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Tips for First Time Entrepreneurs (And Veterans)

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Who doesn't love a good rags-to-riches story? Inside every and each one of us -even those born with a silver spoon in mouth- is that desire to improve. That desire of a better life, of climbing higher and higher in the mountain of success is what brings most of us into the entrepreneurial world.

Some start at a very young age, some billionaires finally gain their fist million only at their sixties. That shows that the entrepreneurial world is limitless, and one can never be too late to enter. However, being a first-time entrepreneur can be a daunting experience with all the unknowns in front of us.

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As serial entrepreneurs who've had both success and failure before, here are some lessons we've learned along the way:

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1. Embrace Failure

The big part of being an entrepreneur is to take risks, and with risks, of course, there'll be failures along the way. Not being afraid of failure to try new things can be the biggest difference between a failed entrepreneur and a successful one. Some old sayings said that it's better to experience failure earlier than later, that means you'll learn from your experience faster. Managing, not avoiding failures is the key to success. After all, failing is not when you fall, it's when you refuse to get up after the fall.

But..

2. Don't Run Out of Money, or Ways of Getting Money

A mentor of mine once described the business world in one simple theory: "In the end, you will succeed and you'll find your luck, the key is preservation, endurance and how you keep trying after each failure". And believe me, it's true. A staggering 90% of first business venture failed, where 90% of second business venture succeed. The key is to always have money to start the next venture, of maintaining healthy ways to get it. Secure investors, write your business plans,build your network. Nobody hates always having extra sources of money anyway.

3. Be Open to Advice and Criticism

Being young sometimes filled us with the ego to ignore critics and advice, feeling the older people are outdated, the world is changing, and other excuses you made up yourselves. Ring a Bell? Believe me, as you get older you'll regret doing that. Learn to be a listener, not only for advice and critics, but also to ideas and news. Be open for everything that come your way.

But yet...

4. Learn When to Ignore Your Naysayers

Be open and listen to everything, but sometimes you need to ignore your naysayers. Everyone around you will say it's not a good idea, it's not a good time, it's gonna cost you. Guess what? There'll never be a good time. Being an entrepreneur is to ignore your naysayers, follow your guts, take risks, and enjoy the ride. How you hone that instinct is what's gonna make or break you.

5. Network

Network Horizontally among your peers. Network up and search for mentors. Network down to employees and entrepreneurs with less experience. You'll never know who's going to introduce you to somebody, who's going to be a partner, and who's going to give you inspiration for ideas.

6. Never Stop Learning

There's always new books to read, new knowledge to learn, and new skills to acquire. Have the dedication to learn something new every day. Have goals to read a certain number of books each month. You'll never regret it.

7. Have Fun!

You don't want to have a 'real' job because you want more flexibility and autonomy, then do it. Have fun along your entrepreneurial journey and be responsible for it. In the end , You only live once indeed.