8 Things to Do Before Becoming an Entrepreneur

These 8 tips will help you as you make this BIG LIFE MOVE!

#entrepreneurtips #howtostartabusiness #workfromhometips

Believe it or not, the great Resignation is a real issue in America. The numbers are sobering. In 2021, according to the U.S. Bureau of Labor Statistics, over 47 million Americans voluntarily quit their place of employment. Many people realized that they want to be home to spend more time with their families. Worker shortages are apparent everywhere: Many Jobs are reducing their hours of operation because they can’t find enough staff. I have noticed a few of my favorite restaurants reduce their menu items due to a shortage of staff. What are people replacing their 9 to 5 jobs with? Most people prefer being their own boss. Before you make that leap into the unknown, there are 8 things you need to do before becoming an entrepreneur.

Tip #1 - Be Self-Motivated

So you have made the leap to quit your 9-5 job. First of all, we would not personally recommend to quit your job too soon. According to Pew Research survey, the majority of employees who quit a job in 2021 cite this - low pay (63%), no opportunities for advancement (63%) and feeling disrespected at work (57%) as reasons why they quit, as reported in the Feb. 2021 survey. At least a third say each of these were major reasons why they left. How can Entrepreneurs have wealth, great relationship with their children and good friends at the same time? Much lies on how motivated you are. The definition of Motivation is Driven by one person desire or ambition. Entrepreneurship is completely different from working a 9-5. When you get compensated by the hour or paid salary, all you have to do is show up to work. There is a saying, employees do just enough work so you won't get fired and the boss pays you just enough so you won’t quit. Becoming an entrepreneur, you will work around the clock and not get paid for it in the beginning. Also, there is no guarantees that you will become successful. According to the U.S. Small Business Administration, over 50% of small businesses fail in the first year and 95% fail within the first five years. Additionally, you are competing in the market against business owners who are motivated to take you out of business. Wait, before you get discouraged and stop reading, here’s the takeaway – YOU become self-motivated and commit to doing the continuous work, even when you don’t feel like working.

Tip #2 - Feel the Fear and Do It Anyway

In a survey commissioned by Weebly, Wakefield Research found that one-third of Americans are more afraid to start their own business than to jump out of a plane. Whoa! That is attention grabbing, right? Look at YOU though! What triggers such a negative feeling? Are you scared of rejection? Are you scared of failure? Are you terrified of success? Can you handle these fears?

The truth is, if you knew you could handle anything that came your way, what would you possibly have to fear? Mike Tyson is one of the greatest Boxers who ever walked the face of the Earth. Mike Tyson knocked ferocious boxers out, many of who were much larger and stronger than him. In an interview Mike Tyson stated that he was so scared that he would cry before every fight. He still fought though. The moral of the story is, feel the fear and do it anyway. Your opponent may be scared more than you.

The moral of the story is, feel the fear and do it anyway. Your opponent may be scared more than you.

Tip #3 - Toss Out The Idea of a Perfect Work-Life Balance

You're getting ready to pour a majority of your time and energy into your entrepreneur journey, because if you don't it will be difficult to succeed. Picture this, An Airplane uses the most amount of fuel during the takeoff process. Once the airplane is in the air, that’s when it uses the least amount of gas. You have to work 12-hour days if you’re the only employee in your new venture. You have to work 80 hours a week just so you won't have to work 40 hours a week at a job. If you have a job and you’re an entrepreneur on the side, you have to work 8 hours a day. So, what will happen to your personal life and relationships?

Thankfully, with the right support system, running a business doesn't have to be an issue in your personal life. The ability to focus on family and friends while keeping sales rolling is essential. Be sure to surround yourself with partners who understand the need for balance -- and who won't make you feel guilty about also living your life.

[Check out our helpful blog about Time Management and Work-Life Balance]

Tip #4 - Save Your Money!

It is very important to have capital to invest back into your business, but more importantly, you have to accumulate enough money to pay your bills during good and bad times. If you want to become a real estate agent, or you want to sell products in a network marketing company fulltime, the best advice we can give you is having at least 6 months savings set aside to pay your bills. It takes 90 days just to launch your business in Network marketing. The worst mistake you can make is quit your job too fast. The late, great Jim Rohn used to say, “Work fulltime on your job and work part time on your fortune.”

