Week 6
This week I learned 3 most important things about what it means to be an entrepreneur.
First of them is the “Value of Time”. Every entrepreneur needs to value time. Working within a time frame. Time is the most important asset in doing business. You need to be concise, punctual and active during working hours. Idling time reduces productivity and can be a big source of failure in the business.
Another thing to consider is being a “serial Entrepreneur”. Serial entrepreneurs do not get discouraged easily. They are focused and pursue their interest. So, to be an entrepreneur, you have to accept anything that comes along the way. Serials entrepreneurs focus on developing themselves along the path and not necessarily wanting to stuck on only one thing.
Again, what it means to become an entrepreneur is to “stuck with your choice” of business. In the field of entrepreneurship, you have to be certain with what you want to do. When you start up your business, focus on building it no matter the challenges that might come your way. Successful businessmen and women learn to embrace ups and downs in a business. Jumping from one business idea to another is certainly not good for an entrepreneur. It exposes your to uncertainty, and gets you to make vulnerable decisions regarding the business.
One notable thing to consider when venturing into entrepreneurship is not jump in unprepared! Don’t rush into business. Understand what you’re going into and what is expected of you. In order not to jump into business, a potential entrepreneur should have these three things
1. Industry Knowledge: knowledge about whatever business you want to invest in is very key. Understanding what that particular business is about is step vital to consider. Get to know how customers reach in this business field. Understand how much money is needed to get you started. Conduct a market survey if necessary to find out how you can thrive in it. Get to know the competitiveness of other industries into the same business. Doing this and more opens your understanding of the fair nature of the business.
2. Running a business: you can hop into a car when you actually can not drive. That’s the same with business. Learn how to get and keep the business going. Figure out how best it will be to run such a business. Do you need to have certain expertise in running things? Understand how tedious or simple it takes to run such a business. Get to understand how much time you’re going to invest in running. And so forth.
3. Capital; every business needs capital to keep it running. Capital whether small or large depends the kind of business you’re investing in. Be sure you have the required capital to get it started and don’t get bankrupt even before you reach earnings stage.
This week I learned 3 most important things about what it means to be an entrepreneur.
First of them is the “Value of Time”. Every entrepreneur needs to value time. Working within a time frame. Time is the most important asset in doing business. You need to be concise, punctual and active during working hours. Idling time reduces productivity and can be a big source of failure in the business.
Another thing to consider is being a “serial Entrepreneur”. Serial entrepreneurs do not get discouraged easily. They are focused and pursue their interest. So, to be an entrepreneur, you have to accept anything that comes along the way. Serials entrepreneurs focus on developing themselves along the path and not necessarily wanting to stuck on only one thing.
Again, what it means to become an entrepreneur is to “stuck with your choice” of business. In the field of entrepreneurship, you have to be certain with what you want to do. When you start up your business, focus on building it no matter the challenges that might come your way. Successful businessmen and women learn to embrace ups and downs in a business. Jumping from one business idea to another is certainly not good for an entrepreneur. It exposes your to uncertainty, and gets you to make vulnerable decisions regarding the business.
One notable thing to consider when venturing into entrepreneurship is not jump in unprepared! Don’t rush into business. Understand what you’re going into and what is expected of you. In order not to jump into business, a potential entrepreneur should have these three things
1. Industry Knowledge: knowledge about whatever business you want to invest in is very key. Understanding what that particular business is about is step vital to consider. Get to know how customers reach in this business field. Understand how much money is needed to get you started. Conduct a market survey if necessary to find out how you can thrive in it. Get to know the competitiveness of other industries into the same business. Doing this and more opens your understanding of the fair nature of the business.
2. Running a business: you can hop into a car when you actually can not drive. That’s the same with business. Learn how to get and keep the business going. Figure out how best it will be to run such a business. Do you need to have certain expertise in running things? Understand how tedious or simple it takes to run such a business. Get to understand how much time you’re going to invest in running. And so forth.
3. Capital; every business needs capital to keep it running. Capital whether small or large depends the kind of business you’re investing in. Be sure you have the required capital to get it started and don’t get bankrupt even before you reach earnings stage.
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