September 14, 2020 6 min read
Opinions expressed by Entrepreneur contributors are their own.
So, you have started a business, Congrats! Now what? To help you prepare for and understand your journey to becoming an entrepreneur, think of it as building a house. When creating a home, you begin by visualizing, planning, financing, gathering materials, and collaborate with contractors before you can start building it. There are many steps to the process, and you will need to treat your goals the same. Similarly, it would be best if you conceptualized what it is you want to do, research, and make plans on how to achieve it within a realistic time frame.
Setting deadlines will allow you to manage your time accordingly and hold yourself accountable: The timeline will also enable you to note your progression, which encourages you to continue. Next, you have to fund your project, so you either have to be willing to seek out and find an investor that you will have to repay with interest or give them a percentage. You may have to stick it out with that job you hate a little longer, work overtime, and possibly even take a second job to save up. Afterward, you must network and build relationships with the right people that can help you reach success. This article outlines some of the typical steps any entrepreneur can take when beginning to build their empire.
Planning and financing through continuous learning
Immerse yourself in a plethora of knowledge in every avenue of your field/industry. It would help if you learned as much as possible so that you can offer an exchange of value with others and so that no one takes advantage of you. Knowledge creates leverage. The ability to provide an equal exchange with someone that can complete a service you need will save you money and time. Being highly knowledgeable in the specifics of your field of work can also help with the overall process of networking. Entrepreneurs should be in an ongoing pursuit of new information. If you cannot devote the time to sit down and turn the pages, podcasts and audiobooks are a great substitute. Do not get discouraged over failures. Failing forward is full of valuable lessons as well, you have to allow yourself the clarity to see them.
Continuous learning can become a different form of currency for you to utilize. The knowledge propels you forward in instances where dollars cannot. The more information you take in, the more your planning and decision making will improve.
Networking with compassion
The learning curve and work involved can sometimes be a bit like resistance training, like riding a bike up a steep hill, but if you keep going, that hill will eventually level out. However, you must also know when you need to step away, give yourself a break, and recharge. It is imperative to take time away from work. Go to new places, meet new people, and try new things. Not only is it good for your overall mental well-being, but it also tends to help you form new ideas and inspire you creatively. Maintaining a healthy work-life balance is critical in obtaining success. Try your best not to let work get you too anxious and stressed out. Starting a business is supposed to be fun, like an adventure, not a chore! Also, frequently and genuinely check in with those you do business with as they are facing some of these issues as well.
Build a team
Your ego may leave you burnt-out and stranded with no one to turn to if you genuinely believe you can do it all by yourself. We sometimes fail to acknowledge the small things people helped with that led us to the more significant accomplishments. Being an entrepreneur, you will come to a point where you must build a team so that you do not entirely drain yourself. Make sure you create and maintain a screening process to weed out the inexperienced and ill-tempered. The great thing is that you will have learned so much while building your business that you’ll easily spot those trying to manipulate you or bleed you dry by asking for more than what the job is worth.
Related: The Complete, 12-Step Guide to Starting a Business
Keep your circle small and know your value
Whether you are on top or you are just starting your entrepreneurial journey, the people you surround yourself with can influence you and leave more of an impact on you than you may think. Some can even derail the train entirely. You have got to protect yourself from negative energy. Do not let anyone steal away your positive outlook by planting negative seeds in your mind and sprouting doubt.
Related: 8 Things You Need to Know Before Starting a Business
Starting on your journey as an entrepreneur, it might be a good idea to perform free labor. Offering your services free of charge will not only allow you to sharpen your skills but will also make a name for yourself through word of mouth. Paying it forward today can be beneficial for your career later down the road.
When it comes time to put a price on what you do for a living, do not sell yourself short. Stay away from those that want to treat you like a buffet. Some people will attempt to take and take more as long as you allow them to without adding any value to what you are trying to accomplish. Be prepared: Those same people will say you changed and play the victim telling everyone how you did them wrong when you cut them off. Examine the market and create a fair price for your time commitment towards the projects you will be working on completing.
Put in the work
Many people try to go from 0 to 100 overnight and skip crucial steps. Some look for easy shortcuts, while others treat their dreams and aspirations like playing the lottery. However, if you have not invested in your foundation, how can you expect to have longevity in your career, or even have a career at all. The same is true when building a house. We live in a time where you can receive instant gratification with minimal effort. No matter your skillset, connections, or what is in your bank account, nothing beats hard work.
Related: A Simple 6-Step Process to Starting a Small Business
Overall, building a business is a lot like building a house. Several vital steps must be tended to and necessary to be successful. These are just some of the many steps that entrepreneurs, like yourself, take when starting up their business. Following these tips will help make your new business venture both more relaxed and more gratifying.
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