Entrepreneur Survival Tips: What You Must Know

entrepreneur survival tips

Are you an aspiring entrepreneur looking to make your mark on the world?

The journey of an entrepreneur is a long and winding road and can be full of unpredictable twists and turns.

But with the right guidance, it can also be full of rewarding victories!

To help you get started, here are some do’s and don’ts for being a successful entrepreneur:

Do Seek a Mentor

How do you learn the skills needed for entrepreneurial success?

A good place to start is with a mentor.

A good mentor will have invaluable experience to pass on that you wouldn’t be able to find anywhere else.

Your mentor will hold you accountable.

They will help you find clarity when things get difficult or when your motivation starts waning.

Find someone who’s further along on this journey than you who will give advice, offer feedback, and help to keep you on track.

The right mentor can really make all the difference in your success as an entrepreneur!

Don’t Rest on Your Laurels

Entrepreneurs are innovators.

Once they achieve their goal, they’re off pursuing the next one.

Your ability to keep seeking new ideas is what makes you successful.

Celebrate your wins, but don’t become obsessed with them.

Always be ready to move on to the next challenge.

Do Meet People and Build Your Network

Nobody can do it all on their own.

Every entrepreneur needs a robust network of other business owners, service providers, future partners, and potential investors.

Building your network is key when starting out as an entrepreneur.

Connect with other business owners and professionals who can open new doors of opportunity for growth.

Don’t forget to leverage social media platforms such as LinkedIn or Twitter to reach out and build new contacts within your field.

It’s never too early to start building this network, so start now.

Don’t Chase Someone Else’s Dream

It’s easy to see the path of a particular entrepreneur as a template you should follow.

But the truth is, we’re all unique.

Entrepreneurs are known for their independence and originality.

Strike out on your own and get in touch with what you really want.

Don’t give in to fear, jealousy, or social pressures.

The number one rule for entrepreneurs is to stay focused on your own goals.

Letting yourself get distracted by other’s achievements can lead to added stress and delay in reaching your own targets.

By putting your focus where it needs to be, you’ll get closer to achieving your vision.

So remember: focus is the key to success!

Do Monitor Your Progress

There’s a great deal of planning when you’re starting out on this journey, so it’s easy to forget that you need to track your progress.

It’s important to know where your business stands in terms of growth and development.

What does success mean to you?

Identify your milestones now.

Then you can work your way towards them and recognize when you’ve reached them.

Make time to regularly review successes and failures.

Look out for potential areas of improvement or investment.

Set ambitious but achievable goals that will keep you motivated as you strive towards success.

Don’t Shy away from Risks

Entrepreneurship is a risky business.

There’s no way to launch and grow a business without facing challenges.

But that doesn’t mean you should be afraid of taking risks – far from it!

Your attitude to risk is what makes the difference between success and failure.

No one wants to fail, but you need to approach risk with a positive frame of mind.

Approaching risk with a positive frame of mind can actually help you make smarter decisions and achieve better outcomes for your business or startup.

If you’re able to take risks confidently, while understanding the potential consequences, you’re more likely to be successful in the long run.

Viewing risk as an opportunity instead of something to be feared, will give you the confidence to make bold decisions.

Decisions that could ultimately lead to greater rewards.

As an entrepreneur, you’ll have to take risks.

The worst mistake you can make is to choose not to act.

So if there’s something new your business wants to try out or an idea that might not have been done before – go for it!

Learn to embrace risk, and if it doesn’t go as expected, view failure as an opportunity to learn and grow.

Do Pay Attention To Your Finances

As an entrepreneur running a startup business, keeping a close eye on finances is absolutely essential.

This is often a weak point for many people just getting started, but it’s essential that you understand how your business is doing.

Many small businesses have failed because the founders were too busy having fun doing the exciting work to pay attention to how it is funded.

It’s important to understand where the money is going and coming from, but also how it’s being used.

After all, if you’re not aware of your financial situation you could be losing money instead of making it.

Knowing exactly how much money is coming in each month can help you plan ahead for any potential expenses that may come up.

You should also keep track of any bills and payments that need to be made – and pay them on time.

Address financial issues head-on before they become a bigger problem.

Pay special attention to when accounts are due.

Make sure your customers pay you on time, and chase them if they don’t. You are not their bank.

Regular monitoring of expenses will let you spot early warning signs if something isn’t quite right with your accounts.

Take the time to understand your finances, calculate your costs, and work out a viable budget.

Don’t Miss the Details

Business owners need to see things with a big-picture view, but don’t forget to pay attention to the details.

As an aspiring entrepreneur, remember that success isn’t just about the great idea.

Success also relies uponpaying attention to all the little things.

You need to take care of customer enquiries, keep track of expenses and stay on top of software updates and website maintenance.

These seemingly small tasks can quickly add up!

Having a system in place will help you stay organized so you don’t miss out on any important details needed for your business’s success.

Strike a balance where you know what’s going on at the detailed and big-picture level.

Do the Work!

As an entrepreneur, you know that the journey of starting and running a business is no easy feat.

You’ve put in a lot of effort to get your startup off the ground, but it doesn’t stop there.

To ensure success for your business, there is always more work to be done!

Whether you’re just starting out or have been on this entrepreneurship journey for a while now, being intentional with what you do can help make your business a success.

From crafting thoughtful strategies, to leveraging available resources – it all takes work.

Plus you may need to devote time to learning new skills.

But don’t worry; with enough dedication and hard work, the rewards will be worth it!

So put in the effort today and make sure your startup has everything it needs to thrive tomorrow.

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Written by 

Co-Founder & CEO of Link Management Group. An Investor & Coach to Small Business Owners, for the past 30 years I have helped startup and early-stage businesses to enter new markets and achieve sustainable growth of both revenue and profits. I have experience across a diverse range of sectors including central government, information services, software, health insurance, pet products, couture fashion, entertainment and aviation.  How can I help your organisation accelerate growth and achieve its full potential? 

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