If you asked a successful entrepreneur what starting a business has taught them, there's no limit to what they could share. So, we listed their most valuable lessons here.
A. Balance Your Customers' and Business' Needs
Your number one goal is customer satisfaction, but don't forget that you are also trying to build a business of value. If you aren't creating value in your company then you aren't growing as a business or a leader. That means you have to balance customer needs with the needs of your business. Look for synergy and quality. It's not easy to keep both sides happy, but you need to try. - John Arroyo, Arroyo Labs, Inc.
A. Know When to End a Business Relationship
It's always tough to end a relationship with a client, vendor or business partner, especially if it lasted a while. But sometimes you have to end it. If the relationship isn't working out -- due to a lack of performance, commitment to your vision or otherwise -- you have to know when to end it. It's tough, and I hate firing clients, but sometimes it's the right move going forward. - Jason Unger, Digital Ink
A. Act on Ideas "One Bite" at a Time
Believing in your idea is one thing, but following through with it is the scary part. For me, thinking about the bigger picture was sometimes overwhelming, so I approached it like eating: one bite at a time. I started with what I knew and took strategic steps. Then, once I got on my path, I discovered what I didn't know and explored those areas methodically. - Jessica Baker, Aligned Signs
A. Know Your Limits
I've learned that over-promising is a sure path to failure. I always promise just a little bit less than I know I can accomplish on my best day. That way, I won't let my clients down, and if I excel, they'll be pleasantly surprised. - Steven Buchwald, The E2 Visa Lawyer
A. Start Today, Not Tomorrow
Making excuses and procrastinating is so easy to do. I live by the motto, "Tomorrow is not good enough. Do it today." When problems come our way or when we have big projects to take on, it's important to solve the problems immediately and get started early. I've learned that the people who say they will start on something tomorrow when they have time today aren't as successful. - Ajmal Saleem, Suprex Learning
A. Know the Value of Your Time
The most important business lesson I've learned as an entrepreneur is something I picked up while participating in San Francisco's 500 Startups accelerator. Think of your time as if it were worth $1,000/hour, then prioritize accordingly. It forces you to really focus and make decisions more strategically. - Arry Yu, GiftStarter.com
A. Stay In Your Lane
I learned a while back to focus on what I'm good at and not try to be a jack of all trades. Focus on what your specialty is and find people you can outsource to for the other areas. Becoming a specialist in your area will help you streamline your business and generate higher income. - Bryan Driscoll, Think Big Marketing, LLC
These answers are provided by members of FounderSociety, an invitation-only organization comprised of ambitious startup founders and business owners.
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