7 Important Lessons I Learned from My Business Venture Adventures

Creating a profitable e-commerce business may seem simple on paper, but in reality, the road to success is paved with a lot of challenges. You will likely fail a lot before you get your operations moving fluidly, along with your cash flow.

In a 2014 article, Fortune identified the top 20 reasons why startups fail. While many of these reasons stem from external uncontrollable forces such as lack of market need, getting outcompeted, and mis-timed release of products, much of it falls on an owner’s ability to run his business. From ensuring that you have enough startup cash to choosing the right team, much of your business’s success rests on your shoulders.

There are so many lessons to learn from starting a business, with each helping build a blueprint of what you should and should not do. I made a list of some of the most important lessons I have learned so far, which have had a great impact on my ability to help other e-businesses to attain their goals with My Business Venture.

The hard way is always the best way

So many things can go wrong when you start pursuing shortcuts and a quick buck. Abrupt steps such as moving beyond a core business or creating a new product when one hasn’t yet begun to infiltrate the market may seem like growth, but too often, expanding too soon only serves to make you lose focus on your initial goals, which can be disastrous.

Speaking of shortcuts, you need not be reminded of the Volkswagen emissions fiasco, and how much they lost because of it. Now, the German carmaker was able to weather the scandal because they are a multinational company to begin with. Can you imagine your startup if it were to face the same losses? I do not think it is likely to survive.

Do not stray too much from your initial goals at the early stages

Overexpansion happens when an owner fails to see how the expansion is hurting his e-business. Many startups have declared bankruptcy because they confused success with how far they can expand their business. Overexpansion mistakes include borrowing too much money to keep a steady growth rate, entering not-so-profitable markets, and mismanaging business growing pains that end up causing too much damage. When you are just beginning with your e-business, more often than not, the less-is-more approach works best. Do not be afraid to start small.

Learn to delegate

As a business owner, you may be tempted to micromanage every aspect of your business. As your venture grows, eventually, you will not be able to manage all of your responsibilities without sacrificing or compromising certain tasks. So how do you manage all the work that needs to be done? The answer is in delegation.

Delegation is critical to efficiency and development. With efficient delegation, you can save time, achieve better productivity, and increase your credibility as a leader. If you are used to doing everything on your own, it is time to change that mindset and learn how to delegate.

A love/hate relationship with your e-business is inevitable

It is not always going to be butterflies and roses with your e-business venture. On the contrary, it is going to be a lot of tough work and plenty of compromising and arguments with the people you work with. That said, do not let your emotions get the best of you. Learn to adapt to the ups and downs, roll with the punches, and embrace the direction you have chosen to take.

Do not let the success of other e-businesses define you

This makes for a good life lesson as well as a business lesson: only you can define your success. If you spend too much time looking at what others are doing, you can end up losing sight of what it is you actually want to do. There will always be another e-business out there more successful than you are. Though it may be impossible to stop comparing yours to others, do not let it be a reason to stop working and start settling.

At the end of the day, freedom will be yours to command

Ultimately, your reason for starting an e-business is you want to be the owner of your own time, and when your venture succeeds, there is no reason that this can’t happen. The ability to control how you spend your time is a gift that you should not take for granted. Spend your time doing what is important to you, not wasting away at work even longer than you did as an employee.

Take care of your health

Time is a valuable asset, and so is your health. Do not ever sacrifice your health for success. If you are starting to feel stressed and burned out, ease on the brake pedal a bit, and take some time off.