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8 Important Lessons About Success I’ve Learned From Highly Successful Mentors Over The years

Mentors are some of the most helpful resources you can have as an entrepreneur because they’ve been there and done a lot more than you. However, a large number of entrepreneurs start their careers without one. In an age where instant gratification is glorified, it’s unsurprising that many entrepreneurs and young founders do not seek out a mentor as hard as they try to find a co-founder.

I’ve had the good fortune to develop and maintain relationships with super success individuals  that have helped me along my journey.  Here are 8 important lessons about success I’ve learned from highly successful mentors over the years.

1. Build Something That Actually Solves A Problem

If you want to build a valuable and sustainable business, approach your venture with a problem-solution framework. The most successful companies in the world emerge from genuine needs and consequently create real opportunities and value. “Innovation” is just the process of solving a problem with a creative solution that’s never been thought of or executed before.

2. Be Prepared To Make Sacrifices

The minute you decide to launch a new business, you decide to do nothing else. Build your business for the next year or two. Every minute of every eighteen-hour day should be dedicated to this endeavor. Your business success will come at the expense of family time, friend time, vacations and any other hobbies or activities you once enjoyed. This business has to be your entire life, or it will die.

3. Know Your Why

Starting with defining the “why” will help your business because you’ll have a reason for pursuing this opportunity. Often times, business owners begin by focusing on our products, services or even a chunk of money they want to earn. However, exploring the question of “why” is extremely important. This defines what makes your products and services unique and this also gives you the competitive edge and value-added proposition.

4. Act With Integrity

Always be honest and act with integrity. No matter what happens on the battlefield of business, if you’re honest and authentic, you can never lose. You may lose the sale or miss out on the client, but honesty goes a long way in the business world. Don’t make promises that you can’t deliver on. I always recommend on under promising and over delivering!

5. Build A Great Team & You’ll Typically End Up With A Great Product Or Service

Most entrepreneurs think startups are all about the idea. They’re not. Initially, most ideas are way off base and don’t have product-to-market fit. Investors look at the team as much as the product. If you have a team that knows how to solve problems and persevere, you can brainstorm, iterate and prototype until you arrive at the right idea. The right team has the right blend of attitude, intelligence, perseverance, passion and domain expertise. Investors know it when they see it.

6. Fail Fast

Your first attempt to develop something that has the right product-to-market fit probably won’t work. The sooner you understand what’s not working, the sooner you’ll arrive at a working solution. Therefore, the key is to iterate quickly and ship frequently. Building something that provides value to its respective market will require multiple attempts and failures.

7. Breakdowns Are Opportunities For Breakthroughs

These words provide the motivation that every small business owner needs to hear on a daily basis. It is a reminder that a wise man falls seven times and will rise again. On the eighth time, he or she will arise triumphant with new insight and foresight. The challenge is rising again and reflecting on the lessons learned from past tumbles.

8. Don’t Be Afraid To Push The Boundaries

The most successful companies in the world create a legacy by breaking the rules and not following common beliefs or thinking. When you think unconventionally, true innovation and disruption can occur. You may call it a “paradigm shift” or some sort of “transformation”, but these are the boundaries you have to push. Take the “road less traveled” if you really want to upend an existing business model or traditional industry.

Conclusion

Great mentors offer some of the most valuable words on the planet. A single breakthrough, idea or connection can be worth millions of dollars. In this post, I shared with you 8 important lessons about success I’ve learned from highly successful mentors over the years.

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About Jeet Banerjee

Jeet Banerjee is a 24 year old serial entrepreneur, author, digital marketing consultant, and public speaker. In his young career, Jeet has launched several different companies, written two books, and has helped many businesses make more money from the internet. He strives to create the next big tech company and give back to the world in the best way possible.

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