Entrepreneurship can be a tricky game. Hardly any college education can prepare you for this. Most learning takes place in the workplace.
#1 Money is important, but it is not enough. Many entrepreneurs tried to raise funds early on, but money alone is not enough. A reliable business model that can generate stable cash flow is essential. You also need people to implement your system.
#2 Focus on individuals and their needs. Business is about people. You can’t do everything by yourself. Put people first, understand their needs, reward them appropriately, and invest in their education. They may or may not be with you, but it is important to continue training them.
#3 Owners are separated from their business. It’s important to part ways with your company and see yourself as an employee and shareholder of the company. I have seen many people try to separate personal finances from business.
#4 Choose the right business for you Sometimes, the difference between success and failure may just be choosing the right business for you. Sometimes no matter how hard you work, it will not help, because market conditions are not good for you. For example, in the aviation industry, profit margins in most countries are less than 2%, and most airlines do not make money even though they are operated by competent employees.
#5 Maintain a strong work-life balance. For more than 10 years, work 12-13 hours a day in your company. This will eventually cause them to end and become invalid. Once you reduce working hours, you will find ways to streamline operations and complete work faster. There are many applications that can help you improve your work efficiency.
#6 Start saving early I have never been a big sponsor. However, when I was young, I rarely bothered to save money. Start saving early, so that you can use your savings to invest in your business. Savings provide you with a wide number of choices.