Are you thinking of starting a business, longing to become a successful entrepreneur someday? Are you inspired by watching the transition of small startups to the profit-making industry? Congratulation, you are on the right boat.
If you are prepared to start a business or just started, you must know the facts about what it takes to be a successful entrepreneur. Take action before it’s too late. Do you know what is business? Do you know how to start a business? Are you ready to spare time to prepare yourself for business? You must need to know what it takes to start a business and to be a successful entrepreneur. Don’t try your luck unless you know how to start a business.
Most beginners don’t know what it takes to become an entrepreneur. Today everyone is anxious to become an entrepreneur and dream of being proudly called CEO / Founder of the company. Even the kids and youths are influenced by Facebook, Instagram, Youtube, and social media, thinking it’s easy to make money. And the reason they are diverted from their educational priorities. They think cash is flowing all around the internet world, and they can grab it at any moment. The only simple fact needed to know is that you need to learn first before taking a step ahead. Think before you start a business. Prepare yourself to be a successful entrepreneur.
Think like a successful entrepreneur.
- Don’t start a business when you are desperate. You may lose even what you have.
- Money makes money: Don’t start a business until you have no extra money to lose.
- Sale is everything: Don’t start a business until you know how to close.
- Master your industry: Don’t start a business until you know your industry.
- Frustrated with your job or hate your boss: Don’t start a business to satisfy your ego.
- Your family and friends tell you it’s a great idea: Don’t start a business for a few praises from your relatives.
- Business takes time: Don’t start a business unless you are willing to commit 10 to 20 years in business.
This book is recommended for all entrepreneurs.
1. Don’t start a business when you are desperate. You may even lose what you have.
Business takes your effort, money, and time to mature and generate profit. Are you thinking of earning money in the next two or three months after starting a business? You are yearning. You actually don’t understand, what is business. You don’t know the consequences if you fail to make your business successful. You better learn how to start a business and be a successful entrepreneur before you destroy your ambition.
Most businesses don’t make money that quickly, only in sort of online businesses, where it’s easy to enroll for profits. But it only depends on time, your professional knowledge, and consistency. If you are in anguish, assuming you could solve your basic financial needs. Then you are indulging yourself in problems by starting a business. Think before starting a business and prepare yourself for business.
2. Don’t start a business until you have extra money to lose.
Don’t start a business when you have no money. Money is like blood to your business. It requires a substantial amount of investment as time and money to get going. Don’t start a business when you are living paycheck to paycheck. Cause you’re to cover your living expenses. And at the same time, cover all the overhead in the business.
How are come up with that money? How you’re going to meet payroll? How you’re going to do marketing? How you’re going to fuel the business going? Do you have any idea?
First, you must position your cash flow needs and income before worrying about building an empire. You better look for other good options available, maybe a good job can make you rich. You can work as a freelancer or a consultant etc. Be realistic about what profession you choose for yourself, which could serve you well in the future.
3. Sale is everything: Don’t start a business until you know how to close.
In business, nothing happens until you make a sale. You must know how to influence your customer and make that deal close. No matter how good is your idea, it’s useless unless you know how to turn that idea into a product or service that people want to buy from you. And unless you know how to get your product or service in people’s hands. You must know how to convince people in exchange for money. It doesn’t mean anything.
An idea is nothing unless your ability to achieve that sale, the ability to sit down with someone face to face, on the phone, on the camera, in the video, or on social media and convince someone to give you money in exchange for your product or service. If you know nothing about selling, you are not qualified at the moment to start a business.
In business, other than your ideal customers, you’ll require to make good terms with the most promising investors for the financing, trustworthy vendors, and partners to help you promote your business. If you can’t sell anyone anytime and you don’t have that closing mentality and skills, you are not eligible to be in business right now. No matter what you do, no matter what industry you are in, no matter what product or service you have, you need to be able to close. Think before starting a successful business. Prepare yourself for business.
4. Master your industry: Don’t start a business if you don’t know your industry.
It is a shocking truth that most entrepreneurs don’t know the depth of their industry. Are you one of them? Do you know your ideal customers and how to reach them? Do you know about their frustrations, goals, understanding of daily needs, and their emotional needs?
What qualifies you to be in this space? Do you have any credibility? Are you blank to answer these questions, then why you are thinking of getting into this industry? How are come up with that money? How you’re going to meet payroll? How you’re going to do marketing? How you’re going to fuel the business going? Do you have any idea?
Why you and Why now? Start a business.
While seeing some billionaire entrepreneurs’ luxurious lifestyles and fortune give the misconception that you could be the same after a year of starting the same business. Then it’s idiotic. It’s not how it works.
You need to have something unique that you bring to the marketplace that is different from everybody else. You have to add some distinctive value and solve a problem that is not solved. And that’s what gives you the right to start a business in that particular industry. Your success in any business is positively determined by how well you understand your industry. Think before you start a successful business.
