Being an entrepreneur is a rewarding thing, both financially and emotionally, because you will be your own boss, have the right to decide what to do with your time, and can potentially make a fortune. But you may already hear that success doesn’t happen overnight. Instead, to achieve a massive success, you have to work tremendously hard, sleep at late hours for months, skip meal on a regular basis and endure a lot more sacrifices.
Here are a few things you absolutely need to know before starting a business if you want to become an entrepreneur.
High Failure Rate
90% of new businesses fail. This is the universal truth.
However, instead of being discouraged by this scary figure, you’d better be aware. Just because 90 percent of business fail within 10 years doesn’t mean that you will. . If you are determined to succeed, work incredibly hard, and never give up, your business has a much better chance of enduring. And you will be in the exceptional 10%.
Your business doesn’t have to be a statistic. Just be aware of it and do everything you can to prevent your business from failing.
You Won’t Know Everything
If you are waiting until you know everything to start, then rest assured that this will never ever happen. You will definitely not be able to know everything. Assuming you can learn everything on earth, there are some things that you just can’t prepare for. For example, you can’t know how to manage employees or payroll until you actually do it. Most of your training will come “on the job.” You’ll learn as you go.
Separate Yourself From Your Business
To start your own business, you have to bear in mind this crucial tip: separate yourself from your business. Think of yourself as one of the business’s employees. Keep your business finances separate from your personal finances or you’ll lose money, instead of making it.
This is especially important in the event that your business does fail or faces legal issues. If you haven’t separated your personal finances from your business finances, you could lose both your business and your home.
Find A Mentor
This princile has never been out of date in the world of highly successful people. They always have a mentor. The best way to choose a mentor is to look for one who has achieved what you want to achieve. Your mentor doesn’t have to be someone from your industry. In fact, it’s almost better if they aren’t because they can give you outside advice on how to improve your business. Last but not least, the most important thing is to choose one who is honest and sincere enough to give you criticism and help you work on improving your business.
Obey Local Laws
Once you decide to create your own business and want the business to prosper, do not ignore legal issue. Every country, state, county, and city has certain laws and regulations about starting a business. Study carefully what you need to do to set your business up legally in your area. Don’t let your business fail just because you are ignorant.
Entrepreneurship Is Hard, but Worth It
It may not be exaggerating to say that entrepreneurship means hardship. However, it is worth your every single attempt. Before you start, make sure you know these 5 things to ensure a success you have been dreaming of. Now, go start your business.
Nguyen Long Son
Unlimited Lifestyle Project