10 key points that aspiring entrepreneurs should keep in mind

Do you have what it takes to become an entrepreneur? Most people are more comfortable being employed than starting their own business. This is not because they are content and happy with their current job, but the truth is; people are afraid of failure.

Establishing and running a business is difficult and risky. There is no guarantee of success. You will most likely be able to succeed in this venture, but there is also a high chance of failure. In short, business life is not for everyone. Yes, it can be risky, but it can also be rewarding for those who are successful.

“Only a warrior can manage the path to become unbeatable. His life is a challenge, and challenges are not good or bad. They are just challenges.”

Samurai Proverb

10 key points that aspiring entrepreneurs should keep in mind

1. Time is your most valuable asset.

Here is an important fact, money, success, material things are all useless if you don’t have the TIME. Unlike if you are an employee, your time or work hours are not dependent on bundy clocks, but are used for more important matters, such as strategizing to make your business successful or thinking of ways to improve your plan. business to achieve its goal. Therefore, as an entrepreneur, your time must be used wisely. If you do not have the “Time”, then it is not worth even thinking about becoming an entrepreneur.

2. Business success depends on you

Being the business owner, everything and everyone counts on you. You have the ultimate responsibility to make things work and make your business successful more than just being an ordinary employee. You no longer just sit there for the meeting because you make the decisions here. You can’t just sit back and wait for the result because you are the one who makes things happen. The success of your business is in the palm of your hand. If you know how to play the game, you are in for a great opportunity.

3. Don’t go after money

Don’t think about the “Get rich quick” scheme. You can’t take a shortcut to success. It is ridiculous to believe such a thing. What entrepreneurs should do is not waste time, offer quality and good value of their service or products to customers and everything else will follow. Never chase money, instead attract money to your business. Once you get it right, the money will follow.

Remember, if you can provide and meet the needs of your customers, if you can give them their money’s worth, then revenue becomes a byproduct of your success.

4. Let money work for you

Keep this in mind, successful people don’t stress about working for money but rather have the formula to make money work for them. It makes me laugh to hear people complain that the rich have so much money and yet work less or put in much less effort than they do. Unfortunately, these same people who make such rude comments are the ones who want to get rich quick. They buy lottery tickets hoping to get their millions that easily.

And unsurprisingly, these same people are the ones spending more than they can afford and are often up to their necks in debt. In fact, they are so comfortable living paycheck to paycheck that they make no effort to get out of that rat race.

Successful people become successful for a reason. They work for it and climb the ladder one step at a time and then find ways to create opportunities for the money to work for them.

5. Success, stress and risk go hand in hand

Employees don’t care as much as business owners. Of course they worry and think about the success of a particular campaign, but they are limited and focus only on completing the task that is given to them. As long as you own the business, you carry the load. There is no comfort zone for you. You give the order here and the employees will just execute and implement what you ask them to do. If you don’t feel the stress and pressure of what you’re doing, then you’re not taking enough risks in your company search. Simply put, the greater the risk you take, the greater your reward.

6. The magic pill

Our dependence on what we call the “magic pill” has grown exponentially over the years. This magic pill becomes the first solution to our problems. If you had too many drinks the other night and it gave you this hangover, a friend would recommend some pills. If he has this acid reflux in his stomach, there’s a pill for that too. If you’re gaining too much weight, there’s a magic pill for that, too.

Well, hobbyist entrepreneurs also have a tendency to become dependent on some “magic pill”. Simply calling or branding himself the “Chairman and CEO” of his new company does not mean that he is already a successful businessman. Reading and learning about other people’s success stories doesn’t make you one either.

Don’t be a parasite on this “magic pill”. Strive to get rid of your bad habits. Success is a journey. You have to go through it, go through rough roads, stumble and stop before reaching your destination, even being a businessman. Success is not achieved overnight. You have to go through the eye of the needle before you achieve success.

7. The love of numbers

The only numbers that concern employees are their salaries or the commissions they receive from the company. But as an entrepreneur, each number associated with your company is very critical. From preparing your proposal to tax estimates, payroll, cash flows and balance sheets, the numbers you see here mean a lot to you and your business. Therefore, you must love numbers because your business is highly dependent on those numbers. In short, you better be good at Math. Having great ideas and products is not enough. You will never succeed if your math is wrong.

8. Acknowledge your assets

Well, do you really know what your true assets are? First let me differentiate active and passive. According to the dictionary, “Assets are items of property convertible to cash; the total resources of a person or business, such as cash, notes and receivables, securities, inventory, goodwill, fixtures, machinery, or real estate.” On the other hand, “Liabilities are monies owed; debts or pecuniary obligations.” In short, they are disadvantageous to you.

As you can see, Assets and Liabilities are the complete opposite of each other. An asset makes you money while liabilities cost you money. But surprisingly, I kept running into people who consider their “HOME” an asset, even if they still have 25 years left on their mortgage. Obviously, many people confuse between active and passive.

Keep in mind that unless you have paid off your mortgage in full, your house is considered a liability. Now if you don’t believe me, try not paying your monthly fee and you’ll see how quickly they take away your property.

Same goes for your business, don’t use your business credit card to buy a company car and think of it as an asset. Remember, anything leased or purchased on credit is a liability to you and your business. The more credit you incurred, the more liability you have. But if debts can’t be avoided, be sure to keep them to a minimum. That way you can make your business grow faster.

9. Independent Rental

You set up a business to be independent. So why not make your business an independent location too? That is, you must be ready and open to opportunities at any time because opportunities knock on doors at any time of the day. Income opportunities never sleep, you know.

However, this does not mean that you have to work 15 hours or more. It just means that you can easily adjust your work time and free time. You can work even when you’re on the road, stuck in traffic, or you can take time off at any time of the day to attend to personal matters. In short, you are free and “location independent”.

10. Help other people succeed

Of course, any entrepreneur will strive for success, but don’t stop there. He will be surprised at how satisfying and rewarding it is to help others succeed as well. And I don’t mean just your clients, but helping other aspiring or established business owners as well. Giving back is key to the success of any businessman. Being generous can lead to more blessings, not just monetary blessings but in other aspects of life as well. It’s true!