Rethinking The Lessons You’ve Been Taught About Entrepreneurship

The road to starting your own business is long and etched with many road bumps, failures and sacrifices. In a time where job market outlooks have changed, and people no longer see things the way they used to- go to college, get a job, work hard and make money. The idea of success has also  changed as more people wield technology as a tool to build their own business, solve problems, create change and increase their salaries.

The widespread creation and development of apps or software has led to effective change in our global communities, and even the cities we live in. Take for example Google and LinkedIn, two major tech companies whose presence in Silicon Valley has changed the demographics of the area and has also affected the  resources and access to opportunities people have to living there. Rent prices in the area have increased, but this cost of living and proximity to these companies has also improved the local schools and universities in the area.

Though we hear about the successes of Google and LinkedIn now, for their founders it did not start that way. As more entrepreneurs open themselves to the world about the price of failure and sacrifice more lessons are set for young people as they begin their own journeys to entrepreneurship.  Many people take the leap of faith, but not a lot of people know what it actually takes to become a successful entrepreneur and to actually make a profit. Below I included some of my tips on what makes someone a successful entrepreneur.

Follow your passion but don’t leave the hard work behind.

If you are passionate aboutyou do, it will never feel like work, that’s what you’ve been told. This message is applicable in many instances, but not always true to the journey of the entrepreneur. Sometimes you may not feel passionate about your work, and what you have to rely on is discipline and self mastery. These two factors are key to persevering, not just in your business life, but also in your personal life where life’s challenges will not always turn a blind eye. So the key is follow your passion, but let your work ethic lead the way. When passion fails, hard work will carry you through.

Even the “Idea Guy” needs to be organized

Becoming an entrepreneur can include so many pieces and it will be easy to become unorganized and to lose control of what you have. These days one will hear about companies where the founder primarily focuses on creating ideas and does nothing much about the execution. They key is to always stay organized. The variety of To-Do List software and organizational calendars at your disposal can help you manage your time and organize yourself.  Idea guys need to be just as organized. Plan every aspect of your business including the development and varying stages. Use your business plan as a guide and a bible to make your business as successful as it can become.

Manage Your Money, and don’t let your money manage you

Starting your own business can be very costly. When you are trying to get a business together, there can be times where you see the money just being spent without a profit coming in. At this point keep detailed records of every penny spent so when the profit does come in you know exactly what costs to recover and what will be a true profit. If possible, work with a money manager to help in this case.

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