With every passing date, the dimension of entrepreneurship is evolving, and numerous changes are propping up. What exactly comes to your mind when you hear the word entrepreneur? You might think about adjectives like passionate and innovative, but an entrepreneur is much more than that. It might be a small or large-scale business, but the definition of an entrepreneur never changes. They are always in for breaking stereotypes and creating something impactful that has never existed before.
Another thing that never changes is the fact that entrepreneurs make a lot of mistakes. Not everyone is born a successful entrepreneur, and these mistakes will push you to the path of success. But it is equally essential for you to realize those mistakes and rectify them while there is still time.
Here are 20 rules that you can abide by, and you can see a considerable reduction in the extent of mistakes.
Depressions And Recessions Are Normal
Just because a recession is going on, it is no excuse for you to delay your entrepreneurship plans. Remember that market depression and recession are a sine curve, and there will be ups and downs.
Many of the bigshot entrepreneurs have started their venture during adverse times, and when others were too scared to make a move, these company founders thought of it as an opportunity.
Do you remember the recession that we faced several years back? Every newspaper was screaming that the end of the business world was near. But some Bravehearts refused to believe it, and they are making billions today. So why shouldn’t you be the next one?
Choose PR Based On ROI
Most of the PR will tell you that they have lucrative options for you, and they will bring forth the profitability you are looking for. For example, you approach a PR company. They will tell you to sign a contract for a lump sum amount, and they promise to help you make a certain amount of money. But as soon as you sign the contract, you may be presented with a series of disappointments- they might give a newswire or podcast, and only 1% of the money that you paid will be utilized for the purpose. After a few months, they will talk about restrategizing- and that is one trick to keep you glued to their company.
So instead of hiring deceptive PR firms, you create your setup- and you will not have to look back. You can be your own PR using platforms like YouTube, Google, Facebook, and learn from the best creators.
Distribution Is The Key
What happens when you create a fantastic product, and you have improper distribution methods? Nobody will have any idea that the product even exists. So it would be optimum if you created a marketing and distribution strategy to make your brand known. If you cannot do it yourself, you can always put leverage on someone else to market your brand.
Worry About The Trivial Stuff
Many people say things like- ‘do not sweat over the little things/ don’t overthink about minor subjects.’ But you being the entrepreneur, you cannot afford to do that. You are a one-person army on whom the entire business is based. So you have to put your mind to every single issue that seems haywire.
Imagine problems are going on in the finance segment- will it be ok for you to overlook the issues? We think not! The primordial rule of entrepreneurship is to sweat everything so that the problems do not pile up.
Invoke Constant Creativity
When you were thinking of starting a business, what was the first thing that motivated you? We bet it was your creative instinct that was telling you to start something new. But it is not only at the beginning that you need creativity, but all throughout the journey.
Most of the failed ventures made the mistake of being monotonous once they got through the initial years of survival and profit gain. Did you stop to think why a company as massive as Apple went on creating something new year after year? They knew if they stopped creativity, some other brand would do it to surpass them. So abide by this rule of adhering to your creative instincts, and there will be no loopholes for regret.
Anxiety Management
With huge responsibility comes a generous amount of anxiety. It is an integral part of the journey because sometimes it becomes too much to manage the work-life balance.
Since you are not in a 9-5 job, there will be a series of missed anniversaries and birthdays- even other important life events. But thinking about them will give you even more stress. Ask yourself whether you are ready to lose your valuable time hovering over the stuff you cannot control. As an entrepreneur, every moment matters.
Focusing On The Vision
There are times when you feel like- ‘oh! This business is taking a huge toll on my body and mind. I cannot continue anymore’. And that feeling is entirely normal. So what do you do in such a doomed mental state? You need to put your entire focus on the vision and why you started the venture in the first place. Tell yourself time and again what pushed you to be an entrepreneur. And the more you do it, the faster you can get out of your depressed phase.
Listen To Your Critics
Believe it or not, the words of your critics are worth a million dollars, if not more. The criticisms might be constructive or otherwise, but make sure you lend your ears well.