Your potential customers do not want to be pressured into buying a product they do not want. Customers can smell commission on your breath if you are too desperate to make a sale. Also, save your money when you start having success. There are social media influencers that acquire massive success. They quit their jobs and moved into beautiful mansions and drive expensive cars. Then the social media platform changed their policies. They are no longer making the income they once made. Some influencers lost their homes and cars due to the unexpected changes in their income.

Tip #5 - Learn How to Sell

This is the most important skill you need to learn in your entrepreneur journey. Men, when looking for a girlfriend have to sell a woman on why she should date you. You have to sell a customer on why they should buy from you when they can find another distributer that may be cheaper in price. You have to sell your kids on why they need to eat their vegetables during dinner time. There are thousands of books that you can read to become better in selling your passion to potential clients. Work harder on yourself and the money will come. Entertainers such as Drake, Jay Z, 50 cent, P. Diddy are rich because they learned the art of selling, not just because they have musical talent. Many people have amazing musical skills, but they will never amass the financial income as those artists listed. Why? Because they don’t know how to sell their skills.

Men, when looking for a girlfriend have to sell a woman on why she should date you.

Tip #6 - Build An Audience

It’s no secret that content marketing is an effective way to grow brand awareness and recruit new customers. People want to connect with brands they like on social media: 66% of consumers who use Facebook follow a brand on the platform. There was a young man who wanted to be a comedian in Philadelphia. He did not have an audience when he started his career in comedy. He booked shows everywhere he could. The rooms were empty for years. This guy put a sheet on the table by the door so he could collect email addresses from those who attended his shows. He created a data base in small towns across the United States. He kept in contact with the people who attended his shows by sending them an email when he was coming back in town to do his show. His audience started to expand by using this method. Now his shows are sold out and he is one of the biggest comedians of our time. You may be asking yourself who is this comedian? Kevin Hart used this method to build an audience. Can you imagine if Kevin Hart had social media when he started performing comedy?

Tip #7 - Get A Mentor/Get Help

We all are inspired by someone who is having enormous success. Imagine if the person you are inspired by the most was your mentor? Jay Z was inspired by Jazo. Puffy was inspired by Andre Harrell. Mike Tyson was inspired by Cus D Amato. The late Kobe Bryant was inspired by Magic Johnson and Michael Jordan. Come to think of it, we don’t know anyone that plays basketball and isn't inspired by Michael Jordan. Having a mentor in your field saves you time and reduce mistakes. It is business savvy to read a book from a credible mentor than trying to learn how to do the business yourself. Having a mentor, whether you know him/her personally, flattens the learning curve in your favor. We recommend learning from the successes and mistakes of others in your industry. Reading is a great way to do that. Check out some of our highly recommended books for entrepreneurs. Additionally, investing in business coaches and trainers is wise for many reasons. [Click HERE to find out how you can work with us]. Partnering your success goals with experts who want to see you win is a way to accelerate your business goals. Even though entrepreneurship is seen as a solo venture

Even though entrepreneurship is seen as a solo venture most often - entrepreneur business success is NOT a solo accomplishment.

Tip #8 - Network = Net WORTH

The final tip in today's blog is a game changer. Networking is essential to an entrepreneur in many ways. 50 Cent stated “who you know gets you in the door, what you know determines how long you can stay in the room”. Connecting with the right people helps you expand your business, find new partners and become more visible as an entrepreneur. Whether you're already on your entrepreneurial journey or just starting, you need to know how to network. Learning to use networking to your advantage is the best thing you can do for yourself and your business. There are many reasons to do this, but the most important of them all, perhaps, is to keep your business from failing. According to Wikipedia, six degrees of separation is the theory that any person on the planet can be connected to any other person on the planet through a chain of acquaintances that has no more than 6 intermediaries. Expand your network every day before you need it. *Cultivate genuine business contacts. Everyone knows that a for profit business needs to make money to be viable. However, don’t just show up to your network with OPEN hands. Bring something to the business relationship. Your network should see you as a contributing part of their network too; not just as someone who takes and takes. When creating a network connection, be sure to offer your skill set in return.

Which one of these tips did you find most helpful? Let us know by dropping a comment. Let's keep the conversation going on Facebook - Join Our B Minded Mastermind Group