What an Entrepreneur Must Assume when Starting a Business: It may seem difficult to develop an entrepreneurial mindset.
If you aren’t actively working as CEO of a successful startup.
However, the truth is that you can hone the skillsets required for successful entrepreneurship.
No matter your current job title.
Let’s take a look at some Tips on What an Entrepreneur Must Assume when Starting a Business.
What an Entrepreneur Must Assume when Starting a Business
1. Take a public speaking class
Many entrepreneurs fear public speaking, failure, and embarrassment.
The only way to chisel away at that fear is to expose yourself to it.
Getting rejected again and again will anesthetize you to the letdown.
Take a public speaking class—anything to get you more comfortable in front of a crowd.
If you want to improve your communication skill set.
What an Entrepreneur Must Assume when Starting a Business
2. Take an acting or stand-up comedy class.
Both will force you to confront your vulnerability and get you accustomed to talking to strangers.
Plus, you’ll learn the importance of good timing and delivery.
A skill that is as key in sales and daily life is in acting and comedy.
If you want to increase your critical thinking or problem-solving abilities, take a debate class.
It will force you to analyze two ways to look at an issue and will help you anticipate objections potential customers may have to buy your product.
3. Remain curious.
Curiosity is one of the most important traits for entrepreneurs. To constantly learn and maintain your competitive edge, you must always seek out new people and new experiences. Never lose the curiosity to see around corners.
4. Redefine failure.
Failing typically has negative connotations, but the best entrepreneurs turn failure into something positive. Failing indicates that you’ve tried something, which can be a scary thing to do. True failure is not trying at all. Practice failure dialogues. You can do this in your notebook or with a friend. Have them ask you about your failures every day for a week. Answer honestly. Soon, you may find that instead of feeling shame when you discuss your failures, you’ll feel pride at showing off what you’ve attempted.
5. Practice being decisive.
Entrepreneurs, innovators, and new business owners must develop the ability to analyze a situation, absorb relevant data, and make confident decisions. Small businesses and start-ups can be ruined by indecision, which is why making a decision with confidence is one of the most vital entrepreneurial skills. You can practice decisiveness in the real world or in your personal life, whether you’re ordering at a restaurant or making evening plans. Practicing making small decisions with confidence will pay off when you’re faced with big challenges in your business.
6. Set clear goals.
Setting a goal—speaking it to the universe, writing it down, mentioning it to friends and family who will hold you accountable—can subtly influence aspiring entrepreneurs to work towards that goal bit by bit each day. If you don’t feel like you’ve clearly articulated your goals, set aside some time to brainstorm until you know exactly what you’re aiming for.
7. Get the Creativity:
Creativity gives birth to something new. For without creativity, there is no innovation possible. Entrepreneurs usually have the knack to pin down a lot of ideas and act on them. Not necessarily every idea might be a hit. But the experience obtained is gold.
Creativity helps in coming up with new solutions for the problems at hand and allows one to think of solutions that are out of the box. It also gives an entrepreneur the ability to devise new products for similar markets to the ones he’s currently playing in.
8. Have knowledge of Professionalism:
Professionalism is a quality which all good entrepreneurs must possess.
An entrepreneur’s mannerisms and behavior with their employees and clientele go a long way in developing the culture of the organization.
Along with professionalism comes reliability and discipline.
Self-discipline enables an entrepreneur to achieve their targets, be organized, and set an example for everyone.
Reliability results in trust and for most ventures, trust in the entrepreneur is what keeps the people in the organization motivated and willing to put in their best. Professionalism is one of the most important characteristics of an entrepreneur.
9. Have knowledge of Risk-taking:
A risk-taking ability is essential for an entrepreneur. Without the will to explore the unknown, one cannot discover something unique. And this uniqueness might make all the difference. Risk-taking involves a lot of things. Using unorthodox methods is also a risk. Investing in ideas, nobody else believes in but you is a risk too.
