What You Need To Know As An EntrepreneurOct 14, 2022
Becoming an entrepreneur can be an overwhelming experience for many people. When starting a new venture, you are often putting not only your ideas or products out there, but yourself too. It can be confusing knowing where to start and what you should do exactly. Fear of failing or being judged is high, and we often put our hopes and dreams on the line.
So, what are you supposed to do? Here is what you need to know as an entrepreneur.
Why Entrepreneurship (What You Should Ask Yourself)
When starting out as an entrepreneur, there are several questions that you need to ask yourself. This is to help you understand what you are doing in the beginning and keep yourself focused as you work to grow your business.
It is important to look within yourself and figure out why you are wanting to become an entrepreneur.
- What are you hoping to accomplish?
- What is your motivation?
- How are you helping others?
- How are you helping yourself?
We can choose entrepreneurship for a variety of reasons. Some want to be their own boss, have the chance at financial freedom, need the flexibility they can't get in a 9-5 job, and others see a need that they can truly help. Finding the motivation behind why you are doing this will help you refine your goals and your business's direction.
As you continue to work and grow your business, you'll want to return to these questions and ask:
- What am I wanting to accomplish today?
- How can I make today better than yesterday?
- What are my motivations today?
- What can I learn from today?
- What is the legacy I want to leave behind?
Sometimes we need to revisit what it is we are doing and why. Especially in difficult times, it is important to figure out what is motivating us and what actions we can take to improve ourselves and our business.
Is entrepreneurship right for you?
As great as being an entrepreneur can seem to be, it is not for everyone. Some people don't want the stress, or simply it is because entrepreneurship is not a good fit for them. But entrepreneurship is not a now or never idea. Just because it may not be what is best for you now doesn't mean you can't pursue it later. It is okay to work on your idea, learn more about business, and refine what it is you will do.
Some questions to ask yourself if entrepreneurship is right for you include:
- How do you respond to setbacks?
- Do you value risk?
- Are you able to organize tasks or break bigger goals down into steps?
- When making decisions, do you lead more with your head or your heart?
- How do you respond to critique or feedback?
- How do you respond to change?
Entrepreneurship tends to come with risk, and plans can often change as you learn on the go. Running your own business can be a difficult venture no matter how educated you are or the degrees you have. There will, at some point, be a setback and you will experience negative feedback or critique. You will make mistakes down the road. How you respond and adapt will have a big impact on how you will handle entrepreneurship. As an entrepreneur, you need to be ready to make quick decisions and ready to adapt to changes as they happen.
An often overlooked but amazing resource is mentorship. A mentor is someone who is an advisor to you. They offer support and direction to those who are less experienced. When picking a mentor, you want to find someone who is in your field or in a position that you are working towards, but not someone who is a direct supervisor. Having a direct supervisor who is also a mentor can make for a difficult mentorship and can affect the advice and support you are given.
Mentors can help in a variety of ways. Mentors can:
- Help with professional development
- Help with networking
- Help clarify SMART goals
- Help develop leadership skills
- Offer invaluable knowledge
Mentors can be found in many different ways, either through mutual connections or through professional networking sites like LinkedIn. I even currently offer a course on becoming a life coach, where I create a custom coaching package that fits you, your needs, and the needs of your business. In my program, you receive information while working at your own pace with me. Many mentors offer programs or some sort of routine education and meetings to help you get the best you can out of the mentorship. When looking for a mentor, put in some research into your field or the field you are working towards entering. See if there is a mentorship program you can sign up for or attend networking sessions to help get you face-to-face with people in your field. Mentorship is a relationship, so make sure to find a mentor that fits you and your goals.