Are you thinking of starting your own business?
Perhaps you’re a subject-matter expert and you have an idea about how your knowledge can help others?
You may even e running a young small business, maybe less than 4 or 5 years old?
The thought of being an entrepreneur is motivating and exciting – ut many who start out to be an entrepreneur end up just working very hard as an employee in their own business. How do you make sure that you become the entrepreneur you started out to be?
The most important thing before you start is to ensure that you have the right attitude.
Ask yourself – am I suited to being an entrepreneur, or am I more suited to working hard with what I know?
In this video I work on the questions you need to ask yourself, and what to do to load the dice in your favour.
So let’s run through what I detailed in the video.
The key is to ensure that your mindset is the right mindset.
Entrepreneurs – and good small business owners – don’t just start a business to work hard in it, as if they were working hard for someone else except that their boss is themselves! Good small business owners work on the business and so they need the mindset to see the business itself as a product and not just somewhere where they work.
To get this mindset the first thing to do is to make sure that you know what to expect.
Make sure that you and your family are aware of the risks and sacrifices that you may have to make – at least in the early years. Get the support of people around you up front and make sure that you and they are well aware of what might arise and what the value of that support will be worth.
Talk to business mentors.
Make sure that these are people you like, can communicate with, and trust. Find out from them what it was like for them when they started their first business. What did they learn and how did they cope?
From your discussions with family and mentors first make sure that you are suited to operate your small business as a good business operator, not just as a worker in it. Then, tease out where your weaknesses might be.
Perhaps you’re not a great networker? Or maybe you need to be able to understand finances better than you do now? Do you need some experience in managing people?
Don’t make your weaknesses a negative – turn them intomp[ositives by identifying them and working out how you are going to figure it out. You can get training in your weak areas. You can outsource or hire someone, or get advice, to take care of areas you are weak in.
It’s part of working on and not in your business.
Create your mindset where, having identified the risks and sacrifices, you are prepared to take them on and manage them. Be prepared to make the sacrifices, with a plan as to when they will no longer be a trade-off. Seek solutions on how to mitigate risk – you can work it all out if you put your mind to it.
The key to being a great small business owner – an entrepreneur – is to be prepared.
Be prepared that you’re not just going to throw yourself at the work to make it work but that you’ve thought through the risks and sacrifices before you start, and that you are ready to find solutions.
Welcome to the ranks of small business owners!
Why don’t you find out more and equip yourself to grow your business by going to teikoh.com and registering your email address so that I can send these free and valuable tips and tools on how to grow your business – directly to you.
If you’re just starting to think about starting your own business, I offer an online course called “How To Start Your Own Business” that takes you through from the first idea to opening your doors. Find out more about it here! It deals with getting the right mindset, feasibility studies, designing your business model, planning and the nuts and bolts steps of registrations and preparation.
See you there!