Entrepreneurs have a differentiated approach towards risks. Good entrepreneurs are always ready to invest their time and money. But, they always have a backup for every risk they take.
For exploring the unknown, one must be bestowed with a trump card; a good entrepreneur has one, always. Also, evaluation of the risk to be undertaken is also essential. Without knowing the consequences, a good entrepreneur wouldn’t risk it all.
What an Entrepreneur Must Assume when Starting a Business
10. Get Passion for the business:
Your work should be your passion. So when you work, you enjoy what you’re doing and stay highly motivated. Passion acts as a driving force, with which, you are motivated to strive for better.
It also allows you the ability to put in those extra hours in the office which can or may make a difference. At the beginning of every entrepreneurial venture or any venture, there are hurdles but your passion ensures that you are able to overcome these roadblocks and forge ahead towards your goal.
11. Know their Planning strategies:
Perhaps, this is the most important of all steps required to run a show. Without planning, everything would be a loose string as they say, “If you fail to plan, you plan to fail.”
Planning is strategizing the whole game ahead of time. It basically sums up all the resources at hand and enables you to come up with a structure and a thought process for how to reach your goal.
The next step involves how to make optimum use of these resources, to weave the cloth of success. Facing a situation or a crisis with a plan is always better. It provides guidelines with minimum to no damage incurred to a business. Planning is one of the most important characteristics of an entrepreneur.
What an Entrepreneur Must Assume when Starting a Business
12. Get pre-Knowledge:
Knowledge is the key to success. An entrepreneur should possess complete knowledge of his niche or industry. For only with knowledge can a difficulty be solved or a crisis be tackled.
It enables him to keep track of the developments and the constantly changing requirements of the market that he is in. May it be a new trend in the market or an advancement in technology or even a new advertiser’s entry, an entrepreneur should keep himself abreast of it. Knowledge is the guiding force when it comes to leaving the competition behind. New bits and pieces of information may just prove as useful as a newly devised strategy.
He should know what his strengths & weaknesses are so that they can be worked on and can result in a healthier organization.
A good entrepreneur will always try to increase his knowledge, which is why he is always a learner. The better an entrepreneur knows his playground, the easier he can play in it.
13. Get Social Skills:
A skillset is an arsenal with which an entrepreneur makes his business work. Social Skills are also needed to be a good entrepreneur. Overall, these make up the qualities required for an entrepreneur to function.
Social Skills involve the following:
- Relationship Building
- Hiring and Talent Sourcing
- Team Strategy Formulation
And many more.
14. Open-mindedness towards learning, people, and even failure:
An entrepreneur must be accepting. The true realization of which scenario or event can be a useful opportunity is necessary. To recognize such openings, an open-minded attitude is required.
An entrepreneur should be determined. He should face his losses with a positive attitude and his wins, humbly. Any good businessman will know not to frown on a defeat. Trying till you succeed is the right mentality. Failure is a step or a way that didn’t work according to the plan. A good entrepreneur takes the experience of this setback and works even hard with the next goal in line.
This experience is inculcated through the process of accepted learning. Good entrepreneurs know they can learn from every situation and person around them. Information obtained can be used for the process of planning.
Learning with an open mind lets you look at your faults humbly. New information always makes an entrepreneur question his current resolve. It also provides a new perspective towards a particular aspect. Open-mindedness also enables you to know and learn from your competition.
15. Empathy:
Perhaps the least discussed value in the world today is empathy or having high emotional intelligence. Empathy is the understanding of what goes on in someone’s mind. This is a skill that is worth a mention. A good entrepreneur should know the strengths and weaknesses of every employee who works under him. You must understand that it is the people who make the business tick! You’ve got to deploy empathy towards your people.
Unhappy employees are not determined and as an entrepreneur, it is up to you to create a working environment where people are happy to come. To look after their well-being, an entrepreneur should try to understand the situation of employees. What can be a motivational factor? How can I make my employees want to give their best? All this is understood through empathy.
