Smart Notes for the Budding Entrepreneur
Updated: Mar 1, 2019
By William Scott Callahan, Winter Park, Fla. Attorney
Are you an aspiring entrepreneur? Are you building your first business? If yes, then what does it take to be successful as an entrepreneur? Seemingly, our culture involves us selling ideas, no matter how small, to be financially free. An entrepreneur seeks to proffer solution to societal problems as a means to an end. In business, there are too many competitors and only the brave and smart, can dominate and achieve feats.
Entrepreneurship is not limited to buying and selling - you can also be an investor in industries like real estate and foreign trades. As an investor, you have to be proactive, knowledgeable, and smart in the industry to avoid liabilities, scams and to maximize your profits. To read more about investing in your first piece of commercial real estate, read: 11 Steps for Investing in Commercial Real Estate.
If you are aspiring to be an entrepreneur, then you have to start from setting SMART goals and creating plans to achieve them. You need to do a lot of research on yourself and your potential market space. It is necessary to know your strengths, weaknesses and the opportunities you can reach out to. You must be deliberate in all your actions and never winging it. Consider spending months studying the market you're interested in and ask questions from those that have made it in that line of business. Look into strategies that can enhance your business growth. Below are some basic points to consider as a budding entrepreneur:
· Set SMART investment and business goals
· Do your homework and gather all necessary information
· Learn the ropes involved from a successful entrepreneur (Mentor)
· Utilize your networking skills
· Put an 'A' team together
· Discard the 'get rich quick' approach
· Have a long-term mindset
· Be willing and available to learn
· Know when to harvest your yields
· Have a reliable and competent attorney/lawyer
Being an entrepreneur may be tasking and rewards may not seem forthcoming, but a successful entrepreneur keeps sowing to reap larger and better yields when due.