The path to entrepreneurship is an exciting, fulfilling, and sometimes bumpy one as you navigate your way through the world of small business ownership. Entrepreneurship does NOT equal freedom. A small business owner works longer hours, makes less money, and has very little stability for a long time.
Entrepreneurs understand that every bump in the road is an opportunity to learn and go forward in a more effective manner. They know how to fail fast, learn from their mistakes, and move forward.
Do you think you have what it takes? Below are the eight core tips to help you begin navigating the role as a budding entrepreneur!
8 Tips To Keep In Mind as a Budding Entrepreneur
1. The Power of Positivity
Maintain a positive attitude, because that is essential for success. Energy is the fuel that feeds our attitude and it needs to be replenished on a daily basis. Having a positive attitude is a conscious choice. So when negative thoughts creep in, stop them in their tracks and replace them with good self-talk.
Repeat words or phrases that focus on affirming truths about you. Surround yourself with like-minded people who are an inspiration and who will provide encouragement. Positivity allows you to see the potential that lies within you. It gives you the faith to step outside of the box to achieve your dreams as a budding entrepreneur.
2. Worst Case Scenario
Create a motto that you believe in and live by, as it will motivate you when the work gets difficult. The one question I always ask myself is: What is the worst that can happen? Everyday, I also always tell myself that if I do things for the right reasons, only the right thing can happen.
Do whatever it takes for as long as it takes.
3. Learn from Challenges
If you look at a business challenge as a hurdle, then it will be a hurdle. I took what I believed to be small steps and used every challenge as a learning block. As a budding entrepreneur, there were many regulatory hoops to jump through. But I persisted in asking stupid questions, and asking to be treated as a 3-year-old to get through them.
4. Go with Your Gut
Don’t let “NO” or any obstacle stop you. We can learn so much from adversity; it cultivates inner strength, so don’t throw a pity party when life gets tough. Instead, look for the inner lessons to be learned and apply them to your life. Character isn’t born from an easy life – it is forged through pushing through trials and being persistent. This is how you grow as a budding entrepreneur.
5. Take a Break
Need motivation when you’re not feeling it? I tend to work towards a target, such as a list of tasks or calls on a daily basis, which helps to keep me focused. I try to make sure that I have plenty of complex carbs to eat in the morning, and again mid-morning. I avoid all sugar as much as possible.
I never drink caffeine and drink gallons of hot water which helps keeps me awake. If that doesn’t work, I take some time out to watch some funny videos on YouTube. That usually perks me up. I use the excuse that I am searching for content for our social media! 15 minutes will do it.
6. Hear with Both Ears
Listen with both ears to feedback from outside your immediate network of family, friends, and employees.
It’s important to get perspective on your brand and products from those you would like to sell them to beyond your best friend and mother. I also recommend getting a product to a prototype stage as quickly as you can.
The faster you fail the better – because if you’re going to fail, its costing you time. And time is money. Get lots of advice and work with focus groups around the prototype. Also, NEVER let your friends test in focus groups. They will always tell you what they think you want to hear – always.
7. Stay the Course Even When the Road is Bumpy
Do the right thing for the right reasons and only the right thing can happen.
Before I started as a budding entrepreneur, I worked for a company where I was treated poorly. It resulted in a lengthy, painful battle to resolve the situation.
It was not an easy time, but I know that this was the right thing. No matter how painful, as my future took a turn, that would never have been had I not been forced into it. Now, rather than force things in business, I sit back and listen to what I am being told. Sometimes, resistance is a sign to step away.
My gut helps me determine if the decision is right or wrong. The path less travelled is often bumpier, but climbing though hedges can sometimes mean you’ve strayed off of the path. Most of the best things in my life happened off the back of something not so great happening. It means there is always a silver lining.
8. Take Risks
Don’t over-think it. Take calculated risks. You don’t have to ask for permission to succeed. It is not rocket science (in most cases). Don’t be blinded by technical jargon and don’t be afraid to ask plenty of “stupid” questions!
So, what does it take to be a successful budding entrepreneur? Many say it is a combination of luck (developing the right product or service at just the right time) and lots of work (setting goals and going after them with determination).
Successful entrepreneurs understand that some of the best roads in the journey are those unplanned – and they take them!