Sign-up for our newsletter and join us on our mission to save as much money as possible!

5 Steps You Must Take Before Becoming An Entrepreneur

Mekelle Bess
July 9, 2018

Entrepreneurs today are full of passion, resilience, self-confidence and the ability to be flexible. They can create a vision and then go about setting and reaching goals. And they are usually both strong enough to overcome failure and wise enough to weigh and take risks.

Not everyone is born with the personality to change the world, start a business or be the next Bill Gates. But, if you keep yourself on track and take into account these five tips, you will find yourself on the road to being a successful entrepreneur in no time.

1. Set realistic goals

Too often people will set out and launch a business with goals that are just too lofty, like wanting to distribute a product globally right away or to make over $500,000 within months of launching the business. When the goals of your business are simply unrealistic, they’re at risk of being downgraded when the pressure gets high. So choose goals that you won’t downgrade so you can actually begin working through a checklist and succeeding.

2. Establish daily habits

Most entrepreneurs find they’re most productive when they follow a daily schedule, so set a routine for yourself as you work to grow your business. Wake up at the same time, exercise, relax and work during the same hours of each day. Map out your week before Monday so you know exactly what to focus on each day of the week.

3. Don’t focus on the competition

Too often people try to copy what other people are doing. For example, they feel like they should work all night because every other start-up is, or launch a website just like the business down the road. Stay focused on your company, your goals, and your needs and most importantly your successes!

4. Be flexible

Be able to adapt and make changes to your business plan. Ideas always seem brilliant when you start out, but may not always be as effective when they are tested by reality. Be flexible enough to make adjustments to make your ideas realistic and practical for the marketplace.

5. Stay positive and confident

You will fail, it’s only a matter of time. Any entrepreneur will tell you there are always problems to overcome like securing funding, facing competition or not seeing immediate results. No matter how small or big each failure or hurdle is along the way, learn from it, stay confident and keep moving forward.

Feature Illustration: Laura Caseley For The Money Manual

Hold on!

We aren’t done helping you make and save money! Swipe for lot’s of ways to connect with us so you never miss a single one of our money tips or tricks. Your wallet will thank you.

In need of some daily motivation to get your finances on track (who isn’t)?

Follow us on Instagram.

Follow on Instagram

Join our community “Let’s Talk About Debt” for support and expert help around all things debt.

Subscribe to our YouTube channel for money saving app reviews brought to you by our editors.