
Remember, no matter what the name is or
what the product, you company and your
service is new to the market. In order to
establish your ideas and your company,
your work will never stop.

2. EXPECT LONG HOURS
AND HARD WORK


3. YOU ARE
C O N S TA N T LY L E A R N I N G
A SUCCESSFUL ENTREPRENEUR WILL TELL
Y O U T H AT T H E Y A R E N E V E R D O N E
LEARNING.
BEING AN ENTREPRENEUR IS NOT AN EASY
TA S K T H AT C A N B E L E A R N E D O V E R N I G H T. I N
F A C T, I N R E A L I T Y, W E C A N N O T L E A R N

S U C C E S S . R AT H E R , M U C H O F I T C A N B E
AT T R I B U T E D F R O M T R I A L - A N D - E R R O R
DECISIONS.
WHEN YOU ARE WORKING TO BUILD YOUR
C O M PA N Y, Y O U W I L L F I N D T H AT Y O U W I L L
H AV E N O F R E E T I M E T O S PA R E . M U C H O F
Y O U R T I M E , I F A N Y, W I L L B E S P E N T
LEARNING HOW TO IMPROVE YOUR
N E T W O R K , M A R K E T, O R F I N A N C E Y O U R
C O M PA N Y AT T H E M O S T O P T I M U M A N D
E F F E C T I V E W AY.


4. THE TRIALS AND
T R I B U L AT I O N S O F
MARKETING
• When we think of marketing, we

think immediately of getting our
name out of there.
• Well for those who have tried,

you will find out that the idea of
selling yourself is not always that
easy.
• The best way to market is to

focus solely on the product and
service itself. Allow the customers
to make the connection of how it

can benefit them.


5 . S T R AT E G Y D O E S
N O T E Q U AT E T O
SUCCESS
• The process of thinking strategically can be a

challenge especially when you are starting your
company.

• There are various avenues and options you can

take lead you to your objective of establishing
your company within its perspective field.

• As much you want to believe that your

strategies will take you to your end goal, you
need to realize that you will have to inevitably
revise, edit, and change your strategy timeand-time again.

• This happens because, throughout the course

of your business, things will change. Because
of these unknown changes, you have to be
malleable and adaptive to this type of change.


6 . F O C U S O N W H AT

YOU CAN AFFECT
• The best way to handle these tasks is by attacking them one

at a time.
• Focus your energy on projects or objectives in which you can

have the most impact. It is that type of strategy that will
allow you to get the most ‘bang for your buck.’