How to get being an Entrepreneur Right

By Randall Orser | Consulting

You’re ready to rock the business world with your entrepreneurial spirit, but ‘Houston, we have a problem.’ As you rush from idea to action, things go astray. Too many entrepreneurs are concerned with what they want, and end up overlooking what they need to do. As an entrepreneur, it’s not just about coming up with great ideas, it’s acting on them properly. Here are some points about where the entrepreneur goes wrong and ruins the dream.

That Work/Life Balance Thingy

Think of your startup like a new baby, it’ll take up most of your time. It’ll be an exacting creature that both wants and needs your attention at every moment. It’s something that’ll occupy your mindscape, even when not working on it, and take away your weekends. You’re going to be tempted to put off your social and personal life, and focus on your business.

The minute you put off rest and your social life, the burnout starts taking over, and you fail. Can you create a balance between your work and life? Of course. You’ll always feel on or the other is deprived, however, that’s the cost of being a juggler.

Continuously Revamp on Your Idea

You’ve got your great idea, and are ready to roll; however, it doesn’t stop now. You, like many entrepreneurs, will launch and then completely concentrate on running the business, leaving the core idea untouched. You need to have focus when you launch your idea, however, leaving the idea in its original configuration could be a mistake.

You think of your idea and your new business like your baby, and like a baby it needs to grow, develop along with the needs of the market. Ideas flow like water, and you shouldn’t be afraid of running out of them; the more experience you get and have in your industry, the more they flow.

As Cold as Ice

As an entrepreneur, there are times where you need to take a step back from a distance, and look at the situation in a detached manner. You need to be as cold as ice sometimes, especially when it comes to your numbers and the money. Your feelings shouldn’t blind you to the proper decision; however, keep your coldness in check.

The main ingredient of a good startup is passion. With the odds so stacked against you, you need that fire in your soul in order to keep going even when it feels like you’re losing. Cultivate your passion you have for your startup; just know when to curb that enthusiasm.

Build the Momentum

Think of your new business as a rock rolling downhill gathering motion, so don’t let it falter. As soon as you hesitate, or lose focus, your momentum slows, as your startup is pretty much stagnant. In larger companies, that stagnation could be a fiscal quarter that sucked. For your startup, it may be as short as a week.

Building your startups momentum does require focus and good management. Don’t get stuck on one task, use delegation as much as possible. Do your best not to focus on anything that doesn’t improve the business or have a direct benefit.

Ambition is Lacking in This One

Many people face a lack of ambition, and that’s a big problem. You’ll never stand up to the big challenges and take the risks on big opportunities, unless you feel like you’re building up to something bigger. You need to have a greater goal to what you’re doing.

For you, that may be as simple as getting your name out there, and your brand a household name. Others, may need to protect their family’s financial future. You need to go down deep inside, and consider why you’re doing this.

You have your dream, and it can be a reality, though it’s not easy, however, not entirely impossible. You need the right mindset and an approach to do it successfully. Do it right from the start, and you’ll manage the transition well.


About the Author

President/CEO Number Crunchers® Accounting Inc. Learn how to just say stuff it to this bookkeeping thing with our 'Just Say: "Stuff It" To Bookkeeping program.