Beyond the glitz and glamour of owning a business and being called a boss comes certain challenges that you can’t ignore as an entrepreneur. Being an entrepreneur seems to be more of an attitude than just a day to day work out. Becoming an entrepreneur involves you building a business and sustaining its growth over the long term. When you become an entrepreneur, you think of adding value to the cycle of life. In this article I define the four elements that matter to entrepreneurship and how it matters to an entrepreneur. If you ever want to become an entrepreneur then you should consider these four elements.
“Throughout history, people with new ideas—who think differently and try to change things—have always been called troublemakers.” - Richelle Mead, Shadow Kiss
It takes innovation to start a business and define it. Innovation is also required in raising the needed capital to get your business started. At this point you see something every other person doesn’t and you are ready to take risks.
“Lead by example.” - Thomas Ray Conrett, Bleed Blue Tattoo and Piercing
Leadership is what earns you the right to be an entrepreneur. An entrepreneur has to lead and carry the team along. You need characteristics which will define your leadership. It could be passion, integrity, compassion or persistence. Whatever it is, owning the qualities of a leader sets the tone for every entrepreneur.
You can’t get best in class results with a mediocre employee. Never compromise your hiring standards.” - Joel Graybeal and Andrew Kratz, managing partners, Triangle Rock Club.
This is one of the most integral parts of being an entrepreneur. You need to have the right team working with you. These sets of individuals are the ones to help you actualize your dream and bring it to reality. Getting the right people will bolster and enhance productivity which will build your business. “Never make a compromise hire. You are better off waiting to get the right person than settling for a less than ideal candidate.
This is the energy level of you and your team in line with the productivity and returns of your business. You have to keep the drive and understand that what you put out there is what will bring in financial returns. You cannot own a business and underperform. You have to work at optimal level. “The most important advice that I could give is the same advice that was given to me. You must always watch the numbers. Cash flow and income is key to growing and maintaining a business. The "show me the money" movie catchphrase is more than just a phrase. It's the lifeline of your business. The more you have, the more options and opportunities are available to you, so you must always make it a priority to watch the money.” - LaKeshia Grant, Virtual Enterprise Architects, LLC
Entrepreneurship can be fun and may not be as grueling as it seems. If you have the desire and motivation for it, it is a worthy career to pursue. And hopefully when you consider these elements which have been discussed above, you will be better equipped to deal with the life of an entrepreneur.