So, you want to be an entrepreneur and have that lifestyle we all dream about, eh? Everybody wants it, but very few people actually go and out and get it! You can have the lifestyle you want and deserve, but you have to be motivated and work for it, and not many people are willing to do it.
But that’s not all. There are many more things that entrepreneurs do to make sure they are successful. So, what’s the secret formula, and how can you become a success in business?
Here’s the lowdown on the Top Ten Things You Have To Do To Become An Entrepreneur.
- Self- Motivation – You Can Do It!
The legendary Henry Ford once said, ‘Whether you think you can, or you think you can’t – you’re right. You are your biggest asset and your biggest enemy, and everything starts with you. So get yourself into the right mindset before you decide to embark on any entrepreneurial project. Read motivational books, watch motivational videos on youtube and surround yourself with positive examples of people who can do it and have done it. Don’t listen to the naysayers. I’ve never met a successful pessimist in my life, and you won’t find an entrepreneur who is pessimistic by nature.
Remember, as a business owner, your employees will also look to you as a source of inspiration, so be positive and believe! You’ve got this!
- Find Your ‘Why I?’
Why do you want to be in business? To live the lifestyle you want? To become rich? Why do you want to become rich? To enjoy the finer things in life or to have financial freedom? Ask yourself ‘why’ and find what makes you tick! Knowing yourself and what you want from life is key to identifying and honing in on your ambitions and goals.
- Power up your Financial Management Skills
If you are no good at saving, budgeting, and economizing, now is the time to learn these skills! The old saying ‘money doesn’t grow on trees’ exists for a reason, so make sure you are careful with whatever you earn and get into the habit of economizing, saving, and budgeting. If banks and investors see you have these skills, you’ll become much more investable, so start developing these habits right away! Follow Warren Buffet’s advice and only spend after you have saved. After all, the big Buffet hasn’t done too badly, has he? Most people do it the wrong way round – they spend what they have and only save what is left at the end of the month.
Make a budget at the start of the month, save a percentage of your salary, and forget about it. And calculate your daily budget spend! Get yourself into good habits from the get-go. Learn how to manage your personal budget, and that will set you up with the skills to manage company budgets.
- Learn how to sell
All good entrepreneurs know how to sell, and the very best of them could sell snow to Eskimos! So, get to work on those sales skills. There are tons of books and videos on the net, so get reading and watching and learn how to make a sales pitch! Think of what your clients would want to hear and think about the questions and objections they might have when they hear your pitch. Work on your copywriting skills or hire a good copywriter- they are well worth the investment! You could have the best product in the world, but without the right pitch, you won’t maximize your sales opportunities.
- Find a Mentor!
It’s essential to learn from someone directly (and ideally in your industry) who has actually done it and has been through the same journey you are about to go on. So, learn from their mistakes. It’s much cheaper than making your own mistakes! Pick their brains, work closely with them and shadow them. Offer your services unpaid, and they will share some pearls of wisdom with you.
- Become a workaholic
The only place where success comes before work is in the dictionary! So get ready for 6 or 7 days per week work schedules in the start-up phase of any new project because your work ethic determines a whole lot of your success as an entrepreneur.
Start practicing it now in your current job. Build up your work schedule slowly and get used to working long hours, so try adding two extra hours per week to your schedule for the first 6-10 weeks, and you’ll soon be in the workaholic zone!
- Learn How to Assimilate Volumes of Information Fast!
Speed is vital in the world of business. The ability to learn new things fast quite often separates the successful from the unsuccessful. Bill Gates takes a week off every six months just to read and reflect, a habit he has always had even at the height of Microsoft’s success. Set aside time to read articles or books on your industry – learn the current trends and fine-tune your processes to become more effective. Put into practice what you learn and treat this as experiments with outcomes and if you fail, consider it a valuable lesson and not a failure. We learn from our failures, so look at them as valuable lessons and try not to repeat them! Remember, Einstein famously said, ‘The definition of insanity is doing the same thing over and over again and expecting different results.’
Also, regularly review what you have done during the day, how you could have done it differently, and your key learnings.
- Take Calculated Risks
Avoiding risk is probably the riskiest thing you can do in life, so take the risk or lose the chance! The key thing to remember is to take calculated risks in life. A famous Russian proverb translates as, ‘those who don’t risk, don’t drink champagne.’ So, if you want that champagne and the lifestyle that goes with it, you have to be prepared to develop an appetite for risk. Just make sure it’s calculated!
Keep the Nike slogan in mind at all times and ‘Just do it!’
‘Procrastination is the grave in which opportunity is buried.’ The more you procrastinate, the more that little voice will pop up in your head, feeding you doubt and focusing on the reasons NOT to do something. Seize the day and opportunity while it’s here! ‘Someday is not a day of the week’ and ‘procrastination is opportunities assassin’!
- Network and Build an audience!
The internet has revolutionized marketing over the last decade.
You and your company are a brand and what you post and do online is part of your brand identity, just like influencers on social media sites such as YouTube celebrities, Instagram influencers, etc.
You have the power to do the same, too, albeit on a smaller scale.
Think carefully about your segment and the content you publish, and how you can attract, engage and inspire your audience! Tap into their interests and try to appeal to them on a rational and emotional level and you’ll soon start influencing your own small circle.
There’s an old saying, ‘it’s ‘not what you know but who you know,’ so develop and maintain your network of contacts. Your network is your net worth. The people you meet can open doors for you and connect you to your business’s key people – be it a partner or investor. Develop your social media profile and network, go to conferences, join business clubs and get out and meet people as much as possible! And make sure you organize your contacts and any business cards you collect. Ultimately, being able to network effectively is one of the most important skills an entrepreneur needs to succeed.
For more information on business opportunities and how to become an entrepreneur, get in touch with us today @[email protected]
Written by Anthony kent, Director of Education, whyi Academy
‘Give yourself the lifestyle you deserve’ @ www.whyi.co