Valuable Lessons for Entrepreneurial First-Timers You Don’t Want to Learn the Hard Way Jun 7th
Being an entrepreneur is exciting, but it’s definitely not risk-free. Entrepreneurs tend to take on a great deal of speculative risk, not really knowing if their bets will pay off. The hope is that those big bets will pay off and result in a huge profit for them, and their business partners or employees.
If you’re just getting started, you can learn from others’ mistakes. Here’s what successful entrepreneurs learned that will help you reach the top faster.
Ask More Questions
You can almost never ask too many questions. There are many times when entrepreneurs want to plow ahead on a project when they really need to sit back, ask questions, and maybe consult a professional.
For example, according to TateLawOffices.com, a motorcycle accident injury lawyer in Dallas, entrepreneurs are generally at a higher risk when it comes to liability claims. They may subject themselves to more personal injury cases if their invention or business idea is untested and could hard the general public, their customers, or their employees.
Asking questions often means you’re interested in learning more and that you’re interested in what others have to say — something that doesn’t always come naturally to entrepreneurs. Customers, business partners, mentors, and investors all have something valuable to contribute to your business. That doesn’t mean they should be the first people you rush to when you want to know the answer to something, but they should be a consideration.
Skip College
College can be useful if you need a degree in science, medicine, math, or any of the professions, like law. But, outside of that, it’s relatively useless. College doesn’t teach you to be entrepreneurial. It teaches you how to work for someone else.
And, while college can teach you some basics about running a business, and even management, it cannot teach you how to think and how to be creative. You have to learn this on your own, often from others who have already achieved the kind of success you want to achieve.
Don’t Forget Marketing
It’s easy to get so enamored with an idea that you believe that it will “take off” without much prodding from you. Many entrepreneurs mistakenly believe in the “field of dreams” — “if you build it, they will come.” The truth is that you have to market your idea, convince others to see what you see in your idea, and then help them understand what problems you solve for them, or how your invention or business helps them.
Innovative technologies, services, and products that change the world need a lot of explanation. And, your marketing needs to focus on telling the story of your brand, what makes you special, and why your product, or service, deserves attention.
Get More Money
Don’t ever think you have enough money to get your idea off the ground. Often, you need more, not less, money. Most entrepreneurs fail due to lack of cash flow and funding. Don’t be afraid to always be pursuing investors and banks.
Have a Co-Founder
Many entrepreneurs benefit from having a senior co-founder who already has a few “wins” under his or her belt. This experience is invaluable and dramatically increases your odds of success.
Heidi Daniel is a Mom who started her business shortly after her 2nd daughter was born. Though stressful at times, she loves the freedom that running her own business brings her and her family. She shares her thoughts and tips online to help others just starting out in business.
Jun 7th
Being an entrepreneur is exciting, but it’s definitely not risk-free. Entrepreneurs tend to take on a great deal of speculative risk, not really knowing if their bets will pay off. The hope is that those big bets will pay off and result in a huge profit for them, and their business partners or employees.
If you’re just getting started, you can learn from others’ mistakes. Here’s what successful entrepreneurs learned that will help you reach the top faster.
Ask More Questions
You can almost never ask too many questions. There are many times when entrepreneurs want to plow ahead on a project when they really need to sit back, ask questions, and maybe consult a professional.
For example, according to TateLawOffices.com, a motorcycle accident injury lawyer in Dallas, entrepreneurs are generally at a higher risk when it comes to liability claims. They may subject themselves to more personal injury cases if their invention or business idea is untested and could hard the general public, their customers, or their employees.
Asking questions often means you’re interested in learning more and that you’re interested in what others have to say — something that doesn’t always come naturally to entrepreneurs. Customers, business partners, mentors, and investors all have something valuable to contribute to your business. That doesn’t mean they should be the first people you rush to when you want to know the answer to something, but they should be a consideration.
Skip College
College can be useful if you need a degree in science, medicine, math, or any of the professions, like law. But, outside of that, it’s relatively useless. College doesn’t teach you to be entrepreneurial. It teaches you how to work for someone else.
And, while college can teach you some basics about running a business, and even management, it cannot teach you how to think and how to be creative. You have to learn this on your own, often from others who have already achieved the kind of success you want to achieve.
Don’t Forget Marketing
It’s easy to get so enamored with an idea that you believe that it will “take off” without much prodding from you. Many entrepreneurs mistakenly believe in the “field of dreams” — “if you build it, they will come.” The truth is that you have to market your idea, convince others to see what you see in your idea, and then help them understand what problems you solve for them, or how your invention or business helps them.
Innovative technologies, services, and products that change the world need a lot of explanation. And, your marketing needs to focus on telling the story of your brand, what makes you special, and why your product, or service, deserves attention.
Get More Money
Don’t ever think you have enough money to get your idea off the ground. Often, you need more, not less, money. Most entrepreneurs fail due to lack of cash flow and funding. Don’t be afraid to always be pursuing investors and banks.
Have a Co-Founder
Many entrepreneurs benefit from having a senior co-founder who already has a few “wins” under his or her belt. This experience is invaluable and dramatically increases your odds of success.
Heidi Daniel is a Mom who started her business shortly after her 2nd daughter was born. Though stressful at times, she loves the freedom that running her own business brings her and her family. She shares her thoughts and tips online to help others just starting out in business.
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