95% of business fail within the first five years of trading, so you need to ensure that you start off on the right foot.
Now I’ve got a question for you, do you know what’s needed to become a successful entrepreneur?
You might think that it all starts as soon as you become an entrepreneur, but no, you need to start thinking what’s needed of you before you even kick-start your long journey. Preparation is key for such an important phase.
We’re going to give you five things that you should do before becoming an entrepreneur.
#1 Demanding hours
You have to be ready for the demanding number of hours an entrepreneur will work within their first few months/years. It’s going to take up a lot of your time and energy and you need to be prepared both physically and mentally.
If you jump straight into being an entrepreneur without any idea of how long you’re going to be working, it can come as quite a surprise and completely run you down.
You could try working your way up to the hours you want to work to when it finally comes down to it, you’re already up to speed.
#2 Learn more about your industry
It’s nice to get a head start on a couple of things and learning a bit more about the industry and market you’re going to be going into can really help you and your business.
You’ll have a bit more information on what others are doing in the market and who they’re aiming their product or service towards.
It really helps you understand what you’re going into rather than going in blind.
#3 You don’t have to do it alone
A common misconception is that when you’re starting up a business a lot of people decide to go at it alone and that’s completely fine, but you could benefit a lot more through finding someone who has been in the industry before to become your mentor.
They’re many benefits to having a mentor. They know the industry incredibly well so they’re very few surprises that will hit them and as someone deciding to enter this industry, it’s refreshing having someone who knows what works and what doesn’t.
They will be able to provide you with an insight into areas you may not have thought about before and supply you with valuable information they used to become as successful as they are now.
#4 Find your why
Why are you wanting to do this? If it to be a millionaire? Do you want financial freedom?
The more questions you ask yourself as to why you want to create your own business will allow you to understand your own hidden intentions behind why you do what you do.
It’s always reassuring to know exactly why you’re doing it before you start. Its never nice starting something for you later down the line regretting it or struggling.
#5 Identify your mission
Once you’ve identified why you’re doing it and your personal motivation, you should be looking at your external why.
Doing things for your own personal interest will only take you so far in a business. You need to identify you’re your mission and goals so it encourages you in pushing yourself forward.
Before starting you should start having a think about what your goals are, it doesn’t have to be too in-depth but if you start having a think about it beforehand it can seriously reduce the time you spend on this when your time could be better spent elsewhere.
And there we have it, our five tips on what you should do before becoming an entrepreneur.
Do you have any tips on what you to do before you become an entrepreneur? Share them with the community in the forums or with us on social media, we’re on Facebook, Twitter and LinkedIn.
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