Keeping a workplace light and happy is essential. For without empathy, an entrepreneur cannot reach the hearts of employees nor the success he desires. Empathy is one of the most important characteristics of an entrepreneur.
What an Entrepreneur Must Assume when Starting a Business
16. And lastly, the customer is everything:
A good entrepreneur will always know this; a business is all about the customer. How you grab a customer’s attention is the first step. This can be done through various mediums such as marketing and advertising.
It is also important that you know the needs of your customers. The product or service which is being created by your organization needs to cater to the needs of your consumers. Personalizing a business for consumers will also boost sales.
17. Ability to take a risk-
Starting any new venture involves a considerable amount of failure risk. Therefore, an entrepreneur needs to be courageous and able to evaluate and take risks, which is an essential part of being an entrepreneur.
18. Innovation-
It should be highly innovative to generate new ideas, start a company and earn profits out of it. Change can be the launching of a new product that is new to the market or a process that does the same thing but in a more efficient and economical way.
19. Visionary and Leadership quality-
To be successful, the entrepreneur should have a clear vision of his new venture. However, to turn the idea into reality, a lot of resources and employees are required. Here, leadership quality is paramount because leaders impart and guide their employees towards the right path of success.
What an Entrepreneur Must Assume when Starting a Business
20. Open-Minded-
In a business, every circumstance can be an opportunity and used for the benefit of a company. For example, Paytm recognized the gravity of demonetization and acknowledged the need for online transactions would be more, so it utilized the situation and expanded massively during this time.
21. Flexible-
An entrepreneur should be flexible and open to change according to the situation. To be on the top, a businessperson should be equipped to embrace change in a product and service, as and when needed.
22. Know your Product-
A company owner should know the product offerings and also be aware of the latest trend in the market. It is essential to know if the available product or service meets the demands of the current market, or whether it is time to tweak it a little. Being able to be accountable and then alter as needed is a vital part of entrepreneurship.
What an Entrepreneur Must Assume when Starting a Business
23. Creation of Employment-
Entrepreneurship generates employment. It provides an entry-level job, required for gaining experience and training for unskilled workers.
24. Impact on Society and Community Development-
A society becomes greater if the employment base is large and diversified. It brings about changes in society and promotes facilities like higher expenditure on education, better sanitation, fewer slums, a higher level of homeownership. Therefore, entrepreneurship assists the organization towards a more stable and high quality of community life.
25. Increase Standard of Living-
Entrepreneurship helps to improve the standard of living of a person by increasing income. The standard of living means, increase in the consumption of various goods and services by a household for a particular period.
26. Supports research and development-
New products and services need to be researched and tested before launching in the market. Therefore, an entrepreneur also dispenses finance for research and development with research institutions and universities. This promotes research, general construction, and development in the economy.
What an Entrepreneur Must Assume when Starting a Business
27. Start getting some sales.
No matter your product or industry, your business’s future is going to depend on revenue and sales. Steve Jobs knew this — it’s why, when he was starting Apple, he spent day after day calling investors from his garage.
When you listen to your clients/customers, you find out what they want and need, and how to make that happen,” says investor and entrepreneur John Rampton.
28. Ask for a commitment, but don’t be pushy about it.
You can’t be too shy to ask for a next step or to close a sale, but you also can’t make customers feel as though you’re forcing them into a sale.
29. Don’t be afraid of hearing “no.”
As former door-to-door salesman (and now co-founder of software business Pipedrive) Timo Rein said, “Most people are too polite. They let you make your pitch even if they have no interest in buying. And that’s a problem of its own. Time is your most important resource.”
30. Make it a priority.
As an entrepreneurial wizard, Gary Vaynerchuk said, “Actually creating revenue, and running a profitable business, is a good strategy for business. Where are we that people think users or visits or time on site is the proxy to a successful business?”
What an Entrepreneur Must Assume when Starting a Business
31. Start building your team.
To scale your business, you are going to need to hand off responsibilities to other people. You need a team.
