Guest post by Africa.co Fellow Belinda Okumu-Ringa As an 8 month old entrepreneur, I have come to agree with the words I used to hear my parents say when I was growing up: “This world is a tough place.” In particular, the business world is a cut-throat place that can make even the strongest person break down and cry. But as I advance in this business world, I am beginning to appreciate and understand life more. Here’s my list of 4 things that entrepreneurship has taught me.
- For starters, you have to be your own cheerleader. Systems fail or do not work at all. Deals delay or fall through. There is always a tonne of work to be done. And if you are constantly criticizing yourself, it only makes it all worse. Being an entrepreneur has taught me to silence my inner critic, only so I can have a peace of mind, in order to continue to make things happen. As an entrepreneur, it is you against the world. It is counterproductive to be harshly critical of yourself. Instead, I am learning to understand myself, and most importantly, have my own back, and be nice to myself, especially when I fail.
- Timetables are important, after all. Throughout my school life (which has been most of my life), I only came to appreciate timetables / schedules after I became an entrepreneur. Setting a schedule for the week, and for the day helps me to make the most of my time, and they help me to single out the priority areas. In business, time is money, and I have come to learn that having a schedule is not only important, but a priority.
- Financial illiteracy is real, even for an educated person. And I was ninety percent financially illiterate. In business, knowing your money is king. As a pharmacist by training, I was clueless about accounting and financing, putting me on the fast track to failure. As an entrepreneur, I have had to educate myself about income statements, cash flow statements and balance sheets and I am learning to manage both my personal and business finances better.
- Challenges are an opportunity for growth. Every cloud has a silver lining, and the silver lining in the cloud of challenge is an opportunity to improve, learn and better yourself (and your business). I have learnt to appreciate, and welcome challenges as an entrepreneur. They are what make an individual and business(es) thrive after they have been overcome. And the journey to overcoming these pervasive parts of business is truly part of the thrill and experience.