Making money as an entrepreneur

There are many myths and legends about entrepreneurs, since they seem to achieve something that most other people decided are impossible. If you want to become a successful entrepreneur, as opposed to a business failure, you must master yourself, and your ability to work with others.

Good timing with the end in mind

Entrepreneurs need to master their sense of time, since that will give them an edge of where they currently are, as well as where they need to be. A business does not become profitable overnight. If an aspirant starts a business, but then gives up prematurely, he will be out a lot of money, time, as well as practical things like self-esteem and confidence. The solution is to plan with the end in mind.

If you set a timetable, you know when your business might succeed, and the dark times ahead in a start-up phase. Planners use a method called the break-even point, which is where a business takes in enough revenue to exactly cover expenses. The truth is most startup businesses will be a long ways off of the break-even point for a long time. Plans will go delayed, and many milestones will never be secured. You must plan to work with uncertainty. Thus, to survive, entrepreneurs need to steel themselves for the first period of losses.

If you are just thinking about starting out as an entrepreneur, you need to have a game plan. Without a game plan, you are going about a battle, like a football game, without any skill or strategy. Guess who will be taking all the penalties? If you want to succeed as an entrepreneur and make money, you’ve got to know exactly what you’re doing for your business at all times. If other people try to throw you off, just ignore them. They are just jeering spectators in the game of entrepreneurship that you are playing.

Living to work

As an entrepreneur, you have decided to embark on a journey of creation. You must have the mindset that you are living to work and will see fruit from your business. Other people live for the weekends, or for just having enough money to buy the next shiny red bike. You have to be different, if you want your business to survive, and then continue to grow. Sometimes, you may reinvest all of your profits back into your business. Then you should learn to live off ramen noodles for awhile.

You must learn to minimize your risk. Develop your sense of risk management, and learn to use tools to aid in your success. These tools may range from keeping track of metrics, as well as planning out decisions, and their repercussions. A good business person would also be an expert decision maker, in theory, since business success comes about from good results. It’s a chicken and egg question of what makes an entrepreneur successful. There is obviously the element of chance as well- some things are beyond your control, even as an entrepreneur. Then you pick yourself up and start again.


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