The word “entrepreneurship” is not as easy as the name sounds. At times entrepreneurs really need the manner from above. I doubt if that will happen because entrepreneurs are not Israelite. Nowadays, many people want to start their own business and achieve financial freedom so quick in order to enjoy life!
If you really love your job, I will advise you not to quit. Because if you should quit your job and become an entrepreneur without understanding WHY you embarked on the entrepreneurship journey, you might go back and plead for forgiveness from the boss who you called a dumb when giving him or her your resignation letter in order to employ you back into his or her company.
Being a kid who is trying to get his startup off the ground, I will tell you that it’s not easy!! I’ve learned a lot and I’m still learning. The obstacles I’ve faced is really trying to make me back down and forget about the word “entrepreneurship” but due to the love I have for the game and I’ve been on this journey not for months and WHY on earth should I quit now?
If at all I want to quit, I should have quit earlier. So that’s the reason why I just can’t give up instead I keep on looking for the right solution.
In the entrepreneurship world, no one is too big to fall and no one is too small to rise, it all depends on you and WHY you choose to become an entrepreneur. So if you really want to become an entrepreneur and you are sure that you are ready for the game, you are highly welcome!
One thing I want you to know is that never let the good stories you heard about entrepreneurs spark up your brain without thinking and understanding WHY you want to become an entrepreneur. Because if you should do, you will regret taking that step.
Top entrepreneurs in the game face obstacles and they also felt like giving up but what makes them a winner is that they never give up! No entrepreneur who made it through will ever tell the world that he or she didn’t face any obstacles before sitting on the throne.
So if you want to become an entrepreneur, below are the things you should do in order to know if you are really fit for the game:
Understand Why You Want To Become An Entrepreneur
Before transitioning to an entrepreneur, I will advise you to sit down and think on WHY on earth you wanted to become an entrepreneur when there are good jobs out there waiting for you.
Most people would say that their reason for becoming an entrepreneur is that, they want to have more time for their personal life also have time to travel around the world, some will say that they don’t want anybody to be their boss and they want to be their own boss. But if I may tell you, that’s not a genuine reason for you wanting to become an entrepreneur.
Entrepreneurs really work off their ass and most of them don’t have time to travel around the world. I think sticking to your day job will be the best so that you will be able to carry out those operations to your satisfaction.
Entrepreneurs are beings who are out there to serve the people so that they can add value to their life. Entrepreneurs are always looking for a way to satisfy their bosses. I’m sure you will be wondering who the bosses of entrepreneurs are?
In case you really don’t know, customers are the bosses of entrepreneurs because they can fire you and make you win big in the business world! Remember entrepreneurship is not about you, it’s about serving the people.
I don’t want you to blame yourself or blame someone else for your mislead so I’m advising you to think before embarking on the entrepreneurship journey.
Know Your Strength And Weakness
The fact is that before coming on board you must know your strengths and your weakness so that you can use them to your advantage. If you don’t check yourself on this before taking that bold step you might bite your fingers.
You don’t have to lie to yourself when taking proper check of yourself; you must be transparent to yourself. Asses yourself very well in order to know where the power lies. I’m sure you don’t want to focus on your weakness? Focusing on your weakness will put you in a mess. Instead, work on your strength and outsource your weakness.
Can You Withstand It?
There are too many grudges on the way and the roads are rocky, so can you withstand it? If you are a kind of person who hates facing any obstacles and don’t like to welcome any challenges I guess embarking on the entrepreneurship journey is not the right step for you to take
What separates real entrepreneurs from amateur entrepreneurs are the ability to keep going, the ability to welcome challenges and tackle their fears. No matter how smart you are, you will surely face obstacles on the way.
There will be a time where you will feel like quitting and forget about the word “entrepreneurship” but the thing that will separate you from the rest is PERSISTENCE. If you can’t persist till you succeed, I doubt if you will win big!
Do You Have A Taste For Learning?
If you are the kind of person who hates learning and don’t like learning new things, then I will advise you to stick to your 9 to 5 job. Because if you want to become a great entrepreneur, you must always learn!
When it comes to learning, you must be voracious. Real entrepreneurs keep learning until they die. So if you don’t want to learn till you die, I’m urging you not to become an entrepreneur.
I’m not an expert or a “guru” and I’m still learning. I have masters whom I look up to, people who I seek help from, even some of you who are entrepreneurs that are reading this post are way far better than me. I don’t underestimate anyone instead I give respect to whom respect is due to and I keep learning from people who are in the game before me. And I will always learn until I leave this world.
So what I’m trying to say is that you must have a taste for learning and you must be willing to learn. When you learn new things, you are one step ahead of others. And to stay ahead of your game, you must always learn.
If you’ve screen yourself and you know that you can cope with all this and you really understand WHY you want to become an entrepreneur, you are highly welcome and I owe you a handshake. Being an entrepreneur will help you on a long-term run rather than being an employee.
