Starting on your own requires lots of sacrifices. It’s not easy, comfortable, or even cool. Don’t let a few temporary financial bumps along the way stop your entrepreneurial dreams. Apply these entrepreneurial life hacks to your self-employment journey for smoother sailing.
1) TAKE RISKS
Taking risk as an entrepreneur is very necessary, Business is a risk and risk is something most people dread. Avoidance of risk is the reason why most people shy away from building a business; it’s also the reason why most people choose to remain the same. Successful entrepreneurship involves taking risks. If you don’t embrace risk-taking, you may want to rethink being a business owner.
Countless entrepreneurs have taken risks to get their businesses to where they are now. Taking risks, however, does not mean going into business blindly and then expecting great results. Taking risks in entrepreneurship involves careful planning and hard work.
“To win big, you sometimes have to take big risks.” – Bill Gates
2) HAVE A BUSINESS PLAN
Your business plan should be a strategic document outlining where you are and where you want to be. It should describe the history, organizational framework, and goals of your business. Use your mission and vision statements as a starting point when developing a business plan. The finished plan should be used as a guide to decide how to run the business, and delivered to potential investors when seeking funding.
- Your mission statement describes what your business or organization does on a daily basis.
- Think about your competition. Is your share of the market going to increase or decrease? How can you make it increase more? Use past data on similar businesses to determine how the market is changing.
- Identify the audience for your product or service. Who will buy them? Who do you want to buy them? How can you expand your business to make your goods attractive for new markets? Analyze these problems and work your conclusions into your business plan.
- A vision statement describes what you want to do in the big picture, both now and in the future. For instance, a nonprofit vision statement might read, “We want increase literacy in Detroit to 100%.” Develop a plan for fulfilling your vision.
- Your business plan should include a section on marketing. How will you advertise your goods or services? Who are your ads aimed at?
3) BE CREATIVE
Creativity is the art of bringing an idea or imagination to life.
Entrepreneurship is essential about creativity, seeing things from a different perspective. Creating better ways of doing things. An entrepreneur needs this essential tool of the mind in order to experience unusual growth. Lack of creativity may lead to a nominal way of approaching issues in business which will eventually lead to stagnation and ultimately failure. The mind is an active tool when engaged productively thereby emitting solutions and changes to the way things have always been done.God has given us a sound mind and expects us to engage it in proffering and creating solutions as an extension of his work on earth.
Read more: CREATIVITY
3) SAVE AND INVEST
It is quite common for many people, when they are unhappy or frustrated for any reason, to go shopping. They unconciously associate buying something with being happy. When it doesn’t work as they expected, they buy something else. Sometimes unhappy people go on shopping sprees. They buy lots of things they don’t need because they unconsciously associate spending with happiness.
You need to reach into your subconscious mind and disconnect the wire linking “spending” and “happiness” You need to then reconnect that “happiness” wire to the “saving and investing” wire. Instead of saying I feel happy when I spend money, you will say “I feel happy when I save money”.
Today financial advisers suggest that you need to save 15 or 20 percent of your income in order to achieve all your financial goals. Any less than this opens you up to the risk of running out of money later in life. Everyone who has ever practiced this principal of regular saving is absolutely astonished at how quickly their financial fortunes change for the better.
4) BE A PROBLEM SOLVER
Becoming a pragmatic problem solver is one of the most valuable skill sets an entrepreneur can acquire. Every day is another adventure, and sometimes on those adventures, your job is to put out fires. The key to great problem solving is to be able to think outside of your own perspective. This requires taking a different vantage point, removing emotion and considering all obstacles as you look at solutions to the problem. Start by asking questions, challenging why something is the way it is.