How to succeed as an entrepreneur
The whole idea of creating something big and impacting a big chunk of people is too exciting for some people. But still in this new digital age creating something of mass value is much easier than in the ’80s.
I think being an entrepreneur is amazing but there’s a lot more work and learning to be done with strict discipline.
Here are a few tips you need to know before you take that step to pursue your dream business full time.
Don’t quit your day job
Business needs money and there’s no guarantee of growth and ROI. You need steady cash flow to support the business as well as maintain your savings account. You have to make sure you have enough saved up before you quit your job.
For example, if you’re starting a new e-commerce store, you’ll soon realize that you have to invest in things like Domain Name, Hosting, Promotions, Legal registrations, and much more, and that could have been easier to accomplish if you had a source of income.
If you’re a natural go with the flow person, you won’t be having any goals set but that type of strategy isn’t going to cut it if you want to succeed. For most of us, the goal is to make money.
However, planning allows you to see the bigger picture. Goals also hold you accountable. You must have a Strong Vision and appropriate goals. I would suggest Setting up smaller goals they will help you conquer the bigger ones
Planning On Factual Data.
One thing about starting a business is that it is easy to get discouraged. I encourage you to make goals based on sustainability and long-term growth. Then create a blueprint to run the business. It’s the dedication to the small details that you don’t think about too much that leads to success. It’s important to focus on growth instead of where you are right now.
Being an entrepreneur can be lonely and isolating. If you’re an introvert, you would find the network daunting. However, you’ll find that networking will allow you to reach a level of success you won’t be able to reach on your own. Ten hands lay the bricks faster than few. Create connections with people that can be your potential customers, colleagues. People of high social outreach are always a quick shot at getting things done
Being Realistic will protect you from discouragement. Your planning and knowledge about current trends will help in the forecasting of potential business. Don’t make unrealistic goals and then quit on not achieving them.
Consistency – Work on it every day.
You have to work on your goals every day. Whatever you want to do work on it little by little.
Will Smith once said in an interview
” You don’t try to build a wall. You don’t set out to build a wall. And you don’t say I am going to build the greatest wall that has ever been built. Instead, you say I’m going to lay this brick as perfectly as a brick can be laid. While doing this every day you will eventually have a wall.”
Don’t expect a miracle to happen
The focus when in entrepreneurship should be on progression over perfection. Nobody hits big numbers overnight. And when that doesn’t happen most of them become discouraged. It should always be kept in mind that it can take months or years before you actually start making money. The only thing you can control is practicing consistency.
Meet yourself where you are.
It’s easy to think that all you need is that one course to reach success. I suggest meeting yourself where you are.
For some reason, there will always be excuses for unachieved goals.
If there is something you cant buy Twice, Don’t buy it .
Find a Trustworthy Partner
Being an entrepreneur is easier when you have someone that can hold onto you.
Unfortunately, your friends and family may not support you. Sometimes they just do not understand. Get out there and find someone who is going to help push you and not give up. There’s always someone who will be able to do that.
Don’t Give Up.
Focus On One Thing At A Time
As mentioned above, everyone’s prime focus is to make money.
There are many ways to make money online. Some people make the most of their money from ads, affiliate marketing, selling courses, etc etc etc
There is more than one way to do it.
Stabilize 1 section of the business at a time, this will allow you to work on perfection. The better your product or services are, the better money they’ll fetch in the market.
Create a routine
Plan your work cycle. Make a list of targets you’re focussing on and then make an estimate of the work hours needed to finish the tasks. Now plan your week accordingly. Establishing a routine helps you create more by doing less. A routine allows you a chance to breathe and focus more on what works. Now take a pen and plan your work schedule.
Self-care is imperative to entrepreneurship. With more responsibility comes more stress. Take good care of yourself. Healthy and Happy is the final target. Money is an accessory to achieve a good lifestyle but with bad health, money won’t be of any use to you.
I now understand why people think rich people are cheap. I think rich people remember what it was like to be broke. Budgeting helps you spend money where it matters. It also forces you to meet yourself where you are. Not budgeting can be one of the biggest reasons a business fails.
Keep Track Of Your Expenses
The biggest mistake you can make is not keeping track of your expenses. Eventually, the model will fail and you’ll end up where you started.
Part of entrepreneurship is about experimenting. It is important to have fun in your business. Your job has to be the best job you have ever had. Finding out what works is part of the process.
Your time will come
Many successful people took Decades to finally polish up their skills and gain enough knowledge to be the best in the market segment. Some failed tens of businesses before finally creating stable cash flow. The biggest thing is not to run away from the process.
They work for their success it doesn’t happen overnight.
Nobody Becomes Beyonce Overnight, Not Even Beyonce Herself