‘F’ words for Entrepreneurism

As an employee, failure is looked upon in a negative light. As an entrepreneur, failure is just part of the learning process. If failure is an option, then that just means you’re taking risks … and that’s what being an entrepreneur is all about.

Time and time again we hear that a friend has been laid off and decided to take a chance and start their own business. How many of those friends are still at it 12 months, even six months after the announcement? Not many. And really, a big part of ‘why’ is because they lacked focus.

As an entrepreneur, you’ve got to plan ahead. Create a nest egg for a rainy day, align yourself with an accountant to make your life easier. Track your client wins and losses and understand your company’s financials. Watch your losses, your gains, create budgets, etc.

Freak Out
It’s okay to freak out about the dips and valleys of owning your business … make sure you have a good support network set in place … good listeners, mentors … people that can help you through the bad times, but also the good times.

Sure you had a plan when you launched your business, but times change… keep flexibility in place so that you can change your strategy at a moment’s notice in order to be as competitive as possible.