From the outside looking in, creating a business can look easy. The success, the accolades and a large, they are all great. But what many don’t see is the hard work, endless nights, stress and consistency it takes to get there. While a challenge, it’s not impossible. The first step is starting, and what better way for you to help you than with some powerful tips for the modern entrepreneur.
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Is It For You?
Before beginning anything, it’s essential that you figure out if something is right for you. There’s a difference between something being right for you and being good at it. If you have both, that’s great! But be careful not to force yourself into something because it’s expected of you or someone is pushing you into it. Write down your strengths, figure out your weaknesses, chart your path forward.
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Make A Plan
Have you thought about the industry you want to get into? Whether it’s tech, food services, fitness, etc. the possibilities are endless! Once you’ve picked, start your research. Read, network, take courses, do what you must to find your niche. The more information you have, the better equipped you are to set yourself apart from the crowd. What makes you unique? Who will your target audience be, and how will you reach them? Is the market in need of what you’re providing?
Go Time
Time to get organized. Put together a business plan with many layers ranging from key components and differentiators of your idea, product and/or service, a vision/mission statement, how you plan to run operations, and more. You are likely going to need outside capital. But limit your exposure for as long as you can until it is truly needed. Learn how to build a financial model so that you can simulate the financial success of your business.
Also, a word to the wise, do not go cheap on your accounting/bookkeeping or legal advice. Having tight and well organized books from the beginning will save you tons of pain down the line.
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Build Your Network
Any great idea can be taken to the next level by finding great partners and the right people to work with. Find partners and people that you trust and are working towards the same goal. Emphasize character over everything else. When running the business gets hard (because it will) you need to know that your partner is built to weather the storm.
It’s also important to make a conscious plan on how you will build out your network. Focus on building genuine connections with other entrepreneurs, investors and mentors. Trust in your authenticity. The smartest people in business can usually always spot a fake founder. Lastly, when you are building relationships, never be focused on taking, but lead with giving.
Be Patient With Yourself
This might be the most crucial tip. You are with yourself every single day. It’s important to believe in yourself and encourage yourself along the way. It will be challenging to keep going some days but don’t rush the process. Instead, take time to build a solid foundation, both under yourself and your business. If you lose one, you’ll lose the other. And remember, no one, and I mean no one, will believe in you unless you believe in yourself first!
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Feature Image by Adeolu Eletu
