One of the first things that we begin to value as entrepreneurs is our time.
These are a few quick starter tips for any dreamer seeking to turn their dreams into reality:
It might seem superficial or too simplistic, but this adage is tried and true. As an entrepreneur, you will need tenacity, fortitude, the gift of gab and a firm support system but none of those will be effective if we aren’t our own number one fan.
Follow successful examples but don’t be afraid to blaze your own trail.
It is important to be open to constructive criticism and it is ok to follow the examples of entrepreneurs that have come before you. If it isn’t broken then don’t fix it is a good rule of thumb when it comes to formulas that work for business.
We must manage our money.
This means any and all amounts, large and small. Keep track of what we’re spending on our businesses by maintaining an accurate bookkeeping system. It may even be worth investing in software specifically suited for this purpose.
Obvious, but many people get an idea for a business and start investing in it before they have secured any customers. Once a customer base has been acquired, scale.
Time is money.
Don’t give anything away without receiving something of value in return. This is especially important when applied to time management as well. We should be spending the bulk of our working time on our own projects.
Set a financial goal.
This one is a no-brainer but it doesn’t mean set your goal at one million dollars in the next year. Start with measurable goals and reasonable deadlines. Be willing to revise these goals as business and experience grow.
Don’t focus on acquiring large amounts of capital in the beginning.
It’s unfortunate but sometimes it can be easier to obtain financing for auto repair than it can be to find a working capital business loan with a reasonable interest rate that will consider a less than spotless credit history.
Last but not least, pay yourself first.
If the boss doesn’t eat then no one eats! Be firm and committed to this idea. You cannot run a successful business if you are not able to meet your basic needs and give yourself a little cushion as well.