Essential Lessons from Twenty Years in Entrepreneurship

With over two decades as an executive director, I've come to understand that guiding a business and leading people are complex and ever-evolving tasks. The more you learn, the more you realize what you don't know, yet these challenges are also incredibly rewarding. Throughout my journey, I've encountered multiple failures and I anticipate facing more in the future. Despite these challenges, the most pivotal lessons in entrepreneurship have stemmed from direct, hands-on experience and a willingness to experiment and learn from mistakes. There's no universal blueprint for flawless decision-making, but the lessons I've learned are invaluable. I've compiled a list of key lessons and effective strategies from my experiences, hoping they will help someone navigate the ups and downs of their entrepreneurial path.

• Never burn bridges.

• Work hard during weekdays and dedicate weekends to family and friends.

• Waking up early at 5:30 AM works best for me.

• A short nap after lunch, about 20-30 minutes, is ideal.

• Avoid arguing on social networks.

• Always arrive on time, or better yet, five minutes early.

• Focus on building a great team.

• Hire slowly and fire quickly.

• Your accountant should never be your CFO.

• Always be aware of your key financial metrics.

• Continuously learn to delegate more.

• Remember, everything is negotiable, really everything.

• Brace for things to get worse if they already seem bad.

• Everything has a price, but not everything is for sale.

• Beware of the positive cash flow trap.

• People may lie, but it's wise to trust initially.

• Keep yourself physically and mentally fit to effectively manage others.

• Don’t venture into business solo.

• Be adaptable and quick to pivot to new realities.

• Cash is essential.

• Always communicate bad news first.

• A fair price is one that both parties agree on.

• Prepare for the worst without overthinking.

• Revenue is the best source of cash.

• When dealing with banks, remember you are the customer.

• The toughest times often lead to the best decisions.

• Accept that governments primarily take; learn the rules of the game.

• When you can't find answers, start acting, and solutions will emerge.

• Control your social network feed to avoid time wastage.

• Value and manage your time effectively.

• Take full responsibility for everything without exceptions.

• Don’t predict disasters, but always be prepared for the worst.

• True passive income is rare; most assets require active management.

• Having thick skin is essential in business.

• Always talk to your customers to understand their needs but decide on improvements yourself.

• Start processes manually, then automate them.

• Embrace failure as an opportunity to learn and grow.

• Stay humble and open-minded, and be willing to ask for help.

• Prioritize transparency and honesty in all your interactions.

• The saying, "Pessimists are often right, but optimists are usually happier," is true.

• Learn to ignore haters.

The order of this list doesn't reflect their importance, and these lessons may not all apply perfectly to you.

From my experience, I've learned that hands-on learning is more valuable than reading lists of business advice or even Bezos' biography.

I welcome any comments or critiques about this list, cheers! :)