Becoming an entrepreneur is an exciting and challenging endeavor that requires careful preparation and planning. Before you take the leap into the world of startups and business ownership, there are several crucial steps you should consider to set yourself up for success.
In this article, we’ll explore the ten key things you should do before you start your entrepreneurial journey.
Most people have a mindset of becoming an entrepreneur to start a business and get a card claiming you are a CEO on a name card.
However, that is not the case. When you are an employee, you will not need as much discipline and patience when becoming an entrepreneur.
An entrepreneur should have a correct mindset and be ready to face any issues, conflicts, risks, and failures in their business.
The following 10 things are what you should focus on before you become an entrepreneur.
Know-How to Motivate Yourself
An entrepreneur should know how to become motivated and stay motivated.
It all depends on you and how you motivate yourself. If watching motivational videos helps you become motivated, then carry on; it’s no problem.
When you are motivated, only then can you motivate your employees and become the source of motivation. The business is reflected by the person who owns it.
The fact is, no one will fire you, but if you do not get your work done, then your performance will drop and bring risks and failures to your business.
How can you stay motivated?
You can stay motivated through two things.
1. Why?
At times we do something because a person says so.
You have to ask yourself why you want to do something and what the reason behind it is.
Ask yourself questions like:
- Why do you want to be in the business? If it is to become a millionaire, then ask yourself:
- Why do you want to become a millionaire?
Keep asking yourself why to understand better what your real intentions are behind doing what you are doing.
2. Recognize your Mission
Once you know your intentions clearly, the next step is to identify the external why.
When you do things out of your own interest, you can only carry them so far.
Recognizing what your mission is, is an excellent way to motivate yourself. It forces you to push through and achieve your goals.
Let us say your mission is to find a different way to connect the world, similar to what Mark Zuckerberg did. You will put all your energy, time, and work day and night into finding a solution.
Not many people know, Mark Zuckerberg was offered $1 billion to part ways with Facebook at the age of 22. However, he said”no” because he knew Facebook was going to become bigger than that.
Save Save Save
Never, never start your business with the guess you will get your funding from somewhere.
Have your funding set before you start building your business. This means you will have to have a lot of patience as it will not be an easy or fast process.
You will have to pitch your business to the right people to get the funding you require. Saving is a habit that many of our parents told us to develop from a young age.
If you cannot save, you will risk everything from your business, your money, and the investor’s money and likely go bankrupt.
Therefore, work on your habit of saving and cutting expenses on unnecessary things before you start a business.
What can you do?
You can follow Buffett’s advice, which is:
Spend only after you save. People often do the opposite of this advice; they spend throughout the month and only save what gets left.
Calculate your daily budget on things that have to get brought or spent on no matter what, and then set a percentage you should take out to save per month.
The more you save, the more you will get further and succeed.
Know or Need, Learn how to sell
Sale or persuasion is the most important skill to learn in business.
A successful entrepreneur is one who has great communication skills and can deal with anyone needed, whether it is the customer, partner, or investor.
What can you do?
You should check out a few books:
- Influence book by Robert Cialdini
- Secrets of Closing The Sale book by Zig Ziglar
- Straight Line Persuasion course by Jordan Belfort
Work for one
Robert Greene wrote a book called Mastery, in which he explains how when one is on the route to becoming a master, one should either be an apprentice or have a mentor.
Years and years before there was a revolution in the industry, people used to learn tips and tricks about the trade of the market by working under a master as an apprentice for up to 7 years.
When you wish to become an entrepreneur, you should learn from someone who is in the industry you want to go into and someone you went on their own similar journey to get tips, tricks, and excellent advice.
What can you do?
If you find someone extremely influential in your industry, do volunteer work for them to learn from them, even if it means not getting paid.
When you learn from such experienced people, you learn a lot and save yourself from making lots of stupid mistakes which can otherwise cost you a lot of money and the whole plan.
Network and build relationships
Your network equals your net worth.
Deal flow and business development all depend on and are on contacts.
In the world of business, the people you know are what matters the most.
Depending on the people you meet, you will get more opportunities, and you can connect to the key people for your business, which can be your investor or partner.
What can you do?
You can start by sorting and updating your LinkedIn profile and inviting people you wish to meet and connect with.
It is always best to build a relationship with someone before you need it.
Or else, the other person might just think you used them for your own gain.
Another way to connect and build relationships is by going to conferences and startup meetings.
