5 Life Lessons Essential for Business Success

Step outside of your comfort zone, and never forget where you came from.

Opinions expressed by Entrepreneur contributors are their own.   

There are many truths in starting and operating a successful  business. Many business truths are common sense concepts -- like if you  run out of cash, your business might not make it. But, you can also draw  on general life lessons when growing your business.I’ve been in  the entrepreneurship game for more than 30 years now. I’ve applied a lot  of the lessons I learned in life to starting and growing my businesses.  And believe it or not, keeping these in mind has helped my businesses  succeed.

1. Take the plunge sooner rather than later.

If  you’ve been thinking about starting a business but haven’t gotten around  to doing it, what are you waiting for? Of course, it’s important to  conduct a business risk analysis  and develop a solid business plan. But if you’ve done all of your  homework and keep waiting for “the right time,” you might be waiting for  a while.You often hear that there’s no perfect time to do  certain things in life. It’s easy to make excuses as to why you’re  putting off your dreams -- like traveling, buying a home, etc. Starting a  business is the same way. But, taking risks is all part of the fun of  living life to its fullest -- including starting a business. Being able  to take calculated risks is an important attribute of entrepreneurs.

By  default, anyone who starts a business is a risk taker. There’s no  guarantee a business will survive. But, taking that initial plunge is  the first step in proving that you have what it takes to live out your  dream.Taking the plunge doesn’t just apply to those of you  thinking of owning a business. It also applies to those of you who are  already business owners. Each day in business, you take risks. Should  you unveil a new line of products or services? Should you invest? Should  you expand your business?If you wait too long to take the plunge, you might miss a golden opportunity.

2. Push yourself outside of your comfort zone.

To  grow as an individual, you need to stretch yourself. You might try new  foods, change up your routine, or travel somewhere you’ve never been.  Every one of us goes through difficult situations and has opportunities  to leave our comfort zone. Likewise, you need to be willing to leave  your comfort zone when you start or own a business.Facing  situations that are outside our comfort zones is just a part of life. If  we refuse to leave our comfort zones, we could miss out on big things.  And, it could lead to the destruction of your business.Successful  business owners are comfortable pushing the envelope in most things  they do. I forced myself to leave my comfort zone throughout my  entrepreneurship journey, and in my life, and I’m so glad I did. 

 I’ve always been more of an introvert than an extrovert, and in my  startup days, the thought of public speaking terrified me. As a business  owner, I knew I needed to conquer my fears. To date, I have spoken at  about 70 business conventions. Writing was not my forte, either. I  graduated from college with an engineering degree, so I didn’t practice  my writing much. But once I started my first business, I forced myself  to write a 20-page weekly newsletter. I did this for eight years!I’m  100 percent sure that my willingness to conquer my fears and push  myself outside my comfort zone was instrumental to the growth and  success of my businesses.So, what’s your comfort zone look like?

3. Strengthen your communication skills.

Having  good communication skills will help get you far in life. Being able to  communicate helps you make connections, diffuse conflicts, vocalize your  viewpoints and understand what others have to say.Likewise, I’ve  learned that communication skills are essential for growing your  business. In fact, they just might be the most important trait for  business growth. You don’t have to be a TV talk show host, but you must  be willing to be a little outgoing.If  you’re a good verbal communicator, can speak well enough that people  understand you and are able to speak in front of an audience (if  necessary), your odds of business success increase.     Public  speaking and writing were very limiting constraints for me when I  started my business. I was terrified of public speaking, and I was a  terrible writer!  If you want to strengthen your communication skills,  practice. Consider starting a blog or speaking in public. And, you can practice every day in your personal life, too!    

4. Stay loyal to the people who helped get you where you are.

Think  about all the people you’re loyal to in your personal life. And, think  about how strong that relationship has to be for you to want to be loyal  to them.Being loyal in business is another vital part of  business growth. It’s important to stay loyal to the people who have  helped you get where you are, especially your employees and customers.  When you’re loyal to your employees, you can expect high retention  rates, quality work and increased employee engagement. When you are  loyal to your customers, you don’t sacrifice the quality of your  offerings. You help them work through questions and concerns they have.If you remain loyal to your customers and employees, the majority will remain loyal to you.

5. Embrace failure.

Failure  is probably one of the least liked words in the English language. But  if we spend all our energy getting self-conscious and closing off when  we fail at something in life, we won’t be able to bounce back, learn  from it and grow. In life and business, once you learn what causes  failure and learn how to recover, you have a recipe for success.Business failures might shake you up for a bit. But instead of thinking that every failure is going to end in small business bankruptcy,  you can look at them as learning experiences. Every time you fail in  business, you have the opportunity to turn your situation around.Running  my businesses hasn’t always been a walk in the park. I’ve made  decisions that cost me money, and I faced failure during the Great  Recession. At first, I didn’t want to admit that these failures were  happening. But once I did, I embraced and fought through them.  Thankfully, my startups pulled through. And, I learned a great deal from  that those experiences.Sometimes, the only way to learn important lessons is by failing. 

Credit:-   Mike Kappel
Contributor Serial Entrepreneur, Patriot Software Company CEO

Please Follow : @rakeshsmm