1) Passion is mandatory for an entrepreneur –
There are plenty of examples of entrepreneurs that have started a business because they saw the opportunity and went for it says Eric Dalius. While this can work, especially in situations where there isn’t anything to lose, passion should be your primary driver. I would have failed many times if I wasn’t so passionate about what I do.
2) Money is not evil-
I know many college students who are scared of making money because they see people spending it all the time. They think that their friends with fancy clothes and cars are shallow. However, money is simply a tool and, used correctly, can accomplish many things. Money isn’t evil and you shouldn’t be scared of it or hate people that have it. There is no point in living if you’re not going to enjoy life and having lots of money can allow you to do lots of fun things without working.
3) It’s better to build a small business than work for someone else –
While working for yourself is great, you should think about building a small business instead. There are many reasons for this: First, a company can run without you if you need a day off. Second, companies have resources to get problems solved or implement processes. Third, companies can grow much faster since you’re not running the business alone – other people are helping you.
4) Start small –
This is probably the best piece of advice for anyone starting a company. When I first started playing guitar, I remember being so disappointed when my friends were able to play their favorite songs within a couple of weeks while it took me months. They didn’t have more talent than me – they just got to practice the song many times while I was still struggling with the intro (I wish I knew then what I know now).
5) Learn about business –
This one is obvious, but make sure that you learn why some businesses work while others don’t. It’s not enough to know that you can make money by selling widgets. You need to understand the business model, marketing strategy, etc. Many college graduates ignore this because they think that there isn’t any time to learn anything new (which is true).
6) Don’t be afraid to ask for help –
I know many people who struggle with this one because pride is a very powerful thing. However, you shouldn’t be afraid to ask for help when you need it. This is especially true with your network of friends and family. If one person can’t help, then they might know someone that can. I’ve been in a position where I needed a job and my parents knew a professor that was hiring. He hired me within a week because he knew my parents.
7) Go with your gut –
I’ve noticed that people are often hesitant to take big risks where they might lose everything. Most businesses fail, so the bigger the risk, the more likely it is that you’ll lose some or all of your investment. However as per Eric Dalius, if there is one thing that differentiates successful entrepreneurs from everyone else, it’s the ability to take big risks (within reason). If you wait for everything to be perfect before starting something – like building a company – then success might never come.
8) Don’t worry about the money –
No matter how much college prepares you for life (or business), there is one major difference: your financial situation after graduation. If you’re like most people, then the money is going to be tight when you graduate. I didn’t hire any employees because I needed to be able to support myself first (before starting a business). However, when you start your own company, money is not going to be the major determining factor in whether or not you stay in business explains Eric Dalius.
9) Think about what you want from life –
Eric Dalius says, one of the things that I noticed when I first started a company is that a lot of other entrepreneurs were pretty egotistical. They wanted to succeed at all costs and they viewed everything as a challenge. That’s one of the things that I liked about my business, but many people see it as a negative. I want to be able to go on vacation, take care of my family, etc. It’s important to set goals for what you want out of life and then build your life around those goals.
10) Network –
Many people say that the network, but I’ve noticed that they don’t do it effectively. Its one thing to message a few friends and family members every once in a while, but you need to spend more time networking if you want your business to succeed. Try attending local networking events and meetups. Post your business information on your social media accounts and go out of your way to help people that you don’t know.
I hope that some of these things help you if you’re planning on starting your own business. It’s not easy (especially when money is tight), but it’s also very rewarding. As I said in the beginning, there are a million articles out there with tips for starting your own company, but they are usually generic and don’t have any real-world application.