money lessons

Surprising Money Lessons Entrepreneurs Learned the Hard Way

“What business or money lessons have you learned the hard way?” A question like this calls the attention of entrepreneurs who have gone through difficult times with their valuable business lessons. This question not only garnered engagement but is also listed as one of the greatest pieces of advice we can get from successful entrepreneurs.

Here are four surprising money lessons entrepreneurs that led them to learn the hard way.

You think your product is perfect, but your clients think it’s not

You’ll never know if the product is great until it reaches the field and users are beating the hell out of your creation. It’s like college basketball prospects who are up for the NBA Draft. You think they’ll be the next Michael Jordan after watching their games in college, but when they are getting scouted, their flaws and inabilities will show up, and only then does it become clear that their skills aren’t NBA level at all and they end up not getting drafted.

Now, you might wonder why I’ve mentioned this lesson without mentioning money. But the reality is that potential has always been the determining factor to how much money you can get with your product. Sure, the product will never be perfect, but it doesn’t mean it can’t sell. Like the example I’ve mentioned above, the college prospects might not get drafted to the NBA, but they can still play basketball for international leagues and get paid.


Take These 5 Steps to Establish Financial Well-Being as an Entrepreneur

‘Do what you love and the money will follow’ never works all the time

To people who lived through this quote, I’m sorry to tell you that this quote never works all the time for everyone. Now hear me out on this one. When you have passion for something and it’s doing well, then it means that you’re really good at it after all and you will gain enough money to compensate for your passion. But, what if you went on a different path, very unfamiliar at first but once you reach the max potential on this path you’ll be earning double or triple the money you earned from that career you had with passion on it. Would you even pass that opportunity if ever that happened to your career?

Practice the Art of Living

Life is short. Do you know why entrepreneurs are getting better at work as time goes by? Freedom and flexibility. A lifestyle that entrepreneurs should live. Sure, it can’t be both things at the same time, but there is definitely something you can do.

Even if you are having long working hours, try to at least get the Art of Living at your current state. Take short breaks during workdays as proven by many experts that it increases your productivity. This means that leaving the office for a two-hour break once a week, drinking your favorite beverage at your break every day, or traveling to places that can clear your mind will help you increase your ability to earn more money.

If you don’t know where to start, start by reading books that can help you clear your mind and make better decisions while working. I highly recommend this book from Victoria Moran called “Creating A Charmed Life.” The book is full of principles that can help you create good things between work and life. This is why you should do the Art of Living.


Stop Doing These 4 Things if You Want Your Business to Last

Start a crowdfunding campaign

Crowdfunding is really effective. According to Fundly, $5.5 billion was raised at the start and till the end of 2017 for reward and donation crowdfunding. Now in 2022 according to Fundera, $17.2 billion is generated yearly! There is no reason why you shouldn’t try this approach. This is not just a proof of concept — your crowd will choose how much they would donate as they are willing to help you along the way.

If you are a business owner who likes to speak, write blogs and share content on social media then you can create an audience that will support you behind the scenes and relish your successes, which allows you to start the crowdfunding campaign. You may not have them as your full-time clients, but they will be your supporters and it’s an amazing thing to uncover. Crowdfunding allows you and the business to continue serving people and never stop working hard for the people who are needed by your expertise.

Key takeaways

The good news is that you can learn from people who have already been in your shoes. Successful entrepreneurs are a great resource and can help you achieve where you want to go in life.

By remembering the four lessons above, you will enrich your path with less trial and error. And avoid lessons successful entrepreneurs had to learn the hard way. Good luck!


Verizon Small Business Digital Ready: A free resource for learning basic business skills, the latest digital technology and more.

Total
1
Shares
Related Posts
Read More

The Difference Between APR and APY and Why It Matters

When it comes to your business finances, it is important to understand the differences between an annual percentage rate (APR) and annual percentage yield (APY). Many people use APR and APY interchangeably because they are...