Entrepreneurship Tips 101. Part 1

An entrepreneur is generally referred to someone who starts and/or runs a business or an enterprise and of course, bears full or part of the risks involved. From this definition, you would figure out some key words like "business", "risks" etc. We will take a look at what any entrepreneur should bear in mind so that their calculated risks will yield positive results and will not end up in futility. We'll take the first part here and conclude it in the subsequent post.

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1. Go for relevant knowledge first.

You may be an expert in a particular area but you do not have the absolute knowledge repository in the world, and running a business is not entirely based on theoretical knowledge from what you studied in college but on cumulative experience. These experiences come in two ways: either from your own first-hand experience or from someone else's experience. For the later, you have to willingly seek out the person or group of persons that posses the knowledge you seek and associate yourself with them to acquire the knowledge.

There is nothing as frustrating as going into a business or running an existing one with little or no knowledge of what it takes to successfully run a business. Believe me, at this point you will realize that "balancing X and Y" may not save you because you will need to put to practice what you have learnt theoretically.

The major undoing of many entrepreneurs is their own self: their actions, inactions, decisions, policies etc go a long way to affect the business. When things do not go positively, they should take the full responsibility and not trying to apportion blames to someone else. With this, they will be better at the next decision process.

2. Having access to resources

The truth about business is, your output is a direct function of what you have invested into it. If you must succeed in business, then you have to understand that you cannot do it without investing funds (initial capital, recurrent expenditures etc), time, physical energy and even mental acumen.

You should always have an alternate backup plan to source for resources so that your business will not be grounded when you need resources the most. Each time you foresee a liquidity problem, it is better to get it solved quick so that it will not cripple your business. Trust me, nothing cripples businesses like running low or out of cash. So be guided.

3. Know when to say "no" and "yes" without sentiments attached

Business is not built based on sentiments but on professionalism and as such, you should know when to agree with an idea and when to put it on hold. Do not allow someone to pressure you into accepting what you are not ready for. It is your business and the decision is your absolute prerogative. Sometimes, a simple "no" may save your business from catastrophe. You don't need to explain your "no" or your "yes" if it is not necessary. A "no" or a "yes" can stand alone and still make sense. So know when to use them.

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Using "no" or "yes" simply shows your decisiveness and that is one of the qualities of an entrepreneur. Decisiveness shows focus, singleness of purpose and concentration. Believe me, the most crucial part of entrepreneurship is the decision process. Learn to take the decision with a positive result in view and not on sentiments to impress someone.

Thanks for reading