Four Things Every Entrepreneur Needs to Know

Four Things Every Entrepreneur Needs to Know

By Mark Wager

Working for yourself as an entrepreneur is a dream shared by many who have toiled away in jobs that offer little personal satisfaction. It’s the dream of freedom—the freedom to shape your own destiny, to create something that is truly your own. I understand this dream because I was once in that same position. I worked in a windowless office in a dead-end job, feeling like just another cog in a machine that neither valued nor cared for me. But I took the leap. I chose to bet on myself, and now, after years of hard work and growth, I’ve built a career as a Leadership Coach. I get to work for my own company, travel the world, and meet fascinating people from all walks of life, all while doing something I love. It’s a privilege I don’t take for granted, and I would love nothing more than for others to experience this same freedom. However, the road to entrepreneurship is not an easy one. If you are serious about turning your dream into a reality, there are a few hard truths you need to embrace.

Tip One: Be Prepared to Fight

Entrepreneurship is not for the faint-hearted. The harsh reality is that 90% of businesses fail within the first five years. When you start your own business, you’re entering a battleground where survival requires grit, determination, and resilience. You’re not just up against competitors—you’re up against doubt, fear, and the many obstacles life throws in your way. The path to success is lined with challenges, and only those who are willing to fight for it make it to the end.

Here’s the truth: most people quit just before they are about to succeed. They give up when the journey becomes tough, not realising how close they were to breaking through. If you’re willing to keep pushing, even when everything tells you to stop, you have a much better chance of being one of the 10% who survive and thrive. Remember, those who quit often end up working for those who didn’t.

Tip Two: Follow Your Passion

The road to entrepreneurship is long, and on some days, it feels impossibly hard. There will be moments when you’ll question why you even started, and others—well-meaning friends and family—will tell you that maybe it’s time to quit. On those days, the only thing that will pull you through is passion. If your business is not something you’re truly passionate about, then the odds of success—which were slim to begin with—just got a lot slimmer.

Passion is the fuel that will keep you going when everything else has dried up. It’s what will get you out of bed when you’re exhausted, what will keep you working late into the night when you should be resting, and what will carry you through the toughest days. If you love what you do, the work won’t feel like a burden; it will feel like a calling. And that passion is contagious—it will inspire others to believe in your vision.

Tip Three: Be Prepared to Become a Lifelong Student

One of the greatest misconceptions about entrepreneurship is that it’s enough to be good at one thing. Maybe you’re a fantastic marketer, a brilliant designer, or an excellent salesperson. But being good at one thing isn’t enough. As an entrepreneur, you need to be good at many things—or at least, you need to be willing to learn.

Entrepreneurs wear many hats: finance, marketing, sales, customer service, operations, and the list goes on. You may excel in one area, but if you neglect the others, your business will suffer. The good news is that we live in an era where knowledge is at our fingertips. There is no excuse for not learning. Whether it’s building a website, understanding cash flow, or mastering the art of negotiation, the resources are out there. But you have to be willing to go back to being a student—to humble yourself and learn new skills. The most successful entrepreneurs are lifelong learners who are always striving to improve.

Tip Four: Don’t Be Afraid to Ask for Help

Entrepreneurship can feel like a lonely journey, but it doesn’t have to be. One of the biggest mistakes I see new entrepreneurs make is thinking they need to go it alone. They don’t seek help because they believe that doing so is a sign of weakness, or they assume no one will understand their business the way they do.

The truth is, some of the best advice I’ve ever received came from people who knew nothing about my industry. I remember a meeting in Fiji with a young entrepreneur who was passionate about her business but struggled to gain traction. In just 20 minutes, I was able to point out that her passion was blinding her to a simple truth: not everyone shared her vision. I knew this because I had made the same mistake early in my career. I was so passionate about leadership that I assumed everyone else would share my enthusiasm and immediately want to hire me. But business doesn’t work that way. You need to build a compelling case for your product or service, no matter how much you believe in it.

Mentors, coaches, and even peers in completely different industries can offer fresh perspectives. Don’t be afraid to reach out and ask for help. A different viewpoint might be exactly what you need to unlock your next big breakthrough.

Final Thoughts: Protect Your Dream

As you reach the end of this article, you may feel a bit overwhelmed. The road to entrepreneurship is not an easy one, but here’s the good news: it’s a road worth travelling. If it were easy, everyone would do it. Yes, it’s hard, and yes, it will test you in ways you can’t yet imagine, but the rewards are extraordinary. The freedom to live life on your own terms is worth the struggle.

I’ll leave you with a quote from Chris Gardner, whose journey from homelessness to success was portrayed in the movie The Pursuit of Happyness:

“Don’t ever let someone tell you, you can’t do something. Not even me. You got a dream, you got to protect it. People can’t do something themselves, they want to tell you you can’t do it. You want something, go get it. Period.”

Your dream is worth fighting for. So go after it, and don’t stop until you make it a reality.

Ready to take your leadership to the next level? Whether you’re looking to overcome self-doubt, empower your team, or refine your leadership strategy, I’m here to help. Contact me today to discuss how personalised coaching can unlock your potential and transform your leadership journey.