Photo by Edmond Dantès
Entrepreneurs typically get caught up in the daily life of what it takes to start a business and keep it running. From time to time, however, it’s essential to celebrate the act of being an entrepreneur, says Dan O’Toole, chairman and CEO of Arrive (formerly Dronedeck), an Indiana-based company specializing in the movement of goods and supplies between people, robots, and drones,
For O’Toole, National Entrepreneurs’ Day, which takes place on the third Tuesday of November every year, is the perfect time to do so.
“I get it and realize that we are busy all year long, but when National Entrepreneurs’ Day comes around, we need to take a small break to reflect and celebrate,” he says. “We need some encouragement from time to time, so take some time to give yourself a silent, or not so silent, toast for the occasion.”
But with 2024 less than three weeks away, the start of a brand new year may be just as opportune a time for entrepreneurs to toast their staying power to date, while reflecting on the lessons they learned along the way.
According to NorthOne, a financial technology firm that which offers financial products to help take the sting out of starting and running a successful small business, about 35 percent of businesses remain in operation by their tenth year; 18.4 percent go under by their first year; and nearly 50 percent go under in their fifth year.
O’Toole cites—and explains—the following 10 make or break lessons that every entrepreneur should consider.
Act. It is easy to put things off and think that one day, you will start the company, do something to grow it, or offer a new product or service. There is no better time than the present. Putting it off will keep entrepreneurs from having a first position. The timing will never be better than now, so don’t hesitate.
Evolve. Be open to your ideas changing and taking a new shape. That’s how a company grows. This is how you hone your product or service to improve, so be open to new ideas and improvements.
Trust. It is often difficult for entrepreneurs to trust others and let them into their business. Any business that wants to grow needs to trust others because you can’t do everything alone. Finding the right people to hire, trust, and empowering them is essential, and then get out of their way so they can help you.
Forgive. Learning to forgive will be crucial because mistakes and failures will happen. They are all learning lessons, so take what you can from them, forgive, and move on. Try to avoid repeating the same mistakes.
Connect. It is vital to find people you jell with and connect with them. Look for those who share your work style, who do what they say they are going to do, and who have creative ideas.
Accept. Getting caught up trying to ensure everything is perfect is the enemy of making progress. Perfection does not exist, and chasing after it is exhausting and futile. Put your best effort forward and accept that change happens and things are imperfect. Do not let that imperfection hold you back.
Focus. Mindfulness is the key to happiness. Forget focusing on what has already happened and what lies ahead. Each day, focus on that day, so you can make it the best it can be.
Learn. There are lessons to learn along the way as an entrepreneur. Be willing to push the ego aside and accept that you don’t know everything. Being a success means you can accept learning new things and will be resilient during challenging times.
Risk. Be willing to take risks. As the old saying goes, if you take a risk and win, then you will be happy. If you lose, then you will be wise. Either way, the experience will enrich your life and you can’t ever win without taking the risks.
Persist. Being a successful entrepreneur means sticking it out for the long haul. There will be setbacks and bumps in the road, but only those who stick with it during those times will become successful.
“There is no doubt that entrepreneurship is hard,” O’Toole adds. “If you are an entrepreneur, take time this month to celebrate your accomplishment, even if it’s only for a few moments.”