The critics are always hell-bent on finding what you are doing wrong – a mistake that you might not have learned as yet. And if it is coming from someone who has had years of experience, then there is all the more reason for you to listen to each of their feedback carefully. Critics will save you the consulting fee, and you will know how to improve next! Isn’t that mind-boggling?
Find Your Blue Ocean
What is the point of being an entrepreneur if you cannot differentiate your work from someone else? Your company will not get appreciation unless you can figure out a way to be out of the box.
The potential customers are always searching for something unconventional, so you should follow this rule for sure.
Bond With The Right People
In business, the right kind of people will always push you forward, and that is why it becomes crucial to win them over. For example, you are at a party, and you notice someone quite knowledgeable in your field of work.
Your ultimate goal should be to start a conversation with the individual and grab his attention so that you can use his knowledge for the progress of your venture. These people will pose to be the milestones that you need to reach the culmination point of success.
Celebration At The Right Time
For an entrepreneur, no matter how big or small, time is a precious element. So even if you have cracked a deal you have been craving for, you just cannot afford to celebrate for an entire week. Just give it a day or two, and then you should be back on track.
Celebrating for lengthy periods will inevitably put you out of business, and it can adversely affect the company.
If You Are Small, Your Word Matters
When you are a small-scale businessman, hardly anyone believes in you unless you start showing expansion. So you need to live up to your words and make others understand that you are worth relying on. If you promised someone that you would be there at 10, try to reach them by 9.45.
If you said you would payback on the 23rd, try to do that by the 20th. Bigshots have already created a platform of trust, and you need to create the same aura even when you are running a small-scale business.
Asking For Help
Entrepreneurs want to be the one-man army, but hardly anyone in this world can complete things solo. So it is never a matter of embarrassment to ask for help, no matter how small and large it is. Get used to this practice, and you will never be thrown out of your business- even when things become erratic.
Patience Matters
Most mentors will tell you to be aggressive and play offense, but some will take their own time. No matter how many books you read and how many entrepreneurs you follow, you have to practice the art of keeping patience.
You cannot force some elements to come quicker than they initially would. So you pour in your everything and wait for the best to arrive.
Let People Call You Lucky
Most people get disappointed when people call them lucky, as they want to enforce the fact that they worked entirely for their success. But it is ok to consider yourself lucky and welcome it with a positive vibe. Remember, luck comes to those who want to welcome it with open arms.
Local Advisory Works Wonders
Local advisory groups are amazingly effective, and you should join one as soon as you start the venture. There will be scope for numerous discussions, and you can resolve your problems merely by sharing them.
When others share their problems too, you get to learn even more then you become ready to fight the ones you encounter.
Keep Shaking Hands
Well, not literally! In the pandemic era, we are better off keeping our hands away, but shaking hands means networking. Constant bonding with people and engaging in discussions should be your goal as an entrepreneur.
You never know when someone can come in handy, and then you will thank the power of shaking hands. Among the hundreds of connections you make, a single spark can lead you to progress.
It Is Ok Not To Have A Perfect Product
We all want our products to be picture perfect as entrepreneurs, but you have to be a bit shameless about placing a minimum viable product on the site.
Think about putting a crossword puzzle on the website of a car insurance company. Maybe the crossword will pull people who would then check out the car prices. Someone may even end up buying a product.
Let others make fun of you and your crazy idea- sometimes, a tad bit of craziness is all the spark that you need to brighten your business.
Reading Biographies
What did someone do to create a massive business? How are they different from other people? What hardships did they endure? It would be best if you went through some of the significant biographies to gather motivation.
You will know the reasons why they won and why you are lagging behind. Read them, especially when you are failing miserably, and you feel sorry for yourself. The moment you read about the intensity of hardships others had to go through, yours will seem minimal in comparison.
If you are an entrepreneur, there will be numerous hurdles and dismal situations that you have to encounter. But if you are intelligent enough to abide by the rules we have just discussed, sooner or later, you will be booming in business.