5. Frustrated with your job or hate your boss: Don’t start a business to satisfy your ego.
It’s immature to think about starting a business cause you are frustrated with your present job and boss. You better get another job. Because you don’t like your boss, it doesn’t mean you should become your boss. Are you qualified or equipped to become your boss, to be in business for yourself. It is a different game.
Don’t start a business out of ego. Think before you start a successful business. Prepare yourself for business.
Ask yourself these questions before starting a successful business.
- Do you have the business acumen?
- Do you have the required knowledge of what it takes?
- Do you have the right skills to make a business work?
- Imagine if you quit your job, you have no source of income. How you’re going to pay your bills?
- How you’re going to support yourself and your family? How you’re going to run your business?
- From where does that all expenses and the capital investment come?
- Are you planning to get from people and raise capital?
- Well, do you know how to do that?
- Do you know how to Pitch Deck?
- Do you know how to talk to investors?
- Why would an intelligent investor ever invest in you?
- What have you got?
These are tough questions. You better have good answers first. Because out there, the business world is volatile. Very very unpredictable. And every single day, someone will try to smash you out of your business. Someone will try to acquire your customers away from you. Are you ready for that? Are you prepared for that fight? Do you have what it takes intellectually?
6. Your family and friends tell you it’s a great idea: Don’t start a business, for a few praises from your relatives.
It’s a lie if your family and friends provoke you by telling you it’s a good idea. They are only being polite. When you devote your life savings to it and finally make that product, you go to your friends and family and ask them to buy some. Are they say no, what would be your reaction? Surprisingly you would say, I thought you told me it was a great idea. I thought you were very supportive. They will outweigh saying it was just being courteous.
Family and friends are not your customers. They are family and friends. It’s essential to get direct feedback from the marketplace, from strangers, people who don’t know you, and people who don’t even want to support you. Are they willing to vote their wallet and buy your product and service? Not because your family and friends, your mom, your wife, your husband, your wife, your cousin, your sister said, “It’s a good idea”.
If you want to know if it’s a good idea or not, go to the bank. Try to get a loan. Listen to what the banker says. They will tell if your idea is good or not. They might be rude when you want them to be honest. Present them your plan and concept. If they’ve got any experience at all, they will tell you. Why would they not fund you or your idea? Can to take that constructive criticism and revise your plan over and over.
7. Dreaming how much money you can make: Don’t start a business when you are focused only on earning money.
An optimistic entrepreneur doesn’t think about how much money I could make.
Can you burn money? How much money can you lose in a business? How much time do you have? You got to make your business work. How much time do you have before closing the door for good? Have you thought about how much money you will lose? What if it doesn’t work? What if it takes you way longer than you think? What if it costs you twice much as you think? How are you going to handle that? Are you aware of what it takes?
It doesn’t work in one month or two months usually. It takes time. To be a successful entrepreneur, you have to be a realist. You have to look at the facts. You have to look at the data. You have to look at the numbers.
By the way, do you know how to read financial statements? Do you know how to negotiate? Do you know how to build a team? Do you know how to raise capital? Do you know how to market? Do you know how to sell? Do you know how to handle conflicts? Do you understand the strategy? Do you have your business model? Are you comprehensive to different legal entities and take advantage? Do you have a basic understanding of the tax law in your country? Your key to success is your efforts, commitment, and consistency toward your goal.
“Money itself follows entrepreneurs who are consistent and loyal.”
8. Business takes time: Don’t start a business unless you are willing to commit 10 to 20 years in business.
To be a successful entrepreneur, you have to think about the long term. Think about 5,10,15,20 years. If you walk away in five years with lots of money, good for you.
But what if you don’t?
For the first few years, probably you’re not going to make much. It’s going to be tough while encountering lots of obstacles. It’s going to be very stressful.
All come with a game, and that’s part of being an entrepreneur. Are you ready for that? Can you spare countless sleepless nights? You will find yourself alone most of the time. You have to pay the bills and solve lots and lots of problems. You have to meet payrolls. You have to pay rent. No one could help you. No one will come to rescue you in any way. You solely have to figure it out.
Most often, you will be leftover with no solutions to the problems. You have to keep going without giving up. And the first few years will not be easy. And when you look back, you are likely to know what it takes. Are you sure if you could even start?
Of course, you will enjoy the fruit of your hard labor, accomplishing a decent level of success in the future. Unless you know, it will be tough. Tough as hell and very, very lonely as well. But that’s the path. That’s why it’s not for everybody.
Over the years, hundreds and hundreds of CEOs and founders, even billionaires, shared their knowledge and expertise over various social platforms. You have to put together as a guide and prepare yourself to be a good entrepreneur. Look for the right mentors, read books, meditate, upgrade yourself with time, and act before it’s too late. Successful entrepreneurs develop themselves, strong enough to rule and acquire their empire.