Top 7 Entrepreneurship Lessons of 2020

As we close out the end of 2020, one of the most memorable years on record, I'd like to reflect on some lessons learned.  Without a doubt, some of these lessons were not easy to take, but I hope you will find some value in them.  

Lesson #1:  You must have an income that you control.

This year, unlike any other, has made it so abundantly clear that anyone who only had one source of income was vulnerable.  Vulnerable to losing your income in the minute it took for you to take that call from your manager that you were being furloughed.  Vulnerable to losing the roof over your head.  Vulnerable to loosing everything.

When you have an income that you control, no one can take that away from you.  You get to create real financial security because you create and control what you make.

Lesson #2:  Adaptability is key to survival.

A few years ago, the buzz word everywhere was the "pivot".  You had to be able to pivot or adapt if you were going to survive.  This past year, the entrepreneurs that survived were able to pivot to serve their clients in different ways.

In my luxury design business, I was able to serve clients who were living in their home, while the real estate market was shut down here in New York.

You've also learned to adapt to a new way of living and working.  Aside from masks, and social distancing, you've likely been on more Zooms then you can count at this point.  All those tasks that just had to be done in an office, can all of a sudden, be just as effectively done at home.  Who knew?

Lesson #3:  The world needs your talent.

In the past few months, millions of people have watched more online trainings, taken more classes, and read more books than they ever thought they would.  It's natural to want to learn new things, and over the past 9 months especially, people have shown so much excitement around learning a new craft or honing an old one.

The fact is that your talent, your gift, is something that can help other people be better, get further ahead, and can make a real difference.

Lesson #4:  Financial preparedness is a must.

This one was a hard lesson for many people to learn this year.  Hindsight is indeed 20/20.

I will say that one thing I've always had going for me, ever since I was a kid, is that I'm a saver.  Now I do like nice things, and have been known to get a little too excited on those rare times I go shopping, but I always have savings.  

If you had savings this year, that likely helped to soften the blow, when your city shut down.  Aside from savings, taking a good look at your finances and deciding how you can put some expenses on hold or eliminate them all together will help to weather any unexpected storms.

Lesson #5:  Don't be afraid to ask for help.

This one is a big deal for a lot of people.  I know people who watched other people's children, so they could show up for their essential jobs, and still take care of their families.

We saw a lot more communities come together this year to help each other.  It's the same in business.  The people who get ahead faster, and with less mistakes, are not afraid to ask for help.  It could be something as small as asking someone what they think of your idea, or as big as hiring an extra helping hand.

Lesson #6:  Get an accountability partner.

Accountability is a powerful driver to help you reach your goals.  When I say accountability, I'm not just talking about accountability to others, but also accountability to yourself.  

Having an accountability partner that you share your goals with on a regular basis, can sometimes be the push that you need to get things done, even when you don't feel like it.  Your partner can also help you stay accountable to yourself, and the things that you said you wanted to accomplish.

I meet with my accountability partner and best friend every weekday morning (except Thursday when she has another meeting) for 30 minutes to an hour.  These meetings have been a catalyst for many great ideas and opportunities.  

Lesson #7:  There is no bad time to create a business.

A successful business can be created in any environment, including a pandemic.  I know business owners who had their best year ever in 2020, during the pandemic.  They broke record numbers for revenue.

I also know people who created brand new businesses in 2020, which surpassed what they ever thought was possible.  

Sometimes we think that because the economy is doing bad, that everyone is doing bad.  That is just not true.

If you have something of value to offer that can enhance someone's life, then I promise you that there are people who are willing to pay for it.

Remember, some of the most successful companies in the world we're created during a recession.  Ever heard of a little company called Uber?

So there you have it!  My top 7 Entrepreneurship Lessons of 2020! 

Put these lessons to work to make 2021 your best year ever!

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