Entrepreneurship is not as easy as you think; successful entrepreneurs went through a lot just for them to get to where they are now. Before, entrepreneurs had to go through it themselves for them to learn from it but now, since a lot of them really care to share what they have learned to the youth, it can be a lot easier for them to climb up the ladder to progress in doing what they love the most. In this article, we are going to teach you seven of the most helpful things that successful entrepreneurs want you to know to lessen your burden.
Work First – Experience is the best teacher
You can’t get into a war without having any kind of weapon, right? Before you start being an entrepreneur, you first need to work first at any kind of industry that you wish to do. By doing this, you enable yourself to learn more about that industry so you can get your head around it easily. It is advisable that you work at least 2 years to learn the ins and outs of the business you are willing to put up; invest your time in studying it.
Liberal Arts is important
If you think that Science, Arts, and Literature during college did not have something to do in the real world well, think again. Liberal Arts is really as important as business subjects and why? Well technically, it was put up in educational systems and curriculums to build muscle for the brains. Its questioning, challenging, and forcing students and people to look at things in thousand different angles and to be open minded as to how they understand the things around them. Invest your time in reading books of Science, Arts, Literature, and absorb everything you read.
Read: 6 Online places where you can educated yourself for free
No Capital? No Problem
Well a lot of people might think that capital is the most important element of starting a business. Yes, it is one but it is not that relevant. Most people like to believe that the reason for them not to start any business is because they do not have the money to do so – the truth is, they really are just scared to put up the business that they’re thinking of because it might fail. That is reality, there always are money-lendings, you can always save, there are investors out there that can definitely help you with your startup.
It’s not all about passion
Entrepreneurship requires intelligence, hardwork, critical thinking, passion, timing, discipline, leadership, and love for your employees; it’s not just about “your” passion. It is mainly about harnessing all of those features to produce the best establishment that you can to give other people opportunities; it is not just about your will, it’s about how you execute your will sometimes.
Do not be afraid to take risks
This may sound like a no-brainer but a lot of people still really cannot cope with taking risks. People are clouded with doubts and fears and that is most likely the majority of aspiring entrepreneurs. One good tip is to start as soon as possible so when it fails, you still have ample time to recover.
Consider your tax and your financial obligations
In previous articles, we already mentioned that business have taxes too. If you are running a business with employees, do not ever forget that you have tax obligations to pay. Failure to do so may incur penalties and worse, it can be the reason why your business will be dissolved. Study the law that circle around business tax and be the man from there.
Read: How to File for Income Tax in the Philippines
Think long-term but not always
Many of us like to think that long-term is just something around a year or two but no. In the business industry, long-term is where you will see yourself getting old without being successful yet but – you are on the way. Thinking in longer terms is a good practice but you should not always consider that every time you come to a decision. Weigh everything you have; if you think a certain thing is up for long-term then go ahead. One thing though, you should not forget to reward yourself in order for you to become more persevered and more focused on your main goal – to be successful.
Entrepreneurship is not an overnight success, it will require you to be in so much pain, to sweat, to bleed, and to straighten yourself into the best way that you can. It will strike you down, believe me but you should just get up and learn to accept failures and it will fail you more than you can imagine. Entrepreneurship is not just about getting up and fighting, you need to time it, you need to think, you need to have the heart, and most especially, you need to have faith in both God and yourself.
Read Also: What should aspiring entrepreneurs know before starting?