Life lessons every smart entrepreneur has learned

One important thing for entrepreneurs to remember is that sometimes they have to make tough choices about how to spend their time and energy, according to Stewart Thornhill of the University of Western Ontario. "[I]f you chase every shiny penny you see on the sidewalk, you shouldn't be surprised if you end up somewhere you didn't want to be," he notes. Entrepreneurs should also pay attention to details and understand that most people are inherently lazy, so merely being willing to put in the work to get a business going puts you at an advantage over hundreds of others who might have the same great idea.

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