Lessons In Entrepreneurship

This weekend marks a big milestone for Ace Academy: We turned 1! Looking back at the past year, I still can’t believe this idea came to life. I’m not the kind of person who takes big risks or who likes to chart my own path, so starting a new venture is completely foreign to me. But there is no better teacher than experience. Here are some of the lessons I want to share.

• Have a clear vision. The best thing you can do when starting out your business is to come up with a business plan. What special need are you fulfilling? How will you drive business, and what’s your timeline? Do you have an exit strategy? If any of these questions are unclear to you, take the time to figure out the answers now. Creating a business plan does not just help you. Having details of your business readily available attracts more potential investors and gives future employees a clear direction.

• Learn to set limits. When you start on a new project, the tendency is to put all of your energy into something because you are trying to prove yourself. This makes it easy to get burned out and may set the stage for little or no work/life balance. By setting boundaries for yourself from the beginning, you are establishing a pattern of working more efficiently.

• Pursue your passion. Entrepreneurship is not easy. There will be setbacks along the way, things that you don’t know to expect, lots spent with little in return. That is why it is so important to pursue something you love. If you’re not sure you can stick by your idea for the long haul, test the waters while keeping your day job. That’s exactly what Daymond John from ABC’s “Shark Tank” did. He kept waiting tables at Red Lobster as his clothing line started to take off. Just consider it your passion project.

While it’s only been a year, Ace Academy has already reached thousands of views across the globe, including China, Europe, India, and the United States. Thanks for subscribing and following along as we continue to learn and test new ways to explore money. Welcome to a new school year, ace!

Homework: Think of an entrepreneur you admire. How did they get their start? What lessons did they learn along the way? If it were you, what would you keep the same or do differently?

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