Master the entrepreneurial mindset with these tips
Contributed by Fortis Media
10 April, 2020
Entrepreneurs are visionaries, risk-takers and rebels all rolled into one. They have the audacity to dream big and risk it all as they try to bring their vision to life.
Sounds awesome, doesn't it?
Well on paper it sure does. In reality however, the life of an entrepreneur is not an easy one. It takes a remarkable individual with discipline and passion to build a successful business enterprise.
More often than not, for every 10 entrepreneurs, only a handful ever succeed in getting their businesses off the ground.
But that doesn't start us from trying doesn't it?
If you have a passing interest in someday becoming an entrepreneur, here's what you need to know.
1. Don't be afraid to start small
"Big things have small beginnings" - T.E Lawrence, also known as Lawrence of Arabia.
Starting your own business is no easy feat and oftentimes the journey is fraught with risks and pitfalls which is why you should never be afraid of starting small.
The 2012 Global Entrepreneurship Monitor report revealed that 69 percent of American entrepreneurs launched their businesses from the comfort of their own homes.
Well to start off, launching a new enterprise is far from easy and costs are often a major factor. Forget renting an expensive office or starting up in a co-working space, work out of your kitchen or the bedroom.
In the early days of your business, you'll be struggling to make ends meet and trying to stretch your cash reserves for as long as possible. Working from home allows you to save up on rental paid for the premises whilst helping you save on commuting costs i.e. gas or bus and train tickets.
Keeping things small during the early stages also reduces your risk exposure should the business fail. By keeping costs to a minimum, you can maximize your margins and profits to help keep you afloat.
From selling goods online to offering copywriting and design services, the freedom offered by the internet has opened up dozens of opportunities for savvy entrepreneurs.
2. Take care of yourself
Entrepreneurs work three to four times harder than the average employee. Whether they're executing new and exciting ideas or merely keeping operations smooth, time is an entrepreneur's most precious resource.
Because of this, chronic stress, overwork and lack of exercise coupled with the very real risk of burnout, health issues such as high-blood pressure, heart disease and diabetes can become a very real problem.
Thus, staying in good health should always be at the top of every entrepreneur's priority list. While work may seem overwhelming at first, exercise and good eating habits are a must if one is to remain in the game for the long-term.
Hit the gym, go for a swim or pound it out on the heavy bag, anything that burns calories is welcome. On the short-term, you'll enjoy a better quality of sleep and sharper focus while on the long-term, you can avoid costly health problems that will affect your ability to work.
3. Entrepreneurship is a long game
Entrepreneurship is a long-haul business and requires commitment focus and discipline if you are to succeed.
All too often entrepreneurs who dream of becoming the next overnight sensation end up disheartened and disappointed when they realize that entrepreneurship is more of a lifelong journey.
Even tech giants such as Microsoft and Yahoo took years to find their footing before they were able to make it big. Hence if you're looking to become the next big entrepreneur, reset your clocks and get ready to ride it out for the long-haul.
Instead, focus on sustainability and steady growth. While you won't be raking in massive profits, you'll be able to enjoy the fruits of your labor for much longer. It's like if you bet on the NFL future odds on BetAmerica.com, scouting the best underdog gems in the sport. It's a risk that will eventually compensate.
Realistically speaking, entrepreneurship is a huge calculated gamble powered by passion and tenacity. For those willing to take the plunge, the rewards are not necessarily guaranteed, but the allure of it all makes it very much worth it.
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