Some people are born entrepreneurs. They know from the very start that they will never work for anyone but themselves.
Not my case. I ended up in business by accident. In fact, I was born and raised in the USSR. In my worldview, obtaining an MBA or running a business wasn't an option. It was illegal, even punishable.
So, I did the only logical thing: learn by doing. And as it turns out, I have a natural taste for it.
Some lessons in business we learn in the classroom or from a mentor, rather than the hard way — from losing money, partners, clients and, inevitably, self-esteem. I want to share some of those lessons with you so, maybe, you'll have it easier.
1. Success requires patience.
There are two types of mentalities among entrepreneurs. There are “entrepreneur-investors” and “entrepreneur-freelancers." Patience is the difference.
Investors have a long-term gain in sight, while freelancers need instant gratification for their efforts.
And this translates into every business decision. Freelancers want a high salary for the time spent on business. Investors understand that, in business, taking risks pays more. So they go for profitability. Freelancers will take out profits at the end of the year. Investors understand that the best thing they can do with profits is to invest them back in business.
In short, freelancers build their lifestyle, and business is the engine, while investors build a business, and a legacy (and lifestyle) is the consequence.
2. Business is a creative process.
Success is earned with hard work. Would you agree?
Well, I don’t! In fact, I believe it to be a dangerous myth. We are taught from early on that if you want success, you have to work hard and put sweat, blood, and long hours into what you do. We don’t even question this axiom.
No wonder you feel like an imposter if success comes easy — as if you did not earn or deserve it.
If we believe success comes through resistance, we’ll (unconsciously) create resistance. So many entrepreneurs go looking for the hard way, or feel guilty or lazy if they don't end up in a hamster wheel or burned out.
But entrepreneurship is a creative process. And creativity does not happen in a hamster wheel. Creativity requires space and freedom so you can fully spread your wings.
In practical terms, leave 20-30% of your schedule free so you can create space for creativity.
3. Don't sacrifice your happiness.
What are you willing to sacrifice for your success? Personal space? Family? Love? Health?
We idolize sacrifice for a greater good. However, most of us don’t get to defend a nation, save someone’s life or make a prominent statement in politics. So we end up sacrificing our own happiness for very mundane things: not to rock the boat, not to inconvenience someone or for the safety of certainty.
For many years, I was sacrificing my happiness for the business. I was in a dysfunctional business partnership and did not dare to end it. I felt justified, as if I was doing it for the greater good of our business.
Yet, when it became unbearable and we did part ways, to my great surprise, those same people for whose sake I chose to sacrifice my happiness were most relieved when this trial ended.
This is reflective of what the Dalai Lama once told me: You cannot help anyone if you are not happy.
4. Do what you love and delegate everything else.
When I was a schoolgirl, I was studious. I learned to put more effort into subjects that were harder and less into subjects that were easy. Does this sound familiar?
What did your teacher say? “You are really good at math, but you need to put more effort into English.”
Imagine, though, if we were told to put all that effort into something that we are good at? Something we truly love and enjoy doing. Wouldn’t that lead to much bigger success much faster?
Richard Branson once explained it to me this way: “When I have an idea, a mission, I find people who share this passion with me, but can execute it on their own. Then, I just step out of their way.”
In my business, I don’t do anything that someone else can do. I’m good at marketing, but my CMO and copywriters can do the job. No one on my team can stand up in front of the camera or go on stage and deliver my message. So this is what I do.
Everything else? Delegate.
