Be A Successful Entrepreneur In 2020!

If you can answer “yes” to 5 critical questions, then you are ready to take the next step to become a successful entrepreneur in 2020.

The 5 critical questions that require a “yes” answer are: 1) Can I live with my business 24/7?; 2) Am I willing to work 12-18 hours/day?; 3) Am I open to change my life?; 4) Can I tolerate my business?; and 5) Am I prepared for my business to fail?

Determine to live with your business 24/7. A business is like a REAL person (in fact, if it is incorporated, it is considered a legal person!) Like a newborn baby, it needs to be fed, clothed, nurtured, developed and grown—it has to be tended to, cared and planned for all the time! Unlike a “9 to 5” employee, YOU must Mind Your Business at all times!

Be willing to work 12-18 hours/day. You must have the physical and emotional stamina to run a business that can wear you out physically and emotionally. You also need a family or other support system that will “have your back” in rough times. You need to develop good planning and organizing skills to keep you clear on what you must do EVERY DAY to keep your business going.

Be open to change your life. You must be willing to give up some things you’re doing now in order to run a successful business. You must be strong enough to handle rejection from family and friends because you won’t have the same amount of time to spend with them. You must learn how to make major decisions on your own—often quickly.

Choose to tolerate your business. You must get your business’ approval before you make any major life decisions. You must be a self-starter who can develop projects, organize your time, and follow through on details without supervision. You must learn how to watch your daily income and expenses closely and how to read financial statements.

Be prepared for your business to fail. If you’re a first-time entrepreneur, odds are that your business will fail! Starting a small business is always risky. 50% of all small businesses started fail within the first 5 years. Businesses fail due to lack of experience, insufficient capital, poor location, poor inventory management, over-investment in fixed assets, poor credit arrangements, personal use of business funds, low sales, competition, and unexpected growth.

Think deeply, plan carefully, and decide whether you have the “stomach” for owning your own business. Understand the risks, but be motivated by the rewards. No worthwhile goal is easily attained or quickly achieved. As this brand new year unfolds, decide to do something you’ve never done before so that you can reap results that you’ve never had before. Find your place and space and work with patience, perseverance and persistence until you achieve the dream you have in your heart for yourself and your family.