Eleven Truths About Being an Entrepreneur

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Starting and building your own business is not easy. Nothing worth the effort ever is.

For anybody thinking about starting a business or had just recently started a company, it is always good to understand what it takes to be a successful entrepreneur. Never fall to some of the myths about entrepreneurship, like how to “get rich quick.”

I studied entrepreneurship for my graduate business degree (MBA), started a few companies, mentored entrepreneurs, and published a book on entrepreneurship. This is what I know.

1. Success can be defined in many different ways

Don’t make the mistake of focusing exclusively on how much money you make. I think money allows us to do things – nothing more, nothing less. You can use money to help others. It gives us the opportunity to be generous and to do the right thing.

2. Becoming successful will take longer than you think it should

And I mean much longer. There’s no way of quickly becoming successful. Don’t trust anyone who says otherwise. Those who advertise how rapid their success has been are conveniently leaving out the years they spent hustling prior.

Are you in this for the long haul? If not, you might as well get out now. This profession takes dedication.

You just have to hang in there. It is not a race or marathon, but a journey. You have to stick with something long enough to catch a few lucky breaks and eventually become successful.

3. There’s more than one way to achieve success

Learn as much as you can from others, especially those who are living the kind of life you want. Ask questions, the simple ones too. Take some entrepreneurship classes, and I suggest registering for Huritt Global Business School’s entrepreneurship class or boot-camp. Draw your own conclusions from what you learn. When you create your own road map, be willing to change it.

Flexibility will serve you well. Entrepreneurs are always in motion! We’re dynamic creatures. Evolve or die.

4. You must be willing to make sacrifices

Time is one of them. It just is. So make sure you enjoy what you do. Don’t let your dedication destroy other parts of your life.

5. Treat everyone with respect

We’re all interconnected. Industries are smaller than they seem. You’re going to meet the same people climbing up the ladder when you’re on your way down.

6. If someone treats you poorly from the beginning, don’t expect your relationship to improve

Unfortunately, in my experience, it doesn’t.

7. Try to be patient. I can’t stress the enough.

Lousy situations result when you rush. I think time is one of our greatest assets. If you give yourself enough time to think something through, you’ll discover more possibilities.

8. Don’t try to change difficult people

Focus instead on changing the way you deal with them. That’s the only thing under your control.

9. Have a positive attitude

People want to work with people they like. The only way you’ll be able to move mountains is if you believe you can.

10. Tell the truth, even when it’s painful

People might not like what you have to say, but getting real is what builds long-term relationships.

11. Admit when you’re wrong and move on

When people fail to take accountability for their actions, resentment festers.

If I’ve learned anything, it’s that life is too short not to enjoy yourself. Become an entrepreneur! Aim high! But more than that, focus on creating a business that has a great culture, does right by its employees and that people actually want to work for. That’s the best feeling in the world as far as I’m concerned.

If something sounds too good to be true, it probably is.

From the desk of the President
Huritt Global Business School
Abuja, Nigeria