When I was 12 years old I knew that I wanted to be an entrepreneur. My father owned his own business, my uncle owned his own business, and the movie Office Space motivated me to avoid becoming a cubicle casualty like it was the black plague.

Every entrepreneur has a different story, but in them, there are certain things that seem to repeat themselves over and over. Here are 7 things that the business world has taught me so far.

7. Time is everything.

You may think that money is the main motivation most people have when going into business for themselves. While this is true for some, most people just want freedom – or in other words – time (with the means to use it however you like).

Unfortunately, it’s also something most new business owners waste. Even if you’re working 16 hours a day, sacrificing time with your friends and family and your personal freedom to work on your new business, there’s a chance you’re still wasting most of your time. How?

6. You don’t know what you don’t know.

The #1 cause of wasted time is wasted resources. When you unwittingly squander a resource (money, time, even an opportunity), you are working 2-3 times harder and for almost nothing to show (except maybe a valuable life lesson).

Mistakes are expensive. What’s the best way to avoid those costly troubles?

5. Do your homework.

Yes, I know, you’re out of school and I’m telling you what? Do more homework? Well you can just [let’s keep this friendly, c’mon]. Sorry if you thought research and critical thinking problems were something the invented to torture the young – it’s your lifeline as an entrepreneur, and you’d better use it if you want to make it out alive (or would you rather use the 50/50? Is Millionaire even on anymore? Annnyway..)

Research can save you a lot of headaches, and by doing your homework, you’ll get a better idea of what you’re doing by learning from the mistakes of others AND by seeing your own.

4. Don’t make deadlines, just meet them.

One of the things I read from several different sources was that time management is crucial, and we should set goals and reach them in a timely manner. So I took that to mean, set a goal and put a deadline on it. This sounds like a great idea, but there’s a nasty downside.

Setting arbitrary deadlines is a bad thing for many reasons. Things almost always take more than you expected (time, money, energy). Life comes at you fast. Some things take time, and shouldn’t be rushed. Failure to meet these meaningless deadlines creates negativity, though you didn’t actually fail at anything (other than not meeting what was likely an all too high standard). Am I saying that you shouldn’t use deadlines? Not at all, and others will often impose their own (highly optimistic sometimes unrealistic) deadlines that you will have to meet. What I’m saying is use your time wisely, but don’t let it consume you.

3. You’re gonna screw up.

Sorry. We’re not perfect, and getting things right on the first try is done by people who have done it several times before. They screwed up. Sometimes people make you mess up. Sometimes you mess yourself up. Sometimes you mess yourself up by thinking other people made you mess up.

The point is, failure is part of the recipe. What you do with the valuable knowledge gained from making a world class whoops may just be what turns you into the successful entrepreneur you’re striving to be.

2. Have some guts.

No guts, no glory. Wars aren’t won by timidly asking the opponent to back down. That cute girl you like isn’t going to ask herself out. Life takes courage and action. Without both, you’re setting yourself up to fail. Don’t be afraid to make yourself known – promote yourself – ask for the sale – and make it happen. Most importantly:

1. Just Do It.

I couldn’t have truly learned any of these business lessons had I not leaped from the safety of square one. It’s easy to talk about doing something, it’s easy to make grand plans and to never see the fruits of your labor. Execution is where the buck stops. Most people are pretty wild about the fruit part, but the crowd goes deafly silent once actual work is involved.

Honestly, if I hadn’t launched Word and started typing, I probably wouldn’t have gotten past “I should write a post today.” Instead, you’ve just benefited (I hope) from lessons I’ve learned the hard way and are frantically searching for the subscribe button so you can read even more of these awesome articles! (hintety hint-hint)