entrepreneurship 101 - how to become enterpreneur

5/23/2018 Entrepreneurship 101 - How to Become Enterpreneur

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Entrepreneurship 101 : How to Start Your Own Company

Do you like the idea of being your own boss? Do you find the typical 9-to-5 work schedule

monotonous and boring? Do you wish to work on your terms? Then, chances are you just might be a

great entrepreneur in the making. Self-employment offers all those benefits that a salaried employee

can only dream of: the opportunity to plan and execute unique and innovative ideas without having to

worry about things like rules and regulations.

Despite the numerous advantages self-employment offers, many people choose not to move into this

unchartered territory for a number of reasons: fear of failure, inadequate funds, no job security and

the prospect of going into debt. Nevertheless, no business venture is without its fair share of risks

you must be mentally prepared to face any challenge that comes your way. If you can stand strong in

the face of adversity, you can probably be on your way to becoming a successful entrepreneur.

So, what exactly do you need to start your own business? You may be bursting with ideas that are

just waiting to be put into action; however, if you overlook the important elements that go into the

making of a company, you are bound to encounter failure. Below are 5 lessons, as suggested by

Robert T. Kiyosaki, author of Rich Dads Before You Quit Your Job: 10 Real -Life Lessons Every

Entrepreneur Should Know About Building a Multi-million Dollar Business, which will tell you what is

needed to become a successful entrepreneur:

Lesson 1: A Successful Business is Created Before There isEven a Business

Many entrepreneurs, in their excitement to start their own

companies, make the mistake of plunging straight into it rather than

take out the time to properly plan and design the framework

surrounding their business idea. Therefore, dont quit your job just

yet. Instead, work on your business idea while youre still employed

by learning how other entrepreneurs established their companies.

This way, you will not only be able to learn more about your

business, but also about yourself.

Lesson 2: Learn How to Turn Bad Luck into Good Luck

Being in charge of your own business is not much different frombeing a salaried employee when it comes to learning; the onlydifference is that as the owner of a business, there is a lot more at


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stake which ultimately increases the level of responsibility as compared to when one is working a full-time job. However, that is no reason to dwell too much on the mistake as this helps one learn.Instead, take this as a learning opportunity and start anew.

Lesson 3: Know the Difference Between Your Job and Your

Work

It is always necessary for you to do your homework before

embarking on your journey as an entrepreneur. When starting a

company, there are generally five things an entrepreneur has to

focus on: developing a good product, knowing their legal rights,

creating a system, establishing communications and managing cash

flow. This means that probably, for some time at least, you should not expect to get paid. Think of this

as an investment that will help pave the way for a better, more efficient company.

Lesson 4: Success Reveals Your Failures

If a business is booming, it is not necessary that it will not face

failure in the coming years. It is easy to become content with your

business's current performance; however, to not continue to strive

towards efficiency and perfection is to invite downfall. Merely

covering every aspect related to the management of a business is not

enough; you must continue to improve these elements in order to

ensure success in the long term. Only then will you be able to

emerge as a successful entrepreneur.

Lesson 5: The Process is More Important Than the Goal

When starting a business, attitude is everything. If your perception

about being an entrepreneur is more about learning rather than a

quick way to get rich, you will find it much easier to cope with the

various obstacles and challenges that will come your way,

discouraging you to make a decision. Educate yourself; learn about

the different factors related to financial expenses and capital

requirements before starting your business. If you find these factors

difficult to handle, then becoming an entrepreneur just might not be

your cup of tea.


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entrepreneurship 101 - how to become enterpreneur

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