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So you want to be an entrepreneur? Basics for being effective

So you want to be an entrepreneur? Basics for being effective

Entrepreneurs are a special breed. It takes a lot of determination, confidence, self control, patience, and believing in your idea/project. It is easy to get side tracked and distracted when you are finding your way to build a business. Many people may put doubts in your head and try to convince you to change things or even drop the business. So before you get into entrepreneurship you have to be confident that you have the right skills for your business project, that you have enough research, money and the right team to get your start up from the ground. And while various issues and challenges will be cropping up, you need to stay focused, determined and driven.


Do

Do stay determined and stay focused

It is important to choose the right opportunity and to be able to recognize the wrong one. Many entrepreneurs feel the need to go after everything they have on their way. However, opportunities could be traps and you'll need to avoid getting side-tracked. Don’t spread yourself thin as it will limit effectiveness and productivity.

Do learn from your mistakes and never make the same mistake twice

There is no perfect guide book or a course that will teach you to become a successful entrepreneur. You will become an experienced entrepreneur when tested under fire. It's ok to make mistakes. Watch the markets, listen to clients, manage your cash flow effectively, and maintain a low overhead. And make sure when things go wrong, you know why and how not make it happen again.

Do build the right team

Make sure you hire professional and talented individuals that will not only contribute to your business but also the ones that you can learn from. And these people have to have complementary skills, some are visionary leaders and some are producers. It is important that your team believes in your idea and values. Surround yourself with experts and mentors who can bring the right skills for your project.

Do be ready to give a 30 second pitch but also be ready to know every detail of your business

It's equally important to be able to give an impressive, straight forward and clean pitch to potential investors or customers, but at the same time to provide every detail of your venture. You have to back up your pitch or message by statistics, data and evidence. You can win people over by showing not by telling what you think.

Do celebrate the milestones, achievements and even small wins

It's good for moral, employees motivation and your own ego boost. Celebration builds up confidence and inspires others to achieve more.


Don't

Do not expect that investors will line up to give you money

A brilliant business plan is often not enough. You'll need to scale down on fancy presentations, expansive business plans and grand expenditures. If you can prove your business model on a small budget and demonstrate that it is working before seeking investment, you are a winner. The chances of raising capital from investors will increase if you can show that your concept is working.

Do not over invest your own money

Create the budget and stick to it. Many entrepreneurs make the same mistake; they tend to think that spending more money will take the business off the ground faster. This is not always the case. At the beginning entrepreneurs go through the learning curve, mistakes and failures. That's why it's easy to overspend. Let the business go at its own pace, and it will help you to save money.

Do not work yourself to death

Entrepreneurship is a lifestyle, it is not the job where you show up to the office from 9 to 6. Working hard is important, but more important is to take a good care of yourself. If you are exhausted you will not be productive and sharp. You have to eat healthy, find time to exercises, take holidays and make sure you rest and sleep. Promoting life work balance culture has many benefits for the business as well such as bringing rotation down and getting access to more experienced and seasoned professionals.

Do not be afraid to get your hands dirty

Being an entrepreneur is a journey; and failures are part of that ride. Learn how to manage yourself, and remember leaders lead through service to others. Embrace the failure - what doesn't kill you will make you stronger.

Do not be narrow-minded or conservative

Entrepreneurs are a special breed and you'll have to explore and discover your creative skills in order to put the puzzle together. Become a good listener; learn to think outside the box, watch your competitors, know your markets and clients. You'll have to be innovative.


Summary
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Building, creating and growing a business is a process. And sometimes it's a lengthy one. It's very important to enjoy that process through learning, staying open minded and being an integral part of it. Successful entrepreneurs always ask questions, stay on top of the business process, and know all the issues inside out. Being in tune with your business will help to take it to the next level.


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Alina ReyzelmanEntrepreneur and Philanthropist

Alina Reyzelman is a resident of Moscow and London, she also spends a lot of time in the U.S. and travels extensively around the world. Alina is a Ph.D. student, a connoisseur of wines and foods, and the author of World Restaurant Guide. Most re...

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