The allure of being your own boss, along with the no-ceiling income that comes along with it is hard for most people to resist. However, more often than not, the odds will be stacked against you and that’s why 9 out of 10 startups fail, according to Fortune.
But what about the 1 out of 10 that have succeeded? Although there’s no single foolproof way to become a successful entrepreneur, success still leaves patterns and clues. Here are 15 powerful actions you can take today to make your entrepreneurship dreams a successful reality:
1. Identify your goals
Goal-setting may not be the most sexy-sounding task, but it’s one that’s crucial to your success. Just think, if you don’t know where you’re going, how are you going to know when you get there?
Setting goals can take a few basic forms for aspiring entrepreneurs:
Your income is one of the first few and most important considerations when it comes to running a business because more often than not, you’ll need to give up something else to find time to delve into entrepreneurship.
Are you looking to become a millionaire in a few short years? Or are you gunning for a spot next to billionaires like Mark Zuckerburg and Warren Buffett?
Knowing upfront what your income expectations are will keep you accountable to yourself and other stakeholders in your company or your family back home.
With that being said, however, being overly focused on revenue can affect the way you run your business in negative ways. Be sure to do regular reviews to see if you’re on track.
Entrepreneurship is not a 9-5 job. In most cases, there aren’t any fixed hours and you’ll typically end up working harder than you have ever worked before. The faster you realize that the better, so you can evaluate whether this may or may not be the lifestyle you want to live in the long term.
Various entrepreneurs instead decide to run lifestyle businesses where they work remotely from any location and are selective with the work they decide to accept.
If you intend to work remotely with a four-hour work week, the business that you decide to do will have to enable you to do that. At the same time, by balancing out projections with your income goals, you’ll get a much better idea of whether your decision is a feasible one.