Whether you need a partner, employee or freelancer, these three tips can help you find a good fit:
32. State your goals clearly.
Make sure everyone understands the vision and their role within that mission at the very start.
What an Entrepreneur Must Assume when Starting a Business
33. Follow hiring protocols.
When starting the hiring process you need to take a lot of things into consideration, from screening people to asking the right questions and having the proper forms. Here is a more in-depth guide to help you.
34. Establish a strong company culture.
What makes a great culture? What are some of the building blocks? You can see our list of 10 examples of companies with great cultures, but keep in mind that you don’t need to have Google’s crazy office space to instill a positive atmosphere. That’s because a great culture is more about respecting and empowering employees through multiple channels, including training and mentorship, than it is about decor or ping-pong tables. In fact, office perks can turn out to be more like traps than real benefits.
35. Find a location.
This could mean an office or a store. Your priorities will differ depending on need, but here are 10 basic things to consider:
36. Style of operation.
Make sure your location is consistent with your particular style and image.
Start by considering who your customers are. How important is their proximity to your location? If you’re a retail store that relies on the local community, this is vital. For other business models, it might not be.
37. Foot traffic.
If you need people to come into your store, make sure that store is easy to find. Remember: even the best retail areas have dead spots.
38. Accessibility and parking.
Is your building accessible? Don’t give customers a reason to go somewhere else because they don’t know where to park.
having competitors nearby is a good thing. Other times, it’s not. You’ve done the market research, so you know which is best for your business.
What an Entrepreneur Must Assume when Starting a Business
39. Proximity to other businesses and services.
This is more than just about foot traffic. Look at how nearby businesses can enrich the quality of your business as a workplace, too.
40. Image and history of the site.
What does this address state about your business? Have other businesses failed there? Does the location reflect the image you want to project?
Depending on your business, these could help or hinder you. For example, if you’re starting a daycare center, ordinances that state no one can build a liquor store nearby might add a level of safety for you. Just make sure you’re not the one trying to build the liquor store.
41. The building’s infrastructure.
Especially if you’re looking at an older building or if you’re starting an online business, make sure the space can support your high-tech needs. If you’re getting serious about a building, you might want to hire an engineer to check out the state of the place to get an objective evaluation.
What an Entrepreneur Must Assume when Starting a Business
42. Rent, utilities, and other costs.
Rent is the biggest facilities expense, but check out the utilities, as well, and whether they’re included in the lease or not. You don’t want to start out with one price and find out it’s going to be more later.
Once you know what to look for and it’s time to start searching for a place that fits all of your qualifications, these four tips can help.
43. Finance your business.
There are a ton of different ways to get the resources you need to start your business.Angel investor Martin Zwilling, whose business Startup Professionals provides services and products for startups and small businesses, recommends 10 of the most reliable ways to fund your business. Take a look and consider your own resources, circumstances and life state to figure out which one works best for you.
44. Fund your startup yourself.
Bootstrapping your business might take longer, but the good part is that you control your own destiny (and equity).
45. Pitch your needs to friends and family.
It can be hard to separate business from personal relationships, but if you’re considering asking for a loan, here’s a resource you can use to make it as straightforward as possible.
What an Entrepreneur Must Assume when Starting a Business
46. Request a small-business grant.
Start by checking out our guide to small-business grants. Then, head over to gov, which is a searchable, online directory of more than 1,000 federal grant programs. It might be a long process, but it doesn’t cost you any equity.
47. Start a crowdfunding campaign online.
Sometimes power is in numbers, and a bunch of small investments can add up to something major. If you think your business might be a fit for something like Kickstarter or Indiegogo, you should read up on 10 of the best-crowdfunded businesses ever or check out the most popular crowdfunding websites.
48. Apply to local angel investor groups.
Online platforms such as Gust and AngelList and local networking can help you find potential investors who relate to your industry and passion.
49. Solicit venture capital investors.
VCs typically look for big opportunities from proven teams that need a million dollars or more, so you should have some traction before approaching them.
