6 Things to Consider as an Entrepreneur

6 Things to Consider as an Entrepreneur

The world is full of overnight success stories and 20-something tech geniuses who struck it big with ideas they hatched in their dorm room. For most people, however, the slog to success is much longer and harder. If you're thinking of starting your own business or becoming your own boss, here are just six things to think about before you take the plunge into the entrepreneurial world.

1. Money

Conventional wisdom says that it takes a year for businesses to start seeing a profit. While this isn't always true, it's common enough that you should plan for it just in case. Try to have at least 12 months of rent saved up in advance before you actually sign the lease for an office or shopfront. That way, even if you hit on hard times, at least you'll always have a workplace.

2. Investors

This usually goes hand-in-hand with money, but it's also something that you should consider independently of your bank account. Even if you have enough capital to set up shop, who are your stakeholders? Who's on your board? Who will be there with a check when it's time to expand? Getting investors today can make it much easier to grow tomorrow.

3. Time

Make yourself a schedule for your business. A thorough one will look something like this:

  • Reach X number of dollars in month one.
  • Attract X number of customers in month two.
  • Engage X number of followers, bloggers and subscribers in month three.

Even if you can't meet these goals every time, you'll at least have a blueprint for success and something tangible to consult if you ever feel like you're getting off-track.

4. Staff

Having a good staff is often as important as having a good idea. Even if your business model is going to change the world, it'll be hard to get it off the ground without solid, trustworthy people doing the legwork with you. Try to find employees who share your vision or want the same things you do. Common goals are the keys to a productive workplace.

5. Role Models

Who did it before you? What were their secrets? What mistakes did they make, and how can you avoid them? Do they have any advice for up-and-coming business professionals? For example, Robert Bratt offers all kinds of tips and tricks for entrepreneurs on his social media accounts. You can learn a lot from him and others like him.

6. Hard Times

Some of the world's most successful CEOs started as young kids living on Ramen noodles. But could you do the same? Living a glamorous rags-to-riches story is one thing, but when you're actually cold, hungry and surviving on little more than dreams, will you still have the personal fortitude to keep going? If the answer is no, you might be in the wrong business. If the answer is yes, you have what it takes to be an entrepreneur.

These are just a few things to keep in mind as you strike out on your own. It isn't always easy being an entrepreneur, but it can definitely be rewarding if you're willing to stick it out. Remember, for every Mark Zuckerberg, there are 100 everyday people who had to work for years before making it big.

Original Source: entrepreneur-resources.net

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