What are some common things entrepreneurs need to take into consideration?
Many people dream of becoming entrepreneurs someday. But it made me realize that other factors need to be taken into consideration. We need to ask ourselves are we ready to take the challenge to the outside world. The individual must have a positive attitude and accept the responsibility, have the discipline to meet their goals, and take action when the opportunity presents itself. Starting your own business can be exciting and it can become a well-rewarded experience. Here are a few principles that I’ve learned along the way that aspiring entrepreneurs should consider before sending that “I quit!” motion into play.
1. Must Be Passionate About Your Work
If you don’t love what you do, don’t do it. As an entrepreneur, you’re going to have to put in long hours and make sacrifices for your business. When you’re passionate about what you do, putting in the long hours won’t feel like a sacrifice anymore. It will feel more valuable, making the journey much more fun to see your idea grow.
2. Open To Suggestion And Diversity
As an entrepreneur making a creation, there will be a lot of revision before getting it right. Most of the revision will come from feedback from either your team or your targeted audience (customers) meaning you as the creator or a representative of the company/ product, need to be open to all kinds of suggestions and cultural methodology. For example, if you have a Saas product and your VIP is not doing so well, some of your feedback may not be as well as you expected it to be, however, those feedback from all different kinds of people will engage the product in the right direction as it is constructed for the customer from the customer’s feedback. Diversification is also an important factor for growth. Meaning that with diversity, comes a blend of all kinds of strategies, action, people, experience comes together and creates something bigger than the anticipated goal.
3. Learn And Create
The successful entrepreneur mindset is that of learning and creation. As an entrepreneur, you always want to be taking in new information and creating. This type of mindset can be draining and tiring, however, don’t rush your creation. Entrepreneurs within their business journey will be testing themselves in all kinds of ways, figuring out how to do things they never did before. So the question comes into play, if I don’t know how to do it, what do I do? First I would suggest, learning from your team, if they are in the same boat as you, then try shadowing someone who does know how to do it. As point 9 says, “Networking is power”, learn from diverse people, correlate that learned information, and apply it through your characteristics, and boom!!! Something beautiful is created.
4. Team Skills
As for upcoming entrepreneurs, we can decipher what our primary skills are and what we are not good at. We are humans, we are not perfect, we make mistakes, however, knowing what you are good at and what your team’s skills are can grow your internal relationships while growing each other. For example, if Mark is great at budgeting the company’s accounts, while Andrew focuses on coding. Both have different skill sets but are still very vital to the company’s growth. Acknowledgment of your team’s work and emotions, I would say is the most important factor within team development. It will create richer relationships between team members. As well as, eliminating the hierarchical standard of work; which removes the motion of inequality within the workforce and has everyone coexist with each other peacefully.
5. Consider Your Role
Going back to the previous point of team skills, identifying your position within the company relates to your actions and contribution towards the rest of the team. Knowing and understanding each position within the company brings everyone together because there is an equal.
6. Find The Right Environment
Your environment plays a major role in how you think, people tend to focus more on different areas rather than being cooped in an office or home. For example, the mind of some thinkers shifts into concentration when seeing nature and having work thoughts. The change in scenery helps create a mind shift that alters the way we think and operate. Have you ever seen millionaires make their vlogs working on top of a waterfall and continue their work (I mean hotspot is very important in this case)? They changed up their environment to simulate a greater sense of creativity.
7. Time Prioritization
There are some things that you need to prioritize as an entrepreneur, with billion-and-one things to do, we need to make scheduling and time into consideration. A lot of entrepreneurs tend to rush their work just for completion, knowing they have other important things to get done, when really when you rush your work, you tend to go back to revise the mistakes that were made. To reduce the amount of time spent on a project is to spend time on it. If there is a deadline prioritize your time spent on it each day, without harming yourself. That also means you need to schedule when to do work, spend time with family, going out, partying, studying. There are only 24 hours in a day, for some people that’s not a lot of time. There is a timing for everything, it’s on you to figure out which one you would want to do first. Let’s get to it !!!
8. Behavioral Patterns
Behavior, behavior, behavior, plain and simple don’t be a jerk. Respect other people the same way they would want to treat you; most people don’t use this saying until they experience the outputs of their actions. Be kind and courageous with your team, as they will do the same thing, working together saves a lot more time (hint, hint) than working against each other competitively. Like you’re on the same team, lol.
9. Networking Is Power
Networking is power, nobody knows it all, people need help, assistance, guidance, etc. Networking will be a powerful tool to get insights from other people that have already done it. People will engage based on your intentions and outputs, this is where your behavioral patterns will come in.
As a growing entrepreneur, they will need to have the experience to make what they won’t happen. Having the experience or nature of wanting to learn more enhances your critical thinking skills as well as being “smart”. Try all kinds of new things to see how well you are good at it, and then boom you have another skill set to help grow your business.
Succeeding in business doesn’t come overnight. It takes a lot of planning, preparation, creativity, grit, and patience to become a successful entrepreneur. Entrepreneurship can be the adventure of a lifetime, but like any adventure, it can also be a challenge. Preparing yourself for the common mistakes many business owners make will make your path to success easier. Good luck to all upcoming entrepreneurs trying to make a change within themselves or the world.