Business experts in the US presume that 80% of all startups fail in the first year of their operation.
This is a staggering statistic and every bit of information that helps keep a business open, successful and thriving is worth the time it takes to read or write it.
Urgency & Action: Every entrepreneur at one time or another in his self-chosen vocation is aware of the need to stay self-motivated.
Among all the duties he/she has to perform on a daily basis, there is also the emotion of fear, self-doubt and procrastination creeping in especially when there is a certain amount of uncertainty in the air: Will this idea work? Should I have priced this higher? How can I be sure this is what I should be doing? Where will I find the money? After all, doesn't it take money to make money? etc.
In his teachings, Tony Robbins describes "immersion" as the ne plus ultra of decision-making: "Never leave the site of a decision without taking massive action.
" Here, Tony is not talking about the size of the action or task but rather that taking any action (small or big) produces massive impact when you do something immediately following the act of making the decision.
Action reinforces the decision and stimulates the brain to create momentum! And, in my humble opinion, massive action and (a sense of) urgency are two sides of the same coin.
As an entrepreneur, you need to give yourself compelling enough reasons to not only take massive action but take that action IMMEDIATELY! Faith in your business and the impact it has on the people around you (your family and community) is worth going for it with all you've got NOW! Networking: Entrepreneurs are creators, innovative problem-solvers, attentive customer service associates and efficient salesmen.
In addition, they also need to become networking gurus.
Even though technology effectively puts people at our fingertips, entrepreneurs still need to network in person to build social contacts and get the name of their business out there, and build lasting social relationships.
Many new and budding entrepreneurs take the networking aspect of their business for granted and some even end up paying a hefty price for it.
Networking does not only mean having a 'social media' presence, it also means going to social gatherings, having fancy drinks and passing out your business cards to practical strangers.
It means that as an entrepreneur you must learn to develop face-to-face relationships that will benefit you both as a human being and as a businessperson.
Today, in many places, businesses are also the sustaining force of a community and its people.
Creating a sustainable social relationship will also encourage you to become more socially responsible.
Delegation: Every hard-working entrepreneur knows that owning a business is no small feat.
And sometimes the 'to-do' list definitely is anything but blissful.
But no matter what happens or how stressful things may get, entrepreneurs are always in the frontlines making sure that things get done.
As human beings, we are wired to perform at our peak.
We draw immense joy and pleasure from contributing to others lives especially when we do it through our businesses.
But, in order to enjoy the fruits of their labor (i.
e.
, a business that actually makes money), successful entrepreneurs quickly learn the value of delegation.
The fastest way to get your business growing, producing and expanding is to have great people working for you.
This will help take some of that stress off your shoulders and leave you to attend to the more important things like budgeting, expansion, and perhaps, a sick child.
So, take the time necessary to create a sustainable and scalable business by having processes planned, policies implemented, responsibilities delegated, and results measured, preferably by employees who report to you.
Successful entrepreneurship begins with meticulous planning and delegation.
Lasting Significance: There is nothing more inspiring, important or urgent to you as an entrepreneur than your business.
Entrepreneurs are the original 'social entrepreneurs' enriching economies with their businesses by creating jobs, building community and growing commerce.
As a business owner you create value everyday by giving of your hard work, countless hours of service, time, energy and effort to enrich the lives of others.
So, it is only natural sometimes for you to get caught up in the 'work' of the business forgetting to give yourself some well-deserved credit.
It takes a lot of risk, dedication, courage and faith to venture out and start something as grand as a business.
And, it is easy for you, as an entrepreneur, to forget how far you've come, the milestones you've achieved and the difference you've made.
So, if you ever feel overwhelmed and start giving yourself a hard-time, stop and remember this: because of a decision you made to start your own business, you have created lasting significance and value for someone else in your lifetime.
And, that is worth a pat on the back! Written by Elizabeth Cambridge.
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