24 Things Every Entrepreneur Should Know (1/3)

The following tips are not arranged in any special way, they’re all equally important and, although you’d have heard most already, it never hurts to repeat them.

I’ve divided the post in 3 posts to not make a very huge one with the problems that it entails (slow loading, laziness to read everything, etc).

Surround yourself with other entrepreneurs

Entrepreneurs canadian immigration

Is said you’re the average of the five people you spend more time with, so try to interact with people you want to become, in this case entrepreneurs.

You can do it by going to meetings of entrepreneurs in your city, by contacting entrepreneurs online, etc. They don’t need not have a profitable business, the important thing is having an entrepreneurial mind from which you can learn and get motivated.

Leave your steady job as soon as possible

I know it’s scary to leave the “safety” of your work, say goodbye to your payroll, your established routine. But if you don’t put 100% of yourself into your project, it will be impossible to come to a good end.

I say “security” in quotes because there is by no means anything certain, as we have seen lately.

You’ve probably thought about starting your project while continuing to work for other, getting into it when arriving home in the evening/night and on weekends. Sorry, but that does not work.

If you have large obligations (family to support) and few resources, there is probably no other option, but if you have the minimum choice not to, do not.

Competitors

First, because it will take you much longer to carry out your idea and maintain it once made. So it is likely that your competitors get ahead, or you end up tired of not seeing results soon.

Not everything is as first planned, many days you’ll come tired from work or will prefer to spend the weekend doing outdoor activities, leaving the project behind.

Second, because, especially in the beginning, you need constant contact with your customers and non-customers, and you need a lot of promotion.

Do not be shy

You will need to do networking, negotiate prices with suppliers, promote your idea, and hundreds of other things in contact with other people, and in unfavorable conditions many times.

It does not matter. Always think of what you can lose, normally it will be absolutely nothing, and with nothing to lose, why not do it?

For example, you just thought of a business idea and how to make it happen. You plan everything perfectly and everythings looks great, mmm too good to be true. It is the perfect time to connect with someone with more experience than you to see what he thinks about it.

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This happened to me a few weeks ago with Petiem. I needed different opinions to mine from people with successes behind them, so I started looking for famous entrepreneurs and bloggers.

At this point I made the mistake of having the shame of which I am speaking; what if they think my idea is shitty?, what if I am wasting their time?, what if…?

Bullshit!

Do not be shy and ask what you need, but always with education.

In my case, only 1 of the 4 or 5 bloggers I contacted answered me, Javier Megías. And his opinion was very helpful.

Bootstrap

“Bootstrapping” is to operate your own business using your own capital and the profits generated without borrowing money. Thus, while maintaining control over all decisions, your business will not be choking on debt payments.

The idea is that the first thing many startups do is to seek funding from business angels and incubators, when the majority of them simply don’t need it.

Obviously it is not always possible to bootstrap since many businesses need a large investment, that even if you are able to face yourself, would not be the smartest thing to do.

Your idea does not matter

Stop wasting time thinking and regretting not having that super idea to make you the next Mark Zuckerberg, the reality is that the idea does not matter, what matters is execution.

The idea of a social network was not a new idea back in 2004, what Mark did was to segment his application very well first to only the elite universities, and his computer skills, that made possible a very usable website from the beginning.

Ideabulb

No matter how many good ideas you have, if you are not able to carry them out, or know someone who can and associate with him, you do not get nothing.

Do not give up

You will fail many times, many many times, before doing something of value that people want.

Deal with it.

Really, deal with it as soon as possible because otherwise you will have a heavy burden in your back that will make you feel bad about yourself with each failure, wanting to give up.

Do not, there are no failures, only successes and lessons to learn.

You will continually make mistakes, learn from them, correct them and move on. If you produce large losses, take them as an investment in education, they sure are cheaper than college tuition. (And more useful)

Get obsessed

Turn literally crazy about your project.

Talk to everyone about it, this way you will get a very valuable “feedback” and in most cases you will notice something you’ve overlooked or that you could improve.

Many people try not to mention his idea to anyone, if you ask them they say nothing because it is a “revolutionary idea”…

As we have seen, your idea doesn’t matter, so these people are missing out a huge opportunity for improvement through the criticism they would get.

Believe in what you do

If you do not believe in your product/service, you who are the creator, who is going to believe in it?

To believe in what you do I mean to believe in that it adds value, that is something useful for society, so you’re not selling smoke and mirrors.

Keepbelieving

If you really believe in what you do, it will be a great pleasure to get to work on it every day, you will be happy, and also when trying to sell your product/service people will notice it so it will sound totally convincing, which is the best way to sell.

Part 2 coming soon…

This post was written more than 6 months ago, maybe I don't think the same way anymore