Ramit Sethi: 6 Most Important Lessons You Need as an Entrepreneur
Written by
Adam Palasciano
Edited by
Rebekah Evans
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So many Americans are starting their own businesses these days. In fact, as reported by North One, there are over 31 million entrepreneurs in the U.S. today. Instead of the typical 9-to-5 grind, the data shows that more Americans than ever are striking out on their own and taking control of their own career and financial destinies.
While being an entrepreneur is a huge undertaking and no easy task by any means, you’ll need to implement the right tactics if you want to grow a successful business venture that’s built to last.
If you’re one of the tens of millions of entrepreneurs across the country, here are six important lessons to understand to reach your goals according to Ramit Sethi, financial guru and New York Times bestselling author of “I Will Teach You To Be Rich.”
Define Your Own Idea of Success
Sethi explained that the idea of what it means to be successful in business can mean different things to different people. But someone else’s typical idea of success, which may be climbing a corporate ladder or vying for a big promotion, may not be what you envision for yourself and that’s okay. The reality is that you don’t need to submit to a 9-to-5 gig to grow your career. While entrepreneurship can be very difficult and include periods of struggle, you’ll come out stronger in the end if you work at it.
Be Very Honest With Yourself
Honesty is always the best policy and this is especially true when it comes to yourself. Sethi stressed the importance of evaluating the quality of your own work and being brutally honest with yourself. Ask yourself whether you are putting your best foot forward and giving your all. Think about what you’re capable of doing and figure out how you can be the best.
Tactics Can Only Help To a Certain Point
Sethi highlighted that many people spend so much time focusing on tactical things, whether it’s learning new skills or optimizing funnels. However, it’s easy to miss the deeper emotional side of why we make the business decisions we do. Flipping that perspective is so important if you want to make it as an entrepreneur. Determining whether a problem at hand is tactical or emotional can help you find the right solution.
Always Dream Bigger, Not Smaller
Sethi emphasized that it’s necessary to constantly dream bigger and not smaller, when you want to build wealth and become a successful entrepreneur. Don’t forget that bigger dreams equate to bigger goals and persistence is key to achieving those goals. If you’re not shooting for the stars, you may not be recognizing your full potential.
Don’t Do It Alone
In one of his blog posts, Sethi explained that building a personal network is crucial for success. You don’t have to (and shouldn’t) do it all alone. By having a network of seasoned professionals to learn from and exchange ideas with, you’ll begin to gain valuable knowledge. While building a powerful network is not easy, it will be worth your time and can lead to significant career growth.
Don’t Let Fear Stop You
Fear may be one of the biggest factors holding people back from entrepreneurship. Sethi said that you shouldn’t be afraid to ask others for opportunities, of not knowing enough, about what other people might think of you, of changes and especially of financial failure. Striking it out on your own will inevitably lead to challenges along the way and sometimes failing can help you grow and forge ahead even stronger than before.
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