4 tips to become a successful entrepreneur

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Guidant Financial

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TIPS TO BECOME A SUCCESSFUL ENTREPRENEUR 4

THINKING ABOUT BUSINESS OWNERSHIP?

4 tips and tricks to set a solid foundation: 1. Nurture your inner entrepreneur.

2. Find the perfect mentor.

3. Start your business at the right time.

4. Know your numbers.

NURTURE YOUR INNER ENTREPRENEUR.1

“We’re born thinking like entrepreneurs…You have all these hopes and dreams and aspirations to go out and change the world, and then what happens? The people around us start to say, ‘You can’t do that. That hasn’t been done.’”

- Daymond John, celebrity entrepreneur and star of “Shark Tank”

1. NURTURE YOUR INNER ENTREPRENEUR.

1. Find and follow your passion. Do something you’re obsessed with!

2. Develop relationships with strategic partners (financial consultants, tenured business owners and attorneys). Build your network sooner rather than later.

3. Seek strong mentors who will lift you up. Create a team comprised of positive people who lift you up.

FIND THE PERFECT MENTOR.2

2. FIND THE PERFECT MENTOR.1. Look for independent business owners in your community. A

mentor does not have to be a CEO. Talk to the owner of your local grocery store or café.

2. Realize that a mentor may be closer than you think (mom, dad, sibling or friend). They don’t have to be an entrepreneur to give good advice.

3. Keep looking for people in your life who provide unconditional support. One of these people could be your next mentor!

START YOUR BUSINESS AT THE RIGHT TIME.3

3. START YOUR BUSINESS AT THE RIGHT TIME.

The path is different for everyone. Questions to consider before making the jump:

1. Do you have enough funds to purchase the business and get by until it starts generating revenue?

2. Will your family and friends support you?

3. Are you ready to take the risk and invest yourself 100 percent into the business?

“I’ve seen people start a business after 10 years, and I’ve seen them start

after 10 days. You’ll know when it’s time.” Damon John,

celebrity entrepreneur and star of “Shark Tank”

KNOW YOUR NUMBERS.4

4. KNOW YOUR NUMBERS.1. Find a strategic partner who can coach you to be financially savvy.

2. Understand your funding options.

3. Make realistic capital estimates. (Underestimating costs upfront can leave you struggling later when your business is open.)

4. Determine which financing solution meets your total funding needs and timeline.

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