By Damilola Faustino
Starting a business can be tough, but your approach can make things tougher, leaving you stuck in a box. So, have the right thinking in place to set yourself up for success or you will be held back by the following points:
Entrepreneurship is a young person’s game
The likes of Mark Zuckerberg might make you believe that great innovators peak early. But really, most entrepreneurs are age 40 on average, and more than 60% are married or have at least one child. Experience has its advantages. Studies show older entrepreneurs have better success rates than their younger counterparts.
Entrepreneurship will save you from the job you dislike
You might be bored or hate your boss, but those aren’t reasons to start a business. You might not have found the right company or team. What sets the staffers apart from the small business owners is passion. If your passion to start a new venture is overpowering your need to have a steady paycheck, you might have the temperament that founders need to get started and to push through a startup’s hardest days.
You need to find a unicorn
Game-changing, truly unique business ideas are called ‘unicorns’ for a reason – they’re rare and nearly the stuff of fantasy. Some of the most powerful inventions build on technologies that already exist, making entrepreneurship open to anyone with the passion to pursue that idea.
All entrepreneurs thrive on risk
Entrepreneurship is about careful, calculated risks and a comprehensive understanding of your market and industry. Great entrepreneurs are comfortable with discomfort but they aren’t reckless. The best business people know their industry well enough to understand how to think big while making small bets pay off.
As an entrepreneur, you are the boss
As the boss, you do get to set the agenda. However, you’ll also be on call and accountable to a range of different people, including employees, customers, capitalists, angel investors and partners. Chances are, you’ll be scheduling your personal obligations around your clients’ needs. Remember: as a small business owner, your first responsibility is to your clients, not your own personal freedom.
You will be able to set my salary
Yes, and no. Cash flow is key for any business, especially a fledgling one. Many entrepreneurs can’t afford to pay themselves much, if anything, for the first few years. To figure out if you can afford to pay yourself, put together a monthly and yearly budget for your personal and business expenses. Projecting what you’ll need to survive while you build your business can ensure you plan appropriately, giving your company its best chance at success.
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