Tips on becoming a Successful Entrepreneur
When I decided to leave the comfort of my 9-5 daily job, I had no idea what I was in for. The reality of earning an incoming and making money set in. It took a while to bounce back… with many mistakes along the way.
These are a few mistakes that I have made and what I did to rectify them.
|Common mistakes||Advice and Solutions|
|I started working on my company the day after leaving my job.||Start your side hustle while working in your current job.
Draw up a Business Plan. As long as there is no conflict of interest.
Identify the revenue fields.
You might be ready for that resignation once you are making more with your company than you are earning in your job.
|I moved to a new City and failed at trying to build a new network.||Start in familiar surroundings and speak to potential clients whom you know have a great track record for paying clients.|
|I panicked over late payments from large corporate clients.||Know and plan in advance for those delayed payments. Nagging and repeated calls could jeopardize future business with a great client.|
|I accepted more “free” work because long term it benefited the country in terms of diversity and inclusion.||Are you saying yes to others and no to yourself? Stop! We all have aspirations to do great things, but not at the cost of your own livelihood. The more successful you are, the more you can help others.|
|The beginning days of my company; I listened to advice from everyone, even brought friends into the company.||Biggest lesson: “Never accept advice from someone you would not trade places with.”
Are these friends skilled with relevant experience for your business?
Every company has an interview process and trial period. So should yours.
|I was not making enough.||Consider going back to the 9-5 corporate world.
Earn a decent salary to bounce right back financially.
This could be 6 months or a year.
Reevaluate and go back to why you started.
I identified where I went wrong and started reading financial books, investment strategies and surrounded myself with individuals that I would trade places with in a heartbeat.
Money does not make you happy, it’s having financial freedom that does. Financial Freedom does not mean owning Ferrari’s and Bentley’s, it means making enough to live a comfortable life.
Do you enjoy travelling? Set aside funds to do so, check flight costs … these days, the earlier you plan, the cheaper it is.
Do you love reinventing your home? Compare prices and search for those bargains.
We all have unique dreams and goals, so what’s stopping you from achieving them?
My company went from strength to strength after my ‘Bridging Year’ after accepting and returning to a 9-5 job. The information above is to assist you with solutions before committing to opening up your own company.
Before you resign, be the employee you wish to attract in your own business. After you resign, be the boss you would admire.
Thank you for reading. I wish you tremendous success in your career, business and in life.