4 Rules For New Entrepreneurs - Practical Tips For Starting Right
Four Rules for New Entrepreneurs
- Practical Tips for Starting Right
At the moment, most people think of entrepreneurship as an "easy" or "risk-free" way to make a lot of money. If you're anything like me, you probably envisioned yourself sitting at home in pajamas with a laptop, tapping away on your hands and knees as you work towards that big raise. All the while listening to hauntingly beautiful music and filling your belly with ice cream...or something along those lines. That's not usually how it works though (unless it does). Entrepreneurs have to work incredibly hard in order to find success — many times even working crazy hours — but they are always learning.
Rule #1: Don't work for the money.
I've worked very hard in my life, and when I finished my MBA I earned $60,000 a year. That's not bad for a person who has to work full-time to pay his bills. But that was not enough, and as a result I decided I needed to find something more meaningful with my time and energy. So I started building my own business, which proved to be incredibly rewarding. Since then I've rarely worked for money — since I rarely need it! Yet this isn't the case for most entrepreneurs (unless they're independently wealthy).
By focusing your energy on the process rather than the outcome, you'll be able to appreciate the journey (and by extension, the money) much more. And as an entrepreneur, you'll end up building an incredible asset for your future.
Rule #2: Don't wait to start a business.
If you wait too long to start a business, it will most likely fail. There's no point in waiting until "the time is right" when there are plenty of other exciting things that you can work on instead. Don't procrastinate on creating something meaningful with your life (there's no time like the present!).
My brother and I started working on our first business when we were 18 years old. At that time we didn't have much money and didn't know anything about business. We were incredibly hard workers though (and naive too), so the company eventually grew to become something great.
If you're a high school student, start your own business, sell something from home, or work on a side project. If you're in college, seek out summer internships and find ways to earn additional income. And if you're older than that? Start now — today! Don't wait any longer to get started.
Rule #3: Take care of yourself first and everything else will take care of itself.
All the entrepreneurs I know are passionate about their work — not just because they want to get rich, but because they love what they do. Most of them don't really spend time thinking about money, and they truly believe in their company and its mission. Entrepreneurs who think this way tend to make more money than those who don't — without having to work hard!
For example, I'm a super forgetful person, so I never worry about forgetting important appointments or deadlines. If you're like me (or if you're not), start taking better care of yourself right now. Work on your health and fitness by spending time with friends, creating art or playing sports. When you're feeling good and happy, you'll be a much more productive person and at the same time you'll be more focused on your business.
Rule #4: Don't spend money unless you need to.
This rule is a tough one to follow — for most people anyway — but it's an important one. I'm sure there are many businesses that would benefit from some extra cash, but if you're going to spend money on something, make sure it's something that will help your business or your life (rather than vice-versa).
The most important thing about any business is the people behind it. If you can't put profit before people, so be it — but if you're spending money on something that doesn't benefit the people (or your product), you're missing a huge opportunity!
I make sure that I never spend money on anything that won't provide a return. This has made me extremely frugal — I don't buy clothes, I don't eat out, and I try to live as simply as possible. As an entrepreneur, you'll have to make sacrifices like this in order to succeed. Don't go $200 dollar shoe shopping when you can make $200 dollars selling the shoes you already own (and probably didn't realize they were worth that much!).
I hope I've explained these points clearly and thoroughly. If you're new to entrepreneurship I hope these tips will help you on your way — whether it's just getting started or building something bigger.
Best of luck! - Mike [ARTICLE END]
What Is An Entrepreneur?
So what exactly defines a "successful entrepreneur"? Many people who have read this blog consider being an entrepreneur to be a form of social status, or just the ability to say "I run my own business. So dee!" without anyone questioning it. But I've always felt that wealth, or the ability to live a lavish lifestyle in order to prove a point, doesn't really define success. What really matters is what you do with your business — that's what makes an entrepreneur successful.
Being an entrepreneur isn't only about being rich and famous. Rather, it's about creating something meaningful for yourself and for others. It's about taking risk (not running away from it), learning process instead of outcome, and passion instead of money.
Being an entrepreneur isn't about having a bunch of money, but rather using it to change the world.
Not all entrepreneurs succeed. But the ones who do tend to be more successful than the ones who don't. Think about that for a moment. And then read on…
Rule #1: Don't work for the money.
I've worked very hard in my life, and when I finished my MBA I earned $60,000 a year. That's not bad for a person who has to work full-time to pay his bills. But that was not enough, and as a result I decided I needed to find something more meaningful with my time and energy.
But that's not always how it works out.
My father owns a very successful business, and he rarely talks about the money he makes. Instead, he talks about things like taking care of the people at his company, or working hard to make them more successful.
He may not be rich by any means, but he's fulfilled and happy (which is far more valuable).
Life isn't about what you get — it's about what you do with it!
Rule #2: Don't wait to start a business.
I started two businesses before I turned 22 years old. But I was forever waiting to "make enough money so that I can quit my job.
Conclusion: I waited too long.
It finally occurred to me that instead of waiting until I was old and tired, it would be better use my energy to start something new. I didn't know how valuable that time would be when I started (and I still don't), but the point is that I didn't think ahead. If you can figure out how to approach a problem before it happens, you'll save yourself a lot of unnecessary energy and pain in the long-run.
You want some advice on starting a business? Well, here's some advice on not starting one first…
Rule #3: Don't wait for money or approval.