My first round in the world of entrepreneurship was one at the age of 16 or so when I decided to launch my own automotive paint protection company. I dreamed of the life, surrounded by fancy cars, making tons of money but that was far from the reality. The end result was a $10,000 loss and a failed business, all within several months of launching. Why did it fail? I simply didn’t have what it takes to became an entrepreneur…. at the time.
Years have gone by and I’ve re-wired my brain to eat, sleep, breath entrepreneurship. There are debates whether entrepreneurs are born or made, but I’m a firm believer that people can be shaped into the person they are with the right guidance and support crew. With that said, here are 7 things that you must possess, if you want to belong in this club.
1) Take it seriously – When I first started out, I was young and naive. I’ll be honest and admit that there were days I had no desire to put in the work. This was probably partly due to my young age and maturity level at that time. But as you come to learn, you must treat your business like a real business. It doesn’t matter if you’re flipping products on eBay or offering consulting services, take it seriously.
2) Put in the work – It’s a lot of work. Can’t handle your typical 9-5 job? Sorry to burst your bubble but entrepreneurship is nearly 24/7. You will have to work like you’ve never worked before to bring your idea to life. Every minute you delay, someone else is acting on their idea and beating you to the punch. Don’t be lazy.
3) Get used to sacrifices – You’ll have to make some tough decisions in your journey and these will ultimately be small sacrifices you’ll have to make to reach your goals. Afterall, some things in life are worth waiting for.
4) Find a mentor – Successful people often emulate other successful people so it would be in your best interest to find someone you admire and try to befriend them. Having someone keep you in check can go a long way. Don’t be that guy that sits stagnant and doesn’t ever reach significant milestones.
5) Overcome fear- Perhaps one of the key elements to being successful is having no fear in what you do which allows you to act on your thoughts and beliefs. By overcoming fear, you get out of your comfort zone and do the things most people won’t do to live the life like most people wish to.
6) Money as secondary – Let’s be honest, we’re all in it to make money. But that mindset is what most first timers think about rather than focusing on being problem solvers and providing value. Its cliche but help people with their pain points and the money will come naturally. Also don’t seek immediate payout. Re-invest your money into yourself and the business before you cut yourself a check.
7) Have confidence – You must believe in yourself and your idea like it’s your baby. No one will ever see what you see so you must have the confidence in your abilities and idea. There will be haters, including friends and family, but that should not slow down your drive.
Entrepreneurship, it’s a way of life :)