During the last eight months, I have been busy starting up my company FizzEdge, which basically provides blogging solutions to clients at all levels. This has been a great experience for me as an entrepreneur while I am still 21. I have been able to learn a lot from the mistakes which I have made over the last 8 months.
Here I mention 21 ways to become a better entrepreneur. Everyone wants to get better in their field and I am sure that all entrepreneurs out there want to become a powerhouse of business skills. I am sure the points below will make you a better entrepreneur.
21 ways to become a better entrepreneur:
1. Never mix your family life with business:
This was a lesson learned the hard way for me. My business took such a toll on my personal relationships that it has left irreparable damages.
2. Keep your business money and personal money separate:
A very important point. The personal money is meant for your expenditure and your business money is meant for re-investing and building assets. If you begin to dig into your business money for personal usage then you will find your business is short of funds.
3. Build a chain of related business:
This is one of the most successful business models. Start businesses that interlink each other. Suppose you have a web designing company then you can interlink with a domain name and server business. The benefit is that when you have a client who wants you to design a web page he would obviously require a domain name and hosting.
4. Competitors can be a great source knowledge:
You need not always give a nasty look to your competitors. They can be a great source of information and can teach you a lot of things about your industry.
5. An Easy Route and Simple Route are two different things:
A simple route is tactically simple but not easy to execute and an easy route is generally always a dead end.
6. Name your company well:
Have a good name for your company. People recognize a firm with its name, so make sure its not lame ( rap 😛 ).
7. Innovation is not always cool:
When you start a company, do not be too pressurized to innovate. We have always seen that making the same business better has been as effective as innovation, may be more.
8. Watch inspiring movies:
Everyone loves watching movies, an entrepreneur should try and make movie watching a kind of inspiration for them as well. Some recommended movies for entrepreneurs are Schindler’s List, The Pursuit Of Happyness, Invictus etc.
9. Saving money is not the same as making money:
Saved money is the same as money you have saved. Of course, it is better than spending money, but then neither is it the same as making money – think about it!
10. Maintain a personal blog:
Not only is a personal blog good for branding yourself, you can also use it to provide leverage to your ventures.
11. Adapt to change quickly:
Industry trends, people, weather – everything change. The one who adapts fastest will make a better entrepreneur.
12. You are the average of the 5 people you spend most time with, so be careful while choosing who you hang out most.
13. Be open to criticism.
14. Understand That Dumb Business Ideas Make Money:
If you have faith in the business model no matter how dumb it looks, you should go ahead with it. There are many examples of dumb business ideas who made someone a millionaire.
15. Get a business mentor:
I have a mentor who currently runs his own consultation firm for biotechnology companies in India. He has been a great source of moral spirit and advice for my entrepreneurial ventures.
16. Become a Marketing Junkie:
Be present everywhere. Optimize all your social media tools and connect with your customers personally.
17. Cope with setbacks and failure:
Learn to deal with failures. It is inevitable. The world today will not feel sorry for you, it only respects people who pick themselves up and move on.
18. Apply what you learn from mistakes:
Learning from your own mistakes and those of others is important. But even more important is that you apply this new found wisdom. Many entrepreneurs go ahead and make the same mistake in some other form.
19. Know all kinds of people:
It is very important for an entrepreneur to communicate with all kinds of people. You never know who will be useful. Be it rich guys, alcoholics or scientists – basically all kinds of people.This tip is right out of my personal experiences.
20. Action, is everything:
The best chance you will ever have of making money and becoming rich is to get up and working towards it. Simply sitting and thinking about what all you can do is not as good as what all you do.
21. Starting your own business will teach you more than you will ever learn in a business school:
You will learn more from starting your own business in a years time than you will learn by spending two years in a business school.
I believe that the above ways will help you find a better entrepreneur within yourself. An entrepreneur need to keep evolving as a person and that is the secret of success for any person taking the giant leap to entrepreneurship. If you have any views the please share them with me and the Collegefallout community below.