Having experience as an entrepreneur over five centuries combined, I have learned one thing which is irrevocable: the business world is easy in theory, but not in practice. Most individuals believe that business is all about money, complicated plans or connections. As a matter of fact, business deals with people, value, time, and decisions.
Once these four things are clearly understood then the business world becomes understandable. The business world is a matter of exchange of values. Any successful business is one that is problem-solving or need-fulfilling. As long as you are not addressing a real issue, money is not going to be a permanent companion.
I have witnessed business ups and downs and those that managed to stay afloat are the ones that keep posing the question, What value am I giving? The customers do not pay you due to the necessity to earn money; they pay you because what you provide simplifies their lives, makes them better or more significant. Money is natural when there is a high value attached to it.
The other positive reality concerning the business world is that individuals are more important than concepts. Ideas are significant, yet individuals implement ideas. I have put money in mediocre ideas with strong individuals and poor ideas with poor individuals. Skills are acquired, however, character, discipline and integrity are more difficult to develop.
Every business is a currency of trust. Once broken it is hardly regainable. The business environment is thankful of those who speak the truth, act justly, and are long-term oriented and not short term. The corporate world is also a gamble. Every business is not risk-free. Any person who claims guaranteed profit is either novice or unscrupulous.
I have made the right step and wrong ones, which cost me years of work. The fact is that it is not about the avoidance of risk but the management of it. Intelligent entrepreneurs research the market, begin small, learn rapidly and change rapidly. It is not the enemy because failure is the enemy of business. Each failure has its lesson and the lesson is usually more practical than the premature prosperity.
Another force in the business world is time. The time of success is not taken seriously by many. I have observed individuals drop out on the verge of their revelation as they were not getting results quickly. Business is rewarding to be patient, consistent and persistent.
The growth tends to be low in the initial stages and accelerates later. Once you realize this, you will no longer compare your journey to that of others and concentrate on creating something concrete. I have been taught that it is often many years of silent work behind an overnight success.
Systems and processes also affect the business world, as opposed to hard work. Hard work is good, but when one is not structured, then it results in burnout. Companies that are successful develop mechanisms that operate even when the owner is away. I recall when I started to understand that being in the business was not as vital as doing business.
Growth becomes sustainable when there are systems in place. Once all the operations are in the hands of a single individual, the company is weak. Money is significant, but it is not the source, but the product. There are numerous amateurs who pursue money and lose all in the future. Business is admired of the people who know how to work out the cash flow, expenses, prices, and reinvestment.
I have witnessed successful businesses fail due to lack of proper management of cash. Money has to be traced, budgeted and admired. Money is fast evaporated when handled recklessly. Lastly, the world of business better suits the students who are life long learners. Markets evolve, technology is changing and customer behavior evolves.
Something that was successful yesterday might not be successful tomorrow. I am constantly learning, constantly adjusting and constantly listening. Humility keeps you relevant. Pride makes you blind. When you believe that you have heard it all is when you start to decline.
To sum it up, the business world is not some secret that only few people can be lucky to be in. It is a system that is controlled by value, people, risk, time and learning. I have also done wrong, suffered losses, and rejoiced over winning and in the process of it all, I have learned that business is rewarded by sincerity, patience, and purpose. The world of business will gradually open up to you when you take business with a pure heart, a desire to learn as well as a desire to serve.