Starting your own company can be an exciting/terrifying experience. I’ve been there multiple times and trust me it never gets old. Throughout my professional career, I’ve seen a lot of companies that have been successful and not so successful. Over time I have picked up a few things, both good and bad, that have helped me grow my wealth. I’m going to offer your 3 things every entrepreneur should know when starting out.
I’ve seen many people get this wrong, even much older folks, so don’t worry if you’ve already fallen into any of these traps. There is still time to correct course. In fact, most of these are for individuals just starting out their entrepreneurial journey.
You’re Either All in You Are Not
This is something that happens all the time. You want to start a company but you are too afraid that it won’t work. So, you dilly dally around hoping to not give it 100% and have it still work. I’m sorry to break it to you but it won’t work. I have had so many business partners that right before we sign the operating agreement they have an issue with the loyalty clause, the non-compete portion of the agreement.
They say “I would like the option to go do something else if I want to leave” well bad news you are either all in on this team or you are not. That’s how start-ups work. If you want to have a successful startup you and everyone on your team have to be all in. There is no I don’t know if I can put that much money down, or I can’t find the time. If you have partners like that get them off the team immediately and keep moving forward with the company.
Get Over the Excuse “I don’t have enough time”
I hate this one. Everyone says they are busy. But really it’s they don’t want to put any amount of time into something that isn’t a sure-fire thing. I’ve dealt with this so many times in my career. Trying to schedule that first meeting with the team that I’ve selected to start a new venture. There is always someone on that original team that will make every excuse in the book on why they “can’t make that time”. I’m going to tell you to know that is all bullshit.
These types of individuals can not stomach the fact that this is going to require work to get off the ground. They have a solid job that is providing for them right now and they “don’t want to risk that” for something that is not quite off the ground. If you want my advice, get this person off the team immediately. Then move on and never look back.
Find Your Own Money Don’t Take From Family and Friends
If the previous topic was my biggest pet peeve this is a close follow-up. Just because you couldn’t cut the mustard in getting the funds to start your business doesn’t mean you have to pull your family and friends into your hole as well. The best part about being an entrepreneur is that you have to figure it out. If you are not willing to max out all your credit cards and take out a loan, stop trying.
When I started my first company I did max out my credit cards and I took out an upstart loan. I figured out how to get it off the ground and then I went to my friends and family to buy the product. But I did not go to them to fund my company in order to get it off the ground. Figuring it out will help you out way more than getting handouts from family and friends.
Those 3 Things Every Entrepreneur Should Know are some of the most common things I’ve seen throughout my entrepreneurial journey. If you are not all in, you make the excuses of I don’t have time or money your little startup will never work. When people say they want to be entrepreneurs they don’t understand how much work it will take to get it off the ground. There is a reason why everyone is in awe of people who start and run multi-million dollar companies. It’s a hard, exhausting, and downright crazy experience.
Being an entrepreneur is something special. It means you hustle and no matter what the obstacles you will overcome them. You don’t make excuses and you just get the job done without putting anyone else outside of the company at risk. So, if you are going to go down this route make sure you can take on the heat that comes with running your own company. Hopefully, the 3 things every entrepreneur should know I chose help give you the kick in the butt you need to start off on the right foot.
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