Top 10 Rules for Entrepreneurs to Live By
One of my favorite business sites, Fast Company, published a post today featuring 10 rules to follow if you want to succeed as an entrepreneur. LOVE is an understatement. This perfectly curated list provides priceless tips that are just as valuable to the seasoned vet as they are to the recent grad dreaming of being his or her own boss. Check it out:
1. Make the commitment: If you’ve made the decision to become an entrepreneur, be prepared to leave the traditional path behind. Make the commitment to the entrepreneurial lifestyle, understanding that it’s much different than that of a 9-5.
2. Find a problem, then solve it: What problem(s) does your business solve? When thinking of the type of business you’d like to launch, consider problems that are personal and that you’re passionate about to increase your chances for success.
3. Think big: To build a business that has a huge impact, you have to first believe you can do it. Think and dream big.
4. You can’t do it alone: Everyone has strengths and weaknesses. In most cases, the person who’s able to drum up the big ideas isn’t the same person who has what it takes to bring these concepts to life. Find the ying to your yang and make it happen!
5. You must do it alone: Even if you have a team, being a leader is a solo journey. Be prepared to spend hours alone with your work and sacrificing outings with the girls to bring your vision to life. If your friends and family support what you’re doing they’ll understand and hopefully, ensure that you don’t lose yourself in the process.
6. Manage risk: Most businesses fail because of improper funding. Remember this simple rule of thumb: DROOM (don’t run out of money)!
7. Learn to lead: To be the captain of your own ship you must be prepared to shift from managing to leading. Make promises and keep them.
8. Learn to sell: If you truly believe in the product or concept you’re selling you’ll become a magnet for resources. It’s that simple.
9. Persist: You’ve got to learn how to push through the tough times and never give up. In this instance, stubbornness is strongly encouraged!
10. Play the game for life: Entrepreneurship is about having a positive impact on the world, making the most of of your gifts, and realizing your full potential as a human being. By being your own boss you can create the life you are here to live.
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