Surprising Tips for Entrepreneurs
Business makes the world go round, and entrepreneurs are the lifeblood of the economic machine. Starting a business is one of the most reliable paths to major economic rewards, but it also entails far greater risks than traditional employment.
Those expecting to have complete control of their time and resources when they begin are in for a shock; people who work for themselves end up working harder than anyone else.
However, people can lessen their load by working smarter, and entrepreneurs who are willing to learn from others and buck conventional wisdom will find themselves on the path to prosperity.
Take a Lot of Time Off
Working hard doesn’t mean that someone needs to work himself to the bone. The fact that business owners have to put more time into their work than anyone else means that it’s even more important for them to take frequent breaks.
A 20-minute stroll in the middle of a hectic day can make a huge difference in terms of mental clarity and overall productivity, and taking a few days off is a must when business owners go for weeks without missing a day of work.
Things worth doing well are worth doing well the first time, and that means taking time to think critically and examine all options before making decisions.
Many business owners are quick to jump on every opportunity they encounter, but it’s important to have an eye for things that are truly beneficial to one’s business rather than buying into everything that could conceivably be related to a particular field.
This falls into the realm of risk management, and it means that even in a fast-paced technological world it’s important to realize that acting faster is not always the best option.
Legal issues crop up for every business and knowing what the major issues are before they crop up is key to handling them in an inexpensive way.
There’s a reason that corporations have lawyers on staff; that usually isn’t an option for small enterprises, but knowing who to call when writing contracts or dealing with legal landmines can make or break a business over the long-term.
Frugality Wins Over Excess
Start-ups operate on minimal resources out of necessity, but it’s wise to continue those practices well beyond the point that they’re no longer necessary. This increases the profitability of a business, and it makes it more robust in the face of unexpected problems.
Expansion becomes necessary for any business that survives long enough, but business owners who maintain expenses that are a fraction of their profits win out in the end.
Something That Can’t be Said in 30 Seconds Isn’t Worth Saying
Clients and partners don’t like it when others waste their time. Brief communication is effective communication; it requires the speaker to distill the essence of what he is trying to say into a streamlined message that is instantly understood.
It opens the door to deeper discussions because everything that’s compelling about what he’s proposing should already be clear to whoever he talks to. This also ties into another key principle: Learn what people care about and cater to it.
They may not care about the laundry list of technical specs associated with a certain product, but if it can do something that makes their lives easier or more enjoyable then the right marketing team can turn it into a goldmine. That’s the key to a successful business, and it’s how entrepreneurs like Bill Gates made their fortunes.
5 Pitfalls Young Entrepreneurs Should Avoid
As a young entrepreneur, I once happened to watch a talk by Jerry Kaplan where he explained some of the most common mistakes entrepreneurs make. His points resonated with my own experience and so I decided to present them in this article and blend them with some examples from my own entrepreneurial life.
Jerry is a serial entrepreneur and author of best seller “Startup: A Silicon Valley Adventure”. So, what are the most common pitfalls that young entrepreneurs face?
1. Having Unclear Goals and Unclear Mission
The need to have crystal clear goals is something you probably hear all the time. Well, it’s because it works. What I really found very valuable when I started my own company Aktaio Publishing, LLC was to literally sit down and write what my goals are, what I intend to do, and most important, what is my measure of success. What do I consider a successful company?
At that time, I considered NetGuidesPublishing (my mentor’s company) a successful venture. I still look at my mentor’s organization and get the same degree of inspiration.
Setting clear goals does not always mean you will meet them. But the sure thing is you will accomplish much more when you have clarity of purpose than when your goals are unclear.
2. Thinking You Are Smart
The second common pitfall young entrepreneurs make is trying to prove they are smart. Believing in yourself and your own capabilities is a great attitude when you want to solve a problem, experience a breakthrough, and improve your business.
But when you believe you are smart just because you want to satisfy your ego can undermine the progress of your business.
Entrepreneurs who use their business to prove they are smart, typically do not want to share the credit of their success with other people. Other people should always be credited under all circumstances. By not sharing the credit with your partners, you don’t get their help; you don’t get their support.
3. Doing it For Money
The third element is greed, and this leads to a number of key mistakes.
a. Not raising enough capital.
“We will do on the cheap, we don’t really need that much capital” is a common false mentality among young entrepreneurs. The reason they have this type of thinking is that they are trying to keep their equity. “I am working so hard. I should have 100% of this pie”, they say.
But, the question entrepreneurs should ask is this: Is my organization going to be worth more after I raise the money? Is my share going to worth more than it is worth before I raise the money?
A company is like a little engine. It takes in resources and it puts out value. If you can put in your company $1 million and have it convert it into $2 million in value, everybody wins regardless of how much of your company you had to “give up” in order to get that million dollars.
b. Not distributing the equity as widely as possible.
Many entrepreneurs are afraid of distributing their organization’s equity. The truth is that if you are successful at all in your company, you will be just fine. An old joke says that equity is like sh*t. If you pile it up, it just smells bad.
