7 things that all entrepreneurs must know

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Discover the 7 things that all serious entrepreneurs must know

The term ‘entrepreneur’ is an often overused and overhyped word that confuses many people. The term can be traced back to the French economist Jean-Baptiste Say, who describes an entrepreneur as somebody who ‘shifts economic resources out of an area of lower and into an area of higher productivity and greater yield.’

In addition to that the 7 things that all serious entrepreneurs must know are not solely based in the realm of theory, they must be put into action in the real world to produce positive financial results. The things that we will share are based on real-world experiences and not theories and abstractions.

“An ounce of action is worth a ton of theory.”
- Ralph Waldo Emerson

The type of entrepreneurship that we are addressing is not about the type of entrepreneurship that requires hundreds of millions of dollars to launch an idea or to ‘disrupt’ the world.’ You do not need to have gone to an elite Ivy League or Oxbridge institution or have had access to large venture capital funds and growth accelerators.

These 7 things that entrepreneurs must know are simply for people who want to have control over their destiny without being enslaved or controlled by other people.

“Is freedom anything else than the right to live as we wish?”
- Epictetus

The most fascinating thing about freedom is that it is not free. In other words we must always pay the price for what we want to achieve.

Many people are not willing to pay the price and in life we can only get out what we put in, however just because we put in effort, that does not guarantee success.

To be completely honest, anyone who says that they can guarantee success for others is a fool or a fraud. The vast majority of ventures whether they are backed with money from wealthy funds or not will typically fail within the first few years.

There are only varying probabilities of success that will depend upon a number or things such as: desire, skill, attitude, specialised knowledge, persistence, flexibility, courage, prowess, resourcefulness, persuasiveness, likeability, and so on.

The measure of success must be decided internally, and yet success is not the same as pleasure. Pleasure can be found in a number of activities that excite a person’s senses and emotions, however that is not the same thing as success.

Success, as the writer Earl Nightingale put it ‘is the progressive realisation of a worthy goal or ideal.’

Although the feeling of success is internally governed, there are external factors that one must be aware of when thinking about their life and career as we progress into an ever-changing world.

 

Increasing global competition

‘The World Is Flat’ exclaimed Thomas L. Friedman in 2005, and the truth is that the world has become smaller, and it will continue to become smaller as the world becomes more interconnected.

There are benefits and liabilities to these occurrences. One thing to seriously consider is the reality of increasing global competition. This will manifest itself in services being able to be rendered at increasingly lower costs as individuals with low overheads use their advantage in what many now call a ‘gig economy.’

How will you be able to deal with increasing global competition?

 

High rates of business failure

Although entrepreneurship is one of the most important ways to become financially free there is still a very high rate of failure for new ventures. Various statistics show that between 60% and 90% of business ventures fail within a few years.

How can you maximise your chances of success in an environment where the majority of ventures fail in the first few years?

 

High risks of personal failure

One definition of entrepreneurship includes the ability to take risks. The smartest entrepreneur’s learn how to manage risk while understanding that there must be risks if there are to be rewards.

What price are you willing to pay to be able to get the results that you want?

 

Unstable periods of income

One aspect of entrepreneurship that is essential to understand is that a steady income is not guaranteed, especially in the early days of a business. A significant number of people move into entrepreneurship by leaving a job with a regular income, and as a result of not being sufficiently skilled they struggle to make ends meet.

How can you maximise the chances that you will be in control of your situation in the future?

 

Uncertainty in a current job

The days when a person could begin a job in their teenage years and keep the same job until they are ready to retire are gone. A person will typically have over 7 career changes in a 40+ year career and the world is changing at an alarming rate, and there is the increased probability that artificial intelligence, machine learning and other new technologies which will displace and obliterate current modes of work and production.

“In a world of change, the learners shall inherit the earth, while the learned shall find themselves perfectly suited for a world that no longer exists.”
– Eric Hoffer

 

How can you be prepared for the inevitable changes that will affect yourself and family in the future?

Those are a few of the situations that a person will need to address at some point and if they are to prosper.

In order to be able to deal with those and other challenging situations we have written a book on 7 things that all entrepreneurs need to know in order to be successful. It is true that knowledge alone does not guarantee success, and yet knowing what to do is a very good start.

This book will be able to help existing and new entrepreneurs in some of the following ways:

 

Learning from the mistakes of others

You can learn from the pitfalls and mistakes that other entrepreneurs have made so that you do not have to repeat them.

“If I have seen further than others, it is by standing upon the shoulders of giants.”
- Isaac 
Newton 

 

Discover the most important way to keep your power

Lord Acton once wrote ‘Power tends to corrupt and absolute power corrupts absolutely.’ Unfortunately the absence of power is more detrimental to success. Every single thing that exists requires power to survive and sustain itself. One of the most essential things that anyone can ever know is the ability to never give your power away.

 

Find the most effective way to increase your productiveness

There are ways that successful entrepreneurs manage to get the most out of their efforts and although we all have the same 24 hours in a day, there are those who achieve far more than others because they operate in different ways to others.

 

Learn the thing that makes most entrepreneurs really uncomfortable

This will probably be the thing that will determine the success of an entrepreneur above everything else and when this is revealed, then the initial reaction of the entrepreneur will give an indication of exactly how much they want to be successful.

 

Revealed is also the reason why the hardest workers are not always the most successful entrepreneurs

This may sound strange and hard work is important, at the same time hard work is not always enough to achieve success. There are a number of people that work extremely hard and they end up wasting energy and resources.

 

If this sounds of interest then you can obtain a copy of our book right now by clicking the link below and it you will be able to download it immediately in a convenient e-book format.

 

Get the E-book now for £14.95 £5.00 for a limited time only

 

Yes, I want to know!

 

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