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What the First Time Entrepreneurs Should Know

Everyone wants to become an entrepreneur — “it pays to be one”, that’s what you often get to hear. No doubts, the statement is true — but there seems to be imbalance because you don’t often also get to hear that entrepreneurship can be a rocky endeavor as well. The truth is, it is the mixture of sweet and bitterness that would eventually make you a successful entrepreneur.

So, if you’re just getting started with entrepreneurship, you should pay attention to the following;

Get Practical with Money

The first step towards becoming an accomplished entrepreneur is to be practical with money. This is particularly necessary when it comes to generating income and managing funds and profits. As a beginner, don’t be like those who spend time thinking about how to make money. Instead, your focus should be on what is on the ground — the financial needs for building the business at the moment. You should brainstorm on critical questions such as the following;

  • What’s the amount of money required to ensure the business stays active?
  • Are you equipped with the required amount that will help kick-start your business and take care of the expenses associated with running a business at this start-up stage?

The above should be the major priorities for every first-time entrepreneur. These should precede the plan on how to generate money with the business. Particularly, here are two mistakes that start-up entrepreneurs engage in;

  • Not raising venture capital and funding the business: What you will often see is that a number of first-time entrepreneurs only make provision for six months in terms of funding the business. And, when the business doesn’t generate ‘quick’ profits and income as they expected, they become confounded. And, if they do not take calculated efforts to redeem the situation, the business folds up too quickly.
  • Not Taking the Right Steps to Generate Income – Even for those who have the initial required funding, a number of them do not take calculated steps that help generate revenue for the business. As a result, the business will gradually start dwindling and going down the drain.

Invest the Time Needed to Succeed in Business

First-time entrepreneurs should realize that starting your own business is work and requires a huge commitment. Yes, becoming your own boss is work. You need to acquire the right creative moves up front and in the course of the business and spend substantial time deploying those skills in building your business. You should burn the midnight candles brainstorming on the most success-prone techniques and investments that will move your business forward.

Finally, you should consider adopting outsourcing either at the beginning or later to help simplify your duties and responsibilities.

Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams.

One Response to “What the First Time Entrepreneurs Should Know”

  1. Nick Loper says:

    Thank you, Daven for your wonderful enlightening ideas

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