4 Lessons For Entrepreneurs From The Royal Wedding

Probably the most spoken about relationship of the last decade, finally, had the perfect climax, ‘The Royal Wedding.’ Prince Harry, now the Duke of Sussex married Meghan Markle in an extraordinary wedding in London recently. It was a perfect potpourri of cultures and traditions and yet had the simplest of flairs around it. Many have defined the event to be the turning point in English History and monument of the evolution of beliefs and traditions in England.

But why are we talking about the Royal Wedding here? Isn’t the social media already abuzz with the news? Well, I believe the Royal Wedding has a lot to offer to entrepreneurs. The relationship between an entrepreneur and his/her idea is nothing less than a love story. So here are some lessons that every aspiring entrepreneur should take from the Royal Wedding Story.

It Is Never Easy

Given the stark difference in both the cultural, personal and professional backgrounds, the entire concept of their relationship was always under media and public scrutiny. It wasn’t easy to change people’s perception, but they did it.

Like the saying goes, “It’s never good if it’s too easy.” Setting up an online marketplace is never easy. The entire journey, especially the first 6-12 months, are testing times for every entrepreneur. You can never be sure if the market would accept your product or which business model would give you the right amount of returns. Do you think it was easy for a marketplace like Airbnb to identify and change people’s perception about security, trusting strangers and sharing private spaces?

Believe In The Idea

Prince Harry and Meghan Markle met through a common friend and knew they wanted to be with each other. Over the last one year, they believed in the idea and fought all odds together. In an interview with BBC, they said that relationship success is all about being a team.

Even when you are an entrepreneur, it is very important to believe in your idea. To not give up easily. As discussed in an earlier article, it is difficult to forecast when a business would be successful. So, don’t let early failures dishearten you. If you believe that your marketplace is solving a problem, then let nothing come between your idea and you.

There Is A First Time To Everything

Duchess Meghan Markle is truly the first in many ways. She is biracial divorcee to be married into the British Royal family. She is older than Prince Harry by 3 years and she is from the show business. The new life is going to change a lot about her older life, but she embraced the change gracefully.

In a previous article, we discussed how important was it for a marketplace to come up with new ideas to solve problems in the community. Don’t be scared to venture out into a new territory. If the market you are operating in is niche, do not hesitate. Yes, there are chances that you might fail when you try, but you will never succeed if you don’t.

Spend Where Necessary

Prince Harry decided to proposed Meghan in a simple affair. Most aspects of the Royal wedding were also designed to be simple.

That’s the most important lesson for an entrepreneur. In the article on the cost to build your marketplace, we discussed how it was essential for entrepreneurs to only spend what was necessary to keep the marketplace operational. Just because you have extra funds, do not indulge in unnecessary activities. A heavy promotional budget does not promise success, product value does. Quality matters over Quantity.

These are just some lessons that I could make sense of, that would help entrepreneurs in their journey of setting up a marketplace. If there are any that I have missed, do feel free to leave a comment so that others might benefit from your keen eye.

If your dream is to start a marketplace and have no idea where to start, reach out to us at Yelo and we will help your dream become a reality.