What you need to know about entrepreneurship

Why not take a chance and plunge into entrepreneurship? If things work out well and you work hard enough, you’ll probably end up making more in 5 years as a small entrepreneur than you would in a lifetime of working at a really boring 9-to-5 desk job in a cubicle in a big firm. Sure, there are risks, but there are immeasurably high rewards as well, and you’re just going to have so much fun when your business turns profitable.

So you will be ravaged by self-doubt. Is entrepreneurship really the thing for you? Your family and friends will be worried about you, and counsel you to give up dreaming and get a real job. Every entrepreneur goes through this phase and so will you. It is important to have an iron will and see through it, because the rewards of entrepreneurship are far greater than what any 9-to-5 job could give you.

What is important about entrepreneurship?

Even without much financial support or help of any other kind, if you’ve great passion for what you do, that is 50% of what you need to be an entrepreneur. To be an entrepreneur isn’t easy, you’re likely to be under severe stress, have to work really hard and stay without a paycheck for a long time. There is just no way for you to withstand the rigors of business entrepreneurship if you’re not exactly in love with what you do. Passion – most important quality that the young entrepreneur needs.

Being a small entrepreneur is a very lonely job. You’re not likely to get anywhere without great support from your family – parents, partner and siblings, or friends. Remember, you are likely to work for 18-19 hours a day as an entrepreneur, and have little time for your family, or do things like play baseball with the kids. Is your partner okay with that?

As an internet entrepreneur, you will want to find a business angel or a business partner. You will also require business angel investment, business funding and would like to find your ideal company partner. You will find all the information you see, whether it is to find business partners online, business angels, mentors or business funding and more here on Liverix.

The worst thing some entrepreneurs do is to put off the hardest work for later. You should, in fact, do the opposite. Whatever is the hardest thing you have to do during the day, do it first. For example, if there is a supplier who is giving you great trouble and you are wary of a conversation with him, get it out of the way first. Or if there is a tough decision to make about an employee, do it the first thing in the morning.

An entrepreneur’s life should not be all work and no play. You should play a lot; in fact, if you have small children, playing with them can be highly relaxing. Spend a quiet evening with your family and take a complete rest on Sundays, when you shut yourself off from work. Go on a vacation every 6 months and come back fully refreshed.

Being an entrepreneur creates a considerable demand on your time and financial resources. There is no way for you to handle the great stress if you don’t have a proper time management and financial management in place. You must budget your work, always exercise great control. And always stick to a schedule, don’t wait till the last minute of a deadline to finish your work. Start early and finish well.

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