But if you spread it around, lots of wonderful things grow. So, holding the equity, being stingy about giving it out, is a big mistake. If you focus on success, money will come.
4. Hiring People You Like Rather Than People You Need
It is common to see companies being formed from people who studied together or graduated from the same school because they have the mentality: “Let’s create a company so that we will stay together. We had a great time in the past years. Let’s continue to work together”. Well, they fail to understand that a company is not a social club.
The danger is that if you hire old people you like, you will probably not be hiring the critical skills needed to build your venture. You will tend to hire people who are like you, and therefore they will not bring to the table different skills and different points of view, which is critical for the venture to grow.
When I decided to expand my online venture of Nutrisystem diet coupons and Medifast discounts, I realized I needed to hire people who were experts in finding special deals for weight loss programs and diet plans.
What I noticed is that some of them who I knew from previous projects and I personally liked did not perform as well as those with whom I did not have any particular friendship. This taught me that I should separate the feelings I have for certain people from what my business really needs.
If you ask successful entrepreneurs they will tell you that they often have worked with people they detest, and yet they have proceeded successfully and it’s been great for the growth of their business. This is because they know how to respect and work with people that they need, regardless of whether they like them or not.
5. Not Knowing When to Let Go
Building a company is very much like raising children, says Jerry Kaplan. Children change as they get older, and so does your relationship with them as well as the help and value you can offer them. The same is true about companies.
The fact that you may be the perfect startup CEO usually does not mean you are a good CEO for a $100 million company. The things you have to do and the skills you need are very different.
For this reason, one of the most important characteristics you need to have is a realistic self-assessment so that you know when to step aside. Ask yourself, what am I good at and what am I not good at. Fill in the things you are not good at by bringing people who have those skills, whether you like them or not.
One of the finest comments that have been said is: “My ambition in life is to be the Vice President in my own company”. I think this is a noble goal. You want your company to grow big enough so that your skills are best applied in one particular goal and the other roles will get filled in by other people.
These are 5 of the biggest pitfalls entrepreneurs face.
Who Said Social Workers Couldn’t Be Entrepreneurs?
When you ask someone what a social worker is, you’ll undoubtedly be told something like this: A social worker is someone who works in an office and helps poor people. This, unfortunately, is the general perception that the public has about the field of social work.
In fact, the truth is that social workers find employment in a wide range of fields, helping a vast number of people from different backgrounds and socioeconomic statuses. Additionally, many social workers are turning their passion into self-employment. Here are five examples of social worker turned entrepreneur:
1. Joline Godfrey
Joline Godfrey is a social worker who went into business for herself, creating a lucrative company. Founder and CEO of Independent Means, Joline provides financial education for girls and their parents. Identified as being the most receptive to financial training, girls from ages five to 18 are given lessons that they will carry with them for the rest of their lives.
2. Rebecca Kousky
When Rebecca Kousky graduated from Washington University in St. Louis, she found her search for a job to be unrewarding. Though jobs were available, they simply weren’t what she had dreamed of. While on the hunt for gainful employment, Kousky heard of Nobel Peace Prize winner Muhammad Yunus and his work in microfinance; an idea was born.
The newly degreed social worker started NEST, a company that offers small loans to women who want to start small companies. Rather than paying interest, women pay back part of their loans with the products they create.
3. John Byrne
Managing director of Care Home Support Services in West Midlands, UK, Byrne needed a new challenge in his career as a social worker. Rather than waiting for the challenge to fall into his lap, he created it for himself.
Out of that challenge, Care Home Support Services was born. The company takes payment from care homes and, in turn, those care homes are matched with clients who seek Byrne’s services.
People in need of care are not charged for the service, and each care center pays the same amount to Byrne to eliminate any sense of favoritism in referrals.
4. Iris Lipner
Iris Lipner is a private psychotherapist and co-author of the book Saying Goodbye to Managed Care. In private practice, Lipner has often struggled with the idea of profiting for on the back of other peoples’ well-being. Lipner’s advice?
Start thinking of yourself as a business. When you stop to consider that working for someone else is putting money in their pocket, there’s a very little moral issue with going into business for yourself. Now successful in private practice, Lipner helps other social workers and therapists set up their own private practices.
5. Lynn Grodzki
Social worker turned business coach Grodzki is one of the leaders in her field. Specializing in working with coaches, therapists, healers, and other service-oriented consultants, she is helping people change other people for the better.
Combining her Masters in Social Work from the University of Maryland with her interest in entrepreneurship, Grodzki has helped thousands of therapists become private practice owners around the country while still maintaining her own practice.
Once you understand how much social workers really do, it’s not surprising to find that many are turning to entrepreneurship. While some find moral issues in going into business for themselves, at the end of the day it really is all about helping people.
If you have an interest in social work, it’s important to know that the reality of your position does not have you sitting behind someone else’s desk for the rest of your working life.