Tips on Succeeding in Entrepreneur Life
Running a business requires an effort in planning and managing resources in human capital and financial capital. An entrepreneur life needs to plan about business , Finance , Hiring.
“A successful man is who can lay a strong foundation from the bricks thrown at him”– David Brinkley
Patrick Bet-David says that every person should have planned the next 5 moves in their lives. He also mentions that planning and being aware of the next five steps can make or break you for success.
Every entrepreneur in his life has to take some decisions in the business. There comes a time where they need to decide to what extent they will focus on their business and will be ready to sacrifice the social life that will be needed in time.
Plan the Next 5 moves
Having the next 5 steps in important not knowing what to do next can hurt the chances of success. Try to imbibe the thinking or role models or business leaders that you follow. Ask yourself the question of what they would do next for reaching the goal.
Following the practice will help you imbibe the planning mindset that is needed in the business. Like planning, the next move is important, and not forcing on any decision is equally important. A forced decision by others or situations now or later will eventually end up as a disaster.
Plan your next moves and ensure that every decision truly yours. Your first move should be clear about what you want in life. Once you have your goals set you can focus on your efforts in one place, rather than efforts being all over the place.
E.g. – Consider your goal for yourself is to have a stable job, then getting married and settling down and being a family person. The problem lies when one of your friends makes it big achieves huge monetary success and you feel jealous even if it’s a small amount. This indicates that you were not true yourself about your goals.
The next step after having your goals is to have an inventory of your skills and talents. Identify which area you can use to make a living out of it.
E.g. – If you are good with number crunching and calculation then the field of finance may be the area you want to step in.
Supporting Roles as Entrepreneur
In life, it’s not always being the person who has the focus on. To run an enterprise there is a collective effort from the people who work in front and behind the curtains. Every effort is equally important. In some instance effort behind the curtains are much more compared to the person in front.
It is equally important to be in supporting roles as entrepreneur because this also covers the large aspects of it of the role.Everybody is not made up for the in front of screen role.
The faster you realize this the better our lives will be. Probably there is a large chance that you can be No 1 in the different areas in playing supporting roles.
Entrepreneur Vs Intrapreneur
In today’s world once can enter and work in any field of their interest. Today any individual can be an inventor, influencer, and socialpreneur. But today in media there has been a wave of entrepreneurship that forces people to turn in entrepreneurs even if they are not made up for it.
One can be an intrapreneur that is similar to an entrepreneur in all the work he/she performs but the only difference is that the entrepreneur also makes capital investment in the business.
An entrepreneur should allow intrapreneur to co-existing because they can help in making the business grow by taking on shared responsibility.
An example of intrapreneur can be taken from Bob Iger the CEO of Disney. Bob Iger started his career at ABC channel and progressed to become CEO of Disney. Bob As CEO acquired Marvel Comics, Lucas Arts, Fox entertainment. Bob made this all acquisition with no personal investment. Bob Iger draws salary a of $ 67 M annually and the net worth of Disney today is $130 B. This shows that entrepreneurs & Intraprenuer are required to co-exist to make the business work.
Most successful people are also good networkers, and to be a good networker you need to establish a good relationship. Most of the time people look at relationship building as a transactional activity. This perspective eventually leads to the destruction of relationships. Take time to nurture the relations and try to provide the most value you can provide.
It is said that you are an average of the 5 people that you closely associate with. Ensure that you regularly spend time with the people who are in the position that you desire to be in. Learn from them nurture such a relationship try to bring in as much as the value from your side. Maintaining a relationship should be like maintaining books in business.
One of the simplest ways of nurturing relationships can be serving others or asking them in what way you can provide help to them. This is the simplest and the highest form of relationship. You never know which one of such relationships may open the closed doors for you.
We should learn to process issues once we are able to process the issues, we will be in a better position to take decisions as a leader, business owner. This will, in turn, help us in avoiding mistakes that happen due to being emotions.
Finally once we set-up financially stable we should also look to give back to society in any terms like mentoring, Supporting intellectually, and another different manner possible. Helping others is indirectly helping yourself. As they say ” What Goes Around Comes Around”
Helping others also gives a good opportunity for networking with others like in different NGO organization. As mentioned before may open the unlocked doors for you.
The aim of the post is to leave once question behind is what is your final goal and are your current milestones are in alignment of the same goals.
If you are starting starting out on your Entrepreneur Journey you should also read our article on Before you Start-up
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