5 lessons for the next generation of entrepreneurs in 2025
At now 81 years old, I’ve learned a thing or two about business and entrepreneurship along the way. My career to date has taken me from the engineering workshop, through delivering training and seminars to teams across the world, to even now taking on new projects in my ninth decade.
As we enter 2025, many entrepreneurs might be reflecting on the course of their business. Perhaps they are wrestling with some particular obstacles and are working out what direction they will take next, or they are a new entrepreneur considering taking the leap into business.
Below I've included five lessons to support the next generation of entrepreneurs so they feel empowered to succeed whatever the challenge – nothing is impossible!
People aren’t always going to believe in your vision, but that’s okay
When you are pioneering a new approach it is not easy to maintain conviction in your choices and vision, especially when you’re disrupting an established industry or challenging conventions. However, having conviction in your ability and choices is paramount.
People are not always going to believe in your vision, so accepting this is important to ensure you stay focused on your goals and are not constantly marred by the criticism of others. It was in 1990 that I started exploring residential property investment, and was passionately encouraged not to by someone in the financial markets. With trust in my decision, I proceeded and this has proved successful to this day.
Weigh up your view against the advice of others
This interaction with the individual in financial markets brings me onto my next lesson. Whilst I have trust in my abilities and choices, consulting the advice of others is an important step in coming to those reasoned decisions.
Sometimes that advice will cement the choice that you were planning to make, but in other instances they might offer you a perspective you had not considered that shifts your viewpoint. You might be able to take lessons from the choices others have made in a similar position to you.
Maintaining this openness to the advice of others is important, alongside having the conviction to make the decision that feels correct in your situation. Ultimately, the choice is yours.
Failures are going to happen
Failure is a massive part of entrepreneurship. It is inevitable on the journey, so making peace with this early is important to long-term success.
When I was given a new assignment working with the board of a large technology company, I was unsure it was the role for me but I was told it was prestigious. It turned out to be something I hated and actually many people had refused it before me. Whilst I could have seen this a career hiccup, it confirmed what I did want in a role and was an important learning experience.
When every day is a school day, taking chances and accepting that it could end in failure will ensure you are constantly learning about yourself and your industry.
Expect things to go well too
Whilst failures are inevitable, you cannot wake up each morning expecting everything to go wrong. Maintaining a positive outlook is also crucial for navigating challenges and prevents you from throwing in the towel when these things do not go to plan. Approach every obstacle with the positivity that you can overcome it and if you don’t, you will learn something that would redirect you to your next path.
Make short and long term goals
Goal setting is a good way to help you maintain positivity on your entrepreneur journey.
The most effective combination is a mixture of long-term stretch goals, with short term checkpoint goals along the way. When you create short term goals, you can take stock of your achievements which will build your confidence and positivity towards achieving the long term goals. When I was setting up my property business, I was both looking to source some additional immediate income, but this was also going to factor into my pension plan.
As you venture into entrepreneurship in 2025, be sure to consult the advice of others, but also maintain conviction in your vision. Failures are going to happen along the way, but remain positive in the face of adversity because you have the tools to succeed and meet both your short and long term objectives – good luck!
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