What’s the second most important part of being an entrepreneur, after starting your business?
There are various reasons entrepreneurs fail, and avoiding failure as an entrepreneur can be difficult in this economy. However, there are several steps you can take to mitigate your risks and lower your chances of experiencing a business failure.
While there are varying reasons entrepreneurs fail, the most common reason they don’t succeed is that they move too quickly. Don’t rush through the process in anticipation of what’s to come. Take your time. Acting swiftly is not always optimal, especially when you need time to analyze the situation.
Secondly, don’t over analyze yourself into inaction. This is called paralysis by analysis. While you want to consider your best plan of action, you’re not trying to scare yourself into inaction. You need to be prepared for what is to come to avoid as many mistakes as possible.
When starting, do so slowly, one step at a time, so as not to overwhelm you.
Below is a method you can use to avoid failure as an entrepreneur:
Start with intention
You don’t have to be an expert in your new field: you need to have a desire to do whatever it is you’re going to be doing. Even if you feel like you have no idea how to take that first step, reach out on faith and take that initial step. Notice I said step and not leap. You want to take your time and do it correctly the first time.
Intention is Everything
Clarifying your intentions is key to understanding how you need to act, behave, speak, and show up to build the business you desire in your life.
Here is how to align your intentions with your actions:
- What is your purpose at this moment? What do you want to create as a result of taking this action?
- Are your words and actions really in alignment? Are you saying things just to say them or are you actually following through?
- How can you better align your words with actions? Knowing your intentions at this moment, how do you need to shift your actions?
Act intelligently with your first step
Use your network of friends and family to gain insight and establish monetary support to help bring your goal to fruition. Spread the risks and wealth, and it’s a win-win situation for all involved.
Be sure, however, that you’re never taking on more than what you can pay back, in the event your business doesn’t succeed. Remember these are your friends and family you’re conducting business with, and you don’t want any lingering resentment. Maintaining healthy relationships is essential to avoiding failure as an entrepreneur.
Build on this and be open to changes
Now that you’ve taken that first step you feel great, and you’re wondering what to do next. Well, I’ll tell you. Take another step. Each step you take gets you closer to your goal.
Maybe your first step didn’t go quite as planned. That’s okay. Be flexible and willing to accept changing your game plan. Sometimes reality doesn’t match your expectations. That is the way of the world, and entrepreneurs have to be able to reflect on the situation and make the appropriate changes to reach their goals.
Yes, I said it. Repeat with another incremental step. After reflecting on step two, you have learned something from this process. Take what you’ve learned, and apply it again in, yet, the next step. Continue adding steps – one at a time – so as not to overwhelm yourself with taking on too much at once. Just be patient. This process is an ongoing cycle until you have realized your goal of becoming a successful entrepreneur.
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