5 steps to become a successful entrepreneur (2 of 5)
- Figuring yourself out
Before you dive into the big adventure of entrepreneurship you need to know several things about yourself and your future idea.
Soul-searching is essential to understand your strengths, weaknesses, values and beliefs. But more importantly you need to know what you are passionate about as it is key to making your business work. Passion begets drive and perseverance which are key when you start your company.
Knowing what you want to do and how will shape not only your company but your attitude and the way you work.
- Shaping your business
Because you will spend so much time working, you need to be certain your business corresponds to your values and way of working. You also need to take the industry into account as some favour more traditional businesses and practises. There are legal and tax implications that come with the structure of your business.
When shaping your business, aside from choosing the structure you have to know you market, competitors and above all customers in order to prepare and create a business plan. It is extremely important to fully research the potential of your idea before rushing headlong into launch.
It is also essential know exactly how much money your business will need to be fully operational. In order to do so you must objectively take into account future incomes and expenses. Don’t be too optimistic when it comes to income, as the first couple of years are hazardous at best.
Finally, surround yourself with qualified and motivated people who share your vision and passion. Learning from an experienced mentor beforehand is often an advantage. Learning from their mistakes, gathering insight and knowledge will help you understand the way the industry works and give you ideas on how to improve your business.
- Culture attitude etc.
Finding the right people is not enough; culture and attitude are almost as essential as the structure of your company.
Culture is often overlooked even though it needs constant monitoring and shaping. The best way to instil values is by being a model to your employees and co-workers. Attitude is therefore key, as it will set the tone.
Having a positive attitude, committing and hard work will often inspire others and make you a leader rather than just a boss. Understanding your employees is also essential so learning empathy is important if you want to keep your employees and be successful.
- Time and risk management
Take your time to build your company. Don’t rush and take unnecessary risks that could potentially cost you any chance at success. Taking baby steps, managing risk and experimenting in stages will help avoid mishaps.
Also don’t loose sight of your long-term objectives. Staying focused on the long-term is difficult as a company, let alone a start-up, as it is a day-to-day challenge and can become overwhelming. Define your objectives, how you plan to achieve them and prioritize the tasks at hand. Keeping a journal is often a good way to keep track of what you are doing and the progress you are making as it helps give perspective. Don’t hesitate to build and advisory board of trusted people to give you additional perspective and insight.
- Take care of yourself
Launching a company is time-consuming and stressful for the founder. Taking care of yourself is imperative if you want to stay efficient. Mental and physical health are essential because they will impact your attitude and motivation which will in turn define the way you connect with others and work.
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