Learning how to be an entrepreneur in 2019 might feel intimidating because statistically, 9 out of 10 businesses fail. Being an entrepreneur requires a combination of hard work and skill, the correct mindset, and even luck. When you develop the right skills and have a business idea that others will kill for, you have the best fighting chance to succeed in the modern competitive business world. Here are our top tips for you to master and learn entrepreneurship.
Develop an Entrepreneurial Personality
When you need motivation for a startup, remember to stick to your vision through all the ups and downs, because it will not be easy. You will face a lot of setbacks and should have the right mentality to overcome challenges and continue growing. Exude a lot of confidence, and do not let others bring you down. People love to criticize, but if you are passionate about your idea, you should always stand by it. If you are an introvert, you might have to face being the center of attention as the leader of your startup. Team members will pull you in all directions and rely on you for advice. Being an entrepreneur is no place to feel shy because you need to motivate others with your passion and grit.
Focus on Your Vision
If you want to start a startup, you need to be passionate about the product or service that your company will be known for. This project will require all your attention, and it could turn into something that you dedicate your entire life to. So, make it worthwhile and only engage in a business that you can imagine investing all your resources and time into for an unforeseeable future. Remember, you might lose time with friends and family while working on this dream, which is why it must count for something great.
Understand Your Finances
You need to know your finances, both professionally and personally. While venturing into a new startup, you might have to do a lot of fundraising to keep things running. Ask yourself if you are in a strong position to do that. Is your business pitch good enough to impress investors? What makes your idea worth investing in? You are selling not only a product or service, but also your passion. When it comes to fundraising, you will need successful people or organizations to believe in you. Then you must use the funds carefully to avoid squandering it on projects that never materialize. Investors will want to see a finished product and experience some return on their investments. If you are borrowing from banks, you will have to make timely loan repayments even if your startup is not earning any money. Always stick to a budget and keep an eye on every dollar that is being spent. Try and find ways to minimize and cut costs so that your profits can be greater. Regularly maintain a detailed budget and expenses report so that more funding can be accessible when others see and trust the growth and position of your business.
Interested in starting your own startup? Join us for our Entrepreneurship 101 Capsule where we take you through the journey from Idea to Pitch and get you ready for pitching your idea to VC’s!