An entrepreneur is a person who converts an opportunity into a workable and marketable concept. They learn to apply their time, money, skills and effort to the process of getting their product or service into the marketplace.
Many entrepreneurs are engaged in a race against time to build their businesses, make money and make a difference. They become so consumed by their work that they forget to enjoy the simple pleasures of life. All of that being said, being an entrepreneur also comes with plenty of freedom and opportunities. This is why we are giving some tips for entrepreneurs that way we can learn to enjoy.
Here are 6 things every entrepreneur should know and always keep in mind :
1. Practice Patience
Patience is a fundamental part of being an entrepreneur. We often want things done as quickly as possible without taking into consideration the time it takes. Part of being a successful entrepreneur is sticking to a plan. This does not mean that everything will go according to this plan. That being said, having a plan can save you countless amounts of money, time and headaches.
By starting organized and with clear goals in mind, you have already set a better tone for your business to work. You can do this by writing down your goals and plans to execute them, as well as tracking your improvements along the way. By recording everything, you can see patterns in your progress, as well as areas of weakness.
It takes time and money to build something reliably profitable. If you are in it only for the money, there’s a chance that entrepreneurship is not for you.
2. Money is fuel to the machine, you are the engine
Too many entrepreneurs chase money as the end goal and end up in tight situations or completely stressed out. In the beginning stages of creating a business, cash can also be what’s holding you back from growing and expanding your business. Keep in mind there are plenty of ways you can seek financing.
For example, there are big companies that use a portion of their capital to fund smaller businesses usually during the startup process. This is also known as a venture capitalist. What this means is they provide your business with the financial means needed to grow, expand and bring your business to market. They may even have voting rights depending on the agreement. These venture capitalists do this to later share the profits of the business which by now has grown exponentially. Oftentimes they create an agreement where the business owner has to sell, also known as to exit, the business in 7-10 years’ time for a much higher business valuation. However, in this process, you lose a portion of your companies equity, and you most likely have to sell your business at some point.
Therefore money is not the end goal. Money is simply a tool that is used to speed up a process. Here is another example. Let’s say you have fifty thousand dollars to invest in your business. In business growth terms, that means you can hire a team of 10 people to help you develop, market and sell your product or service. It might take you a couple of years to be profitable, but you will get there. On the other hand, let’s say you have raised a million dollars in pre-seed to invest in your business. You can take that money and hire a team of 100 experts to help you develop, market and sell your product or service. It’s not the money that is important it’s the speed boost it can give you.
3. Find Guidance
Finding guidance or mentorship is one of the first things any veteran entrepreneur would tell you. But what happens if you do not have the possibility to work under the wing of a highly successful entrepreneur? Well, there are plenty of ways to find the guidance you seek. For example through YouTube, books and audiobooks. These spaces can give you all the information you need. There are many many people giving away free information on business online. It will lack the personalization that having an actual mentor will give you, but there is no excuse for not having guidance.
If you are looking to spend a bit of cash on self-improving and getting access to a new way of thinking, there are definitely more options for you. This will help you avoid many mistakes which also means saving money. If you are looking to spend money on a mentor, keep in mind there are thousands of entrepreneurs offering their experience to you. We would advise searching for one that is currently as successful as you are aiming to be.
4. Tune out the noise
Business owners and entrepreneurs especially face lots of criticism from others. Whether out of lack of understanding, jealousy or true concern, people love to tell you that what you’re doing is risky or that you’re not doing it right
Tuning out noise can be extremely difficult. We must learn to carve our own paths and begin to tune out the noise. The best course of action to take is to analyze yourself and follow through on your own decisions. People will never fail to give unwanted opinions. The good news is that you can ignore the bad critics altogether. But remember, there are certain instances when you should listen to feedback if it’s true and valuable.
5. Fight failure with growth.
Failure is a part of being a successful entrepreneur.
What we must keep in mind is that the only way failure is valuable to us is if we learn from our mistakes. When you fail, take the opportunity to analyze what happened and create a note of how you would have approached the situation differently if it were to happen again. Repeating this process is what makes an entrepreneur with experience such a valuable resource. They have the ability to foresee possible opportunities and incoming disasters. This is how an entrepreneur grows! Through experience.
Another thing to keep in mind is we must stay persistent to allow growth to happen. Think of the journey as a cycle, there will be both difficult and great moments. That’s why we must always keep in mind that, in order to win the race you must finish it first. This is also why it’s essential to stick to a business model. That way we can accommodate to the turbulence instead of jumping from strategy to strategy and never getting anything done.
Out of the many things every entrepreneur should know, this one is especially important to make the most out of your journey.
If you are feeling stressed and need some help check out this blog.
6. Hire people for things you are bad at
This is one of the most fundamental things every entrepreneur should start doing as soon as possible. Finding the right people to do the tasks you are not good at is essential to growing your business.
You may think that you can not afford to hire a team of people. So you opt for attempting to do as much as you can yourself. The truth is once you start growing (which is what we are aiming for), it gets very complicated to keep up with everything going on. That is why the sooner you can have a reliable set of people that you know can accomplish certain tasks, the easier it will feel to expand and grow your company.
This is also why here at DoneMaker, we have made this whole process easier by implementing a 24-hour task system where you can accomplish specific tasks every day. That way you do not need to spend countless hours finding the right people, make mistakes during the hiring process, and overall slowing down your growth process. Check out our list of tasks we can provide help with today and don’t forget to get your free task as well.
Click here to start growing your business today.
All in all, these are a few of the most important things every entrepreneur should know