What does an entrepreneur need to create a dynamic company? The right mindset is a big part of it.
As an entrepreneur, you devote half your time or more to the daily hustle, making things happen and accomplishing goals. The other half is looking ahead, knowing where you want to be and when. For some, overcoming the mental anxiety of uncertainty is the first big step.
The nights of self–reflection during the early startup phase always give rise to a lot of our own demons and make us realize how little we know. But a big outcome of those conversations will be the realization that companies and startups are essentially a reflection of a founder. If you – as a founder don't realize that – then it is going to be extremely difficult to build a long–term business.
For some of you, your business is a direct reflection of your passions and interests. For others, entrepreneurship means taking quick advantage of a trend that no one else saw and making it into a great exit strategy.
So how can you make your mark as an entrepreneur? What does it take to succeed?
Best Practices and Cautionary Tales
Businesses that came before us left behind a trail of best practices and cautionary tales to explore. One of the most important suggestions to heed is that you need to get real about your entrepreneurial capacity. Take a long look at your financial status, connections, online presence, and energy. If you understand your entrepreneurial strengths, your financial incentives, and the outcome you hope to achieve, then you're already on the way there.
Here are five attributes you must have before you even start your business.
1. Have a positive vision. Embrace a millionaire's mindset. Starting a business is a huge risk, but you have to believe in yourself. Imagine yourself with credit for the business and money to do with what you please. Make a few phone calls, share your vision with other like-minded individuals, and ask for help making it a reality.
The greatest ideas of the past 25 years all seemed far–fetched at some point, and yet the founders pursued their individual visions with others who could help. If thinkers like Steve Jobs and Jeff Bezos were too rational, practical, or realistic, they may have never founded companies that make our lives better today.
2. Manage your ego. The ego works only as far and as much as you let it. As a founder, ego and charisma can help make people around you committed to getting on board with the business. But left unchecked, an entrepreneur's ego can also get in the way of good business savvy. Good entrepreneurs find it better to diminish that hungry ego in favor of sharing and caring.
Successful tech whiz–kids often bring more stable, level–headed pros to manage operational aspects of fast-growing businesses. A driven entrepreneur needs to know that having the right team around him, without a rampant ego, can bring a greater sense of fulfillment.
3. Obtain financial guidance. If you're a creative genius with a head for sales but no brain for finance, you might find yourself steering near a rocky coast without help. Retain a tax professional to put aside tax money for you, and keep track of your income and expenses with a business credit card. Many business credit cards, for instance, itemize professional purchases and provide year-end statements with expenses broken down by categories, which helps you save on accountant fees and understand your financials better.
4. Delegate, delegate, delegate. Too often, entrepreneurs feel they can handle everything. To everyone else, it's obvious that they can't, so pay attention to the warning signs of job burnout, and don't be afraid to delegate work or shake up your schedule. For example, instead of scheduling meetings for an hour allotment, cut that in half. Two back–to–back 30–minute meetings feel less sluggish.
5. Remember your king. Your client, partner, or customer is king. Don't forget that. Never losing sight of who you need to impress or sell is key to a successful entrepreneurial venture. Make sure you remember to put 99% of your efforts into pleasing the king.
Follow some of these tips to help make your path to entrepreneurial confidence move a little smoother and easier. Overcome the difficulty and follow your dreams.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
Nothing contained herein shall constitute an offer to sell or solicitation of an offer to buy any security. Material in this publication is original or from published sources and is believed to be accurate. However, we do not guarantee the accuracy or timeliness of such information and assume no liability for any resulting damages. Readers are cautioned to consult their own tax, legal and investment professionals with regard to their specific situations.
This article was prepared by FMeX.
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