50. Join a startup incubator or accelerator.
These companies are designed to help new or startup businesses get to the next level. Most provide free resources, including office facilities and consulting, along with networking opportunities and pitch events. Some, also provide seed funding as well.
51. Negotiate an advance from a strategic partner or customer.
If someone wants your product or service bad enough to pay for it, there’s a chance they’ll want it bad enough to fund it, too. Variations on this theme include early licensing or white-labeling
52. Trade equity or services for startup help.
For example, you could support a computer system for office tenants in exchange for free office space. You might not get paid for this, but you won’t have to pay for an office, either, and a penny saved is a penny earned.
53. Seek a bank loan or line of credit.
Here are 10 questions you should ask before applying for a bank loan, including whether you will qualify. If you do meet the requirements, a good place to start for loan opportunities is the Small Business Administration.
54. Develop your product or service.
After all the work you’ve put into starting your business, it’s going to feel awesome to actually see your idea come to life. But keep in mind, it takes a village to create a product. If you want to make an app and you’re not an engineer, you will need to reach out to a technical person. Or if you need to mass-produce an item, you will have to team up with a manufacturer.
What an Entrepreneur Must Assume when Starting a Business
55. Pricing strategies
Finding pricing strategies — you can use for your own product development. A major point the article highlights is that when you’re actually crafting the product, you should focus on two things: simplicity and quality. Your best option isn’t necessarily to make the cheapest product, even if it lowers manufacturing costs. Also, you need to make sure the product can grab someone’s attention quickly.
When you are ready to do product development and outsource some of the tasks make sure you:
56. Retain control of your product and learn constantly.
If you leave the development up to someone else or another firm without supervising, you might not get the thing you envisioned.
57. Implement checks and balances to reduce your risk.
If you only hire one freelance engineer, there’s a chance that no one will be able to check their work.
If you go the freelance route, use multiple engineers so you don’t have to just take someone at their word.
58. Hire specialists, not generalists.
Get people who are awesome at the exact thing you want, not a jack-of-all-trades type.
What an Entrepreneur Must Assume when Starting a Business
59. Don’t put all your eggs in one basket.
Make sure you don’t lose all of your progress if one freelancer leaves or if a contract falls through.
60. Manage product development to save money.
Rates can vary for engineers depending on their specialties, so make sure you’re not paying an overqualified engineer when you could get the same end result for a much lower price.
To help you have peace of mind, start learning as much as you can about the production, so you can improve the process and your hiring decisions as time goes along.
61. Make it official.
Get all of the legal aspects out of the way early. That way, you don’t have to worry about someone taking your big idea, screwing you over in a partnership or suing you for something you never saw coming. A quick checklist of things to shore up might include:
- Business structure (LLC, corporation or a partnership, to name a few.)
- Business name
- Register your business
- Federal tax ID
- State tax ID
- Permits (more on permits here)
- License
- Necessary bank account
- Trademarks, copyrights or patents
While some things you can do on your own, it’s best to consult with a lawyer when starting out, so you can make sure you’ve covered everything that you need.
62. Ability to confront self-doubt:
Teaching yourself how to think means acting like your own coach or even cheerleader. Entrepreneurial success will come from your ability to control your own thoughts and confront your self-doubt, making it easier to navigate the failures and disappointments inherent in going it on your own.
63. Willingness to experiment:
Whether you’re the co-founder of a bourgeoning business or simply one of the many young people trying to set out on a new career path, your road to sustained success will lead you to many tough decisions. Entrepreneurs are always willing to experiment when it comes to new products, business plans, or problem-solving techniques. They test out different products and pricing, soliciting feedback from a core team of trusted advisers, and they’re willing to abandon ideas when they aren’t working.
64. Remain curious.
Curiosity is one of the most important traits for entrepreneurs. To constantly learn and maintain your competitive edge, you must always seek out new people and new experiences. Never lose the curiosity to see around corners.