While starting or growing a new venture, an entrepreneur must be ready to fight. Not physically of course! But mentally with his or herself.
As an you entrepreneur will go through so much anxiety, worry, stress and emotion, not to mention the sleepless nights, it is absolutely imperative that he or she is ready.
Here are five musts:
- Prepare your loved ones and family for what is ahead. If you only have a cat to look after, you are all set to go. However, if you have a partner and/or kids then you have to tell them that you will be absent and indeed even when you are with them, your mind may be elsewhere. I think I read somewhere that entrepreneurs have the same divorce rate as pilots – which is fairly high. Of course, you may not know this yet, but when building a team and bringing in finance, you need to be all in. That takes full time commitment. So be ready and get those around you ready.
- Don’t think small. I hear too many startups with decent propositions telling me they will grow to £150,000 turnover and then consolidate. No. No. No. Why not £1 million turnover? If the model is generating cash and some profit, why not push it all harder? This stems from a lack of awareness of finance and a built-in attitude to risk. Think bigger or stay small.
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- Get to know investors. Entrepreneurs need to understand what makes investors tick. They are hugely important people. Without them, the whole thing falls down. Don’t wait to find out about them, or how they think, or what they want. Engage early to find out their lingo, Google term sheets and investor speak, it will stand you in good stead.
- Find out about YOU. Not in a hog a tree fashion. You need to know what you need fixed so you can run a team. This is hard work and you need to learn about human beings. They are wonderful creatures who, if looked after, are the life and soul of your business. So, seek some feedback on what will make you a better leader.
- Know your numbers!!! Period.
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