Nicholas Reichenbach is the Founder, Chairman & CEO of Flow Alkaline Spring Water. (TSX:FLOW).
getty
The path of an entrepreneur is filled with trials, triumphs and, most importantly, lessons that shape you into the business leader you become. I've had my fair share of learnings as the founder and CEO of Flow Water. Here are three lessons that have been instrumental in my entrepreneurial journey so far.
Lesson 1: Tenacity and ignorance are essential skills.
Tenacity and ignorance may seem like an odd pair, but in the world of entrepreneurship, they are essential skills. Why? Tenacity gives you the unwavering determination to overcome obstacles and never back down from a challenge. It's that "never say die" attitude that keeps you moving forward even when the odds are stacked against you.
Ignorance, on the other hand, can be a blessing. When I started my entrepreneurial journey, I didn't fully grasp the enormity of the challenges ahead. I had an audacious goal, and my ignorance in some aspects of the industry allowed me to dream big and believe that anything was possible. If I had known the full extent of what I was getting into, I might have been discouraged.
My journey as an entrepreneur began with an epiphany that struck me like lightning—I was determined to make a difference. In those early days, I was blissfully ignorant to the hurdles awaiting me. I envisioned a future where profit and sustainability held hands, somewhat unaware of the intricate dance required to balance the two. Navigating the labyrinth of regulations, convincing skeptical investors and competing in a market that favored shortcuts became my daily challenges.
Yet, amid the trials, there were moments of joy and triumph. When my sustainable product found a niche in the market, I witnessed the positive impact of my business firsthand at a local and global scale—those were the moments that fueled my resolve.
Looking back, I can't help but smile at the naivety that fueled my initial enthusiasm. The road to a sustainable future, it turns out, is not a stroll in the park but a demanding trek up a mountain. While I welcome the challenges today, I don't know if I would have begun the journey If I knew what I would face from the start.
So, the lesson here is to embrace your tenacity and your ignorance. Let your determination fuel your progress, and let your lack of knowledge be the catalyst for innovation. I think it's the perfect combination for entrepreneurial success.
Lesson 2: Build an all-star team.
In the entrepreneurial world, you can't go it alone. Building a remarkable team is crucial to your success. Having the right people in your corner can make all the difference, especially when navigating the challenges of starting a business.
Two key players you should never be without are a chief financial officer (CFO) and a legal expert. They are the unsung heroes who help you steer your ship safely through the tumultuous seas of entrepreneurship. With a CFO, you'll have the financial insight and strategic planning needed to make informed decisions. A legal expert will safeguard your business against the many pitfalls that come your way.
Equally important is having a great publicist. A skilled publicist can help you craft and share your narrative effectively, positioning your brand for success.
Lesson 3: Never, never, never, never give up.
The entrepreneurial journey is not for the faint-hearted. It's a rollercoaster of wins and losses, and it's easy to become disheartened when faced with adversity. However, one lesson I hold dear is the importance of perseverance.
"Never, never, never, never give up" is a quote that is often attributed to Winston Churchill, and I think it perfectly encapsulates the spirit of entrepreneurship. The minute you give up, the game is over. As an entrepreneur, I've found most opportunities come because you're still in the game. The ability to manifest your story comes from staying in the arena, even when the going gets tough.
Remember that success often lies just beyond your comfort zone. The ability to press on, to keep moving forward, and to learn from your mistakes is what separates successful entrepreneurs from the rest.
Despite all the challenges I came to face throughout my journey, my big dreams for a more sustainable future have not wavered; they have only steadily grown, as the business has grown not just in revenue but in influence.
Through perseverance, I've seen my company become an advocate for change within the industry. Today, I'm grateful for the journey that has shaped me, and I'm humbled by the realization that my own personal ambition has grown into something so much bigger than me—a catalyst toward a more sustainable future.
Ultimately, entrepreneurship is a journey filled with valuable lessons. Embrace tenacity and your "ignorance advantage"; build a strong team that includes a CFO, legal counsel and a skilled publicist; and, most importantly, never, never, never, never give up. These lessons have been my guiding principles, and I hope they will serve you well on your entrepreneurial path.
Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
