Entrepreneurship has been the subject of the decade. Millenials and Gen-Zs are turning their eyes to operating and running their own businesses, most of them within the digital world. Is this really the key to success, happiness and financial freedom?
After observing startups, talking to their founders and evaluating the results, I have come up with this Ultimate Guide to Entrepreneurship. It is indeed different than the regular “TOP 5 STEPS FOR SUCCESSFUL BUSINESS”, but it will make you think and look at things from a different angle.
Starting your own business means starting a new life
Every new beginning is exciting but not without its challenges. Starting a new business means you either got tired of your full-time job or you figured out you know more than your current boss. Why waste time and knowledge to support someone else’s ideas and make money for them when you can do it for yourself? Starting a new business puts you on a new life path where you are your own compass. The challenges might be a lot, but the level of your determination will help you overcome them.
Acquiring finances for your new venture
Starting a business does not mean burring yourself in debt up to the eyebrows. You can start small while supporting yourself with your current income and continue that way until your business makes enough money. You can apply for angel investors, but remember they expect certain returns and strategies at hand to achieve those returns. You can ask friends and family for loans without an interest, but don’t forget that not being able to pay back your loved ones brings shame and embarrassment. You can take loan out of the bank, but without being sure your business will make the expected profits its like burying your head under the sand.
Running your business
There is certain excitement in the thought of running your business and being your own boss! In reality it is not that simple though. You will have more tasks at hand and to think about than you ever have before. You will have to manage a team, prioritize tasks, make crucial decisions in no time, control the finances and always be a step ahead from the competition with strategies and plans in place.
Growing your business
It is said that you should always pay yourself first by investing. Putting money into your business is vital, but how much should you put in? You want to invest in growing your team, your borders, the technology you use. Make sure you calculate it all, but also remember that no one can predict the future, so just do your best and go forward with faith.
Putting your business on the stock exchange market
A good way to secure the existence and prosperity of your business is to put it on the stock exchange markets. Let others invest and pay for it, but prove your loyalty and capability first. Show those traders that your product or service matters, is needed and will continue to be in demand. There are many businesses out there that started out in a garage and ended up on the NYSE within couple years.
Share your experience and knowledge with the newbies
If you want to really realize how far you have gone as an entrepreneur and how well your business has done, then share your knowledge and experience with the newbies. Let them know your successes and struggles. Share the strategies you have used. Help them grow and learn and you will see how much you have grown too.
Millionaires have become millionaires because they invest in different industries. The basic thought behind it is that if one fails the other two won’t. Once you have become a master of your initial niche, come up with another one and invest in it. Use your already successful reputation and you will quickly succeed in your second, third and so on business niches.
Hope this has been helpful to many! Follow me for future updates and advises on Instagram @stopchiyska
Full Disclosure: Nothing on this site should ever be considered to be paid/official advice, professional research or an invitation to buy or sell any securities. The information contained is simply research, personal opinion, understanding and thoughts of the author.