Work 12 hours a day 7 days a week
When you start a new business or become an entrepreneur, you will have to understand that for the first 2 years, you cannot stop working, meaning you will have to work 12 hours a day 7 days a week.
An entrepreneur’s success depends on their work ethic.
What can you do?
You can start practicing but putting in more hours at the current job.
You have to understand that 2 years is not a short time and will require a lot of determination and motivation.
Learning Research and Learning Fast
In the world of business, speed is everything.
A successful person and an unsuccessful person can be differentiated by how much they are willing to learn and what their ability to learn is.
Who does not know Bill Gates?
Do you know that he takes off a week after every six months to read and reflect on everything?
What can you do?
Take time out of your busy schedule to read various news articles and books regarding your industry. This will help you to learn and keep up-to-date about all the new trends and whether your current approaches can get turned to become more effective.
Moreover, review what you do every day and see if there is something you could have done differently and what you learned that day.
The more we reflect the more chance we have to learn.
Create an audience
The internet and Social media networking platforms are two things that have shaped, evolved, and transformed all the users into our own brands and media companies.
You might not like hearing this, but if you have your own social media platform account, you automatically a brand, and whatever you do online, you watch or post becomes a part of your brand identity.
People who understood this fact used it to their advantage and became influencers.
Believe it or not, you can do the same.
How can you do that?
Get the attention of the audience by posting content that is close to you, whether it’s one of your skills, like singing, or an interest you have like reading a book.
You can create videos, blogs, and photographs, or start doing live to get people with similar interests to follow you and get appealed by your account.
Ask or offer to do guest posts on other sites or other people’s accounts to get known.
The whole point is you build an audience, and if you become an entrepreneur, they will automatically get interested in the product or service you offer.
Know Your Strengths And Work Accordingly
When it comes to some things, we all have our natural tendencies. Most of the time, we have to get to know them, and the way to do that is by trying.
When was the last time you got complimented or praised on skills you have, anything from having a good voice to a good writing speed to good speaking skills?
When you get to know what your strongest skill is, work on it, and build on it. Why work on your weaknesses when if you work on your strengths, you can stand out?
The politician Thomas Jefferson was not a great public speaker, but he was a great writer.
So, what did he do?
He worked on his writing and wrote the whole of the Declaration of Independence on an individual draft.
Once you learn what your strengths are, research in which industries your strengths can be used as an asset.
A few questions you need to ask yourself include:
- What are your strengths?
- Which industries need someone with those strengths?
- Which will get you more money for the same amount of effort you put in?
This helps you to discover yourself and the sectors that will be the most rewarding for you and your mission.
Constantly Place Yourself on the Death Ground
Place yourself on the ground means having your back against the wall.
The fact is one does not get out of the comfort zone because they have to but because they need to.
You should always put a deadline on what you have to get done.
There is a lot of competition in entrepreneurship, which is why you have to set deadlines for everything.
Take small harmless risks and do little experiments with your main work to see where you stand and what more you can do.
An important thing to remember is:
“Never forget about stability in development. Never forget about development when instability.”
Clarifying Entrepreneurial Pathways
Is entrepreneurship suitable for everyone?
Entrepreneurship requires dedication, resilience, and risk-taking. It’s important to assess whether the lifestyle aligns with your goals.
Do I need a unique business idea, or can I enter an existing market?
Both paths are valid. Entering an existing market requires differentiation, while a unique idea offers a fresh perspective.
How much capital do I need to start my business?
Capital needs vary by industry and business model. Create a comprehensive budget to determine your specific financial requirements.
What legal documents are essential for a startup?
Depending on your location and business structure, you may need documents like business licenses, permits, and contracts.
How do I manage work-life balance as an entrepreneur?
Prioritize time management, set boundaries, and allocate time for both work and personal activities to maintain balance.
Conclusion
Preparing for entrepreneurship is akin to laying the groundwork for a successful journey. By undertaking self-assessment, conducting market research, crafting a solid plan, and addressing legal considerations, you set the stage for a thriving business venture. The path to entrepreneurship may be challenging, but with careful planning and dedication, you’re equipped to navigate the complexities and seize opportunities. So, heed these ten steps as you embark on your entrepreneurial odyssey, and watch your vision evolve into a reality that leaves a lasting impact on both you and the world. Your journey is about to unfold – embrace it with determination and enthusiasm!