Entrepreneur.com published the basic rules of business every entrepreneur should know and cherish while still young enough to use them practically. Before you turn thirty, you should know the following facts about business world.
1. People are the foundation
You can hardly build a successful business yourself. Even if you have no employees, you will have mentors, partners, dealers, suppliers and others. The sooner you understand that, the sooner you begin to work with the best people.
2. Failure is inevitable
No matter how hard you try, you will always experience greater or lesser failures. If you accept this as a fact, it will be easier for you to deal with it and move on.
3. Time really is money
The sooner you start something, the more time you can devote to it and the more benefits you can gain from it. Your time is limited and the way you use it has a direct impact on your success.
4. Communication can solve almost anything
Not only does it help you solve problems that have already occurred (e.g. in the form of an apology, designing a new solution or explanation of the circumstances), but also prevent the emergence of problems (particularly by setting clear expectations and explaining misunderstandings).
5. Nobody is perfect
Striving for perfection only limits progress. Your solution will never be absolutely perfect, and you have to learn to balance the speed of the solution with your ability to adapt and deliver workable solutions.
6. What isn't practical, is useless
Every idea has value only if it's feasible in practice. If you don't have the resources to convert your idea into a real and functional form, focus on something else.
7. You still have a lot to learn
Regardless of how long you've been doing something, you'll never know everything. You'll always have opportunities to learn more. Be open to them.
Can you think of anything else you would to tell your younger self if you had the chance?
-kk-