NOTE: This post was written by contributing writer Sherwin Coronado, a global entrepreneur and an international trainer.
Being an entrepreneur is like going on a long and arduous journey. You travel with a destination in mind, properly equipped to avoid delays and problems.
These are the 3 non-negotiable things every entrepreneur must bring in his “backpack” throughout this journey:
It’s that stubbornness and toughness that come from knowledge and experience, and from the full understanding of your business.
It comes from the belief you have in what you’re doing and also from the internal motivation that drives you to pursue your dreams and goals.
Just don’t allow money or greed to be the source of your fire. Dig deeper. If this is what pushes you, ask yourself why. Perhaps you want to provide a better life for your family, or you want to serve the less fortunate.
Build your fire on love. Focus on the positive effects of your business for all those involved. The more you want to love these people, the more your fire will keep burning.
You must know when and how to adjust, adapt, learn, move on, stop, etc.
Read the market well by doing your research and consulting a mentor. Discover and understand what people need. Identify your target market’s problems which you can provide the solutions for.
Stop saying “This is only what I can do” or “That’s not my cup of tea” because every successful entrepreneur started not knowing the ropes of their business.
Change your mindset by reading books, attending seminars, hanging out with positive and successful entrepreneurs. This will enable you to stretch your mind and think galaxies beyond the box, which will let you see opportunities you didn’t notice before.
Important Tip: Be sure to separate your personal finance from your business finance. Don’t mix them.
The money of the business isn’t yours. It belongs to your business. So pay yourself a “salary” from the business, and live off that income as you grow your venture.
Of course you should also monitor weekly or monthly the money you’re spending and making in the business. Create your own inventory system (if the business doesn’t come with a built-in one).
Be reminded that one of the biggest mistakes entrepreneurs commit is to neglect the back-end of the business. Learn from such mistakes.
Travel to Your Entrepreneurial Destination with the Right Gear
Going into business is risky and can be very costly— especially if you journey without the 3 essentials discussed above. So avoid the common potholes on the road by equipping yourself properly and by finding mentors who can guide you.
Sherwin Coronado is a global entrepreneur and international trainer who has helped create more than a hundred self-made millionaires in his organization. He’s a natural-born artist, a certified foodie, and a travel enthusiast who enjoys exploring different cultures with his beloved wife and son.