• Chantal Porter

10 Things every Entrepreneur should Know

Updated: Aug 28, 2019

Starting a business is no easy fete. It comes with a lot of up and downs or highs and lows. Many people begin the journey without getting a good foundation. In that they did not understand what it means to be an entrepreneur before they started their business. It is not all bliss and it comes with a greater level of challenges and difficulties. Furthermore if you struggle with taking responsibility for your actions currently, entrepreneurship might not be your calling. Every entrepreneur is different in terms of their vision for their business but there are a few similarities. If you are currently thinking about becoming an entrepreneur here are ten tips that you might find very useful.

10 things every entrepreneur should know before they start a business:

1. Basic Accounting-

When you're just starting out as an entrepreneur you may not have the capital to hire out certain aspects of the business. One key area that you need to have some knowledge in is accounting. Don't worry you don't need to get fancy with Quickbooks and all that just yet. All you need to get started is a basic understanding of your income and expenses so that you can allocate your funds accordingly.

2. How to Network-

The best way to become a successful entrepreneur is to learn from others that are already in the business. For example, if you want to open a chain of restaurants why not apply for a managerial role in a top level restaurant? You will get a better idea of what is required to keep the business running and you can apply similar tactics to your business. Furthermore, you must also make time to meet up with leaders in your industry so that you can have a better idea of what is required to make your business a success.

3. How To Talk to People-

As an entrepreneur you need to be able to motivate your staff and communicate well with those around you. It will help you to make more meaningful connections that will benefit your business in the long run.

4. How to take it one step at a time-

Everything happens in stages! It's okay to not have everything figured out in the beginning. You can read all the books and watch all the videos on how to be an entrepreneur but the practical aspect is always a bit different. Allocate time to each aspect of the business and just take things one step at a time.

5. How to delegate (You don't have to do everything on your own)-

A major downfall of many entrepreneurs is the belief that they have to do everything on their own. Be open to delegating where you can or you will not have enough time to plan for your business. An entrepreneur needs time to set goals and strategies in place to scale the business. If you're always occupied with ground level work your business might become stagnant and unproductive.

6. How to appreciate the process (You need to be committed).-

You must understand that there really isn't single way to be an entrepreneur. Furthermore, entrepreneurship is a process that requires time, patience and endurance. Before you decide to become an entrepreneur, figure out whether or not you are ready for the commitment.

7. How to stop comparing yourself to others.-

You can't compare yourself to everyone in your industry especially if they have been in business for years. Remember you are seeing the product of their hard-work and dedication and not necessarily their initial struggle. You must pace yourself, believe in the process and give yourself and your business time to grow.

8. How to be patient (You might not make the profits you dream of in the first year)-

Everybody always wants to be an entrepreneur so that they can make a lot of money and be their own boss. They seem to be forgetting one major thing however. not all businesses are successful. A lot of businesses start up and fail within their first year of operation. My advice, do it because of the passion, so that you can ride out the storm if the business is not as lucrative in the beginning.

9. How to open up (everyone is not out to get you or your business idea)-

It's ok to let people in on what you're trying to accomplish. Not everyone who offers a helping hand is trying to claim your business idea as their own. You must be open to sharing with others, who knows, you might get some really good insight.

10. How to accept and minimize risks-

If you truly want to be an entrepreneur you need to understand some of the risks that you are undertaking as a business owner. This will help you to better manage your resources and minimize the risks associated with operating your business.

Starting a business is not always easy. It comes with a lot of struggles and also a number of challenges. If you are looking in the direction of becoming an entrepreneur, use these tips to decide if entrepreneurship is right for you.

I do hope these 10 tips opened your eyes to the world of entrepreneurship. Share your thoughts on these tips below.

"The real test is not whether you avoid this failure because you won't. It's whether you let it harm you or shame you into inaction, or whether you learn from it; whether you choose to persevere."- Barak Obama

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