Some people think they don’t have what it takes to be an entrepreneur. In truth, anyone can become their own boss if they put their mind to it. It’s a hard thing to tackle at first, but once you succeed, it’s one of the most rewarding things you’ll ever accomplish.
This all begins with learning how to be an entrepreneur. After all, entrepreneurship isn’t exactly common sense! There are lots of things to learn when you begin to transition from a 9-5 to making your own schedule – and even more lessons to discover as you leverage your success over time.
If you’ve been dreaming of being your own boss for years, it’s time to get to work.
Here’s a list of everything it takes to be an entrepreneur.
Understand the Mindset
The main thing to overcome when you’re trying to start your own business is the 9-5 mindset. You can’t depend on anyone else anymore. No one is going to build your business for you, you have to do it yourself from the ground up.
This means there will be plenty of sacrifices to make, long hours to work, and important things to decide on. Expect to spend a lot of time researching and doing some trial and error before you hit it big.
You’re going to want to give up at some point, that’s natural. Entrepreneurs understand how to push beyond their mental limitations, though. They don’t give in to the temptation of being safe and comfortable; they put in the work to go beyond the level of success they’re at right now.
Put in the Work
There’s no better way to phrase what it takes to be your own boss other than “put in the work.” When you’re an entrepreneur, there’s always work to do.
It never stops -from the moment you wake up until the time you go to bed.
You may be in creative brainstorming sessions one moment then start thinking of funding ideas and people you can reach out to the next. One day you deep dive into web development and branding and the next you’re hitting the streets trying to sell your product and find partners or distributors.
If there’s nothing on your calendar one morning or you finish your daily goals sooner than expected, you find work to do. As an entrepreneur, you’re hungry for success and you understand the more you keep at it, the sooner it will come.
A key thing to understand is that some of the tasks you do will depend on the line of work you’re in. If you want to create your own photography business, for example, you’re going to be running around to different shooting locations and meetings with models. Writers, graphic designers, and consultants, on the other hand, will spend most of their days working online and talking on the phone with clients.
Identify What You Do Best
Once you’ve been working for yourself for a while, you transition from wearing all the hats to focusing on what you do best. This allows you to make the most of the business you’re building.
Maybe you’re the ideas guy or the person who just knows how to get things done. Maybe you’re really good with numbers or amazing with people. Whatever your skill is, hone in on it.
Keep developing it and working on your craft. Find new ways to challenge yourself and be better than before. Don’t try to spread yourself thin, either. It’s better to be exceptional at one thing than just above average at a handful of things.
Start Creating a Support System
There’s one catch about working on your skill: you need to have the proper support in place to handle everything else. More often than not, you can outsource such things.
Need a web designer? Looking for a new logo? Interested in expanding your online presence or better understanding your business taxes?
There are services available for these things and more. The other option is to start hiring employees to work for you. It’s a good direction to move in if you plan to stay in one place and really invest yourself in your business.
If you want the luxury of traveling and not having to answer to anybody’s need other than your own, though, it’s better to outsource. This keeps your business running without you having to manage a whole team of people.
Market, Sell, and Continue to Succeed
Once you’ve got a good thing going, you have to make it even better. Your first product may be a big hit, which means your next one has to surpass that somehow.
In a similar way, you should also be pushing to make more sales than the previous month or the year before. This happens with the right product research and development, but also with the best possible marketing to support your business.
As you get better and better at such things, you can spend less time focusing on them. This creates a continuous stream of revenue without you even having to do anything.
Such a cash flow is the secret to a luxury entrepreneurial lifestyle. You don’t have to worry about working a certain amount of hours or tracking your earnings to the penny every week because you know the money is coming in no matter what you’re up to.
Learn How to Be an Entrepreneur with the Help of a Mentor
There’s one more thing that helps you transition from a traditional work life into the entrepreneurial lifestyle: a mentor. Yes, you still have to build your business on your own. But, you can do so with the knowledge and insights of someone who’s already been in your shoes!
This person isn’t going to make decisions for you or come up with your game-changing product idea. They will, however, offer insight into how you can best position yourself in a certain market and what it really takes to be an entrepreneur.
If you have no clue who you could contact to be your mentor, ask me about one-on-one coaching to help you figure out how to be an entrepreneur.