Owning your own business is a lot of work, not to mention all the stress that comes with it. This is the kind of stuff that separates the most successful entrepreneurs from the people who are just testing the waters. You have to be willing to make those sacrifices, take that leap, and invest your time and energy.
Of course, a lot of people want their own business, but they have no idea how hard it is, and most of the time they are not willing to work for it. You truly have to be passionate about what you do. If you put in the time and effort, you are bound to get results. Here’s what you need to know if you start your entrepreneurship journey.
Life Won’t Always Give You Low-Risk Opportunities
You should never be afraid to fail. There are always multiple ways to succeed, and you can bet on your journey that you will fail multiple times trying to figure it out. For example, Jan Jens, who’s had clients like Drake, Justin Bieber, Kylie Jenner, and more, explains that his risk was when he started a restaurant business that had a slim correlation to his actual concierge business. He lost a lot of money trying to start something he knew nothing about, instead of focusing on what was already doing extremely well.
Now, how will you know what risk to take?
Write down a few key questions and answer them with clarity. Once you have the answers laid out, you’ll be able to really see if it’s worth it. The types of categories you should have can include:
- Is there ROI from taking this risk?
- How confident are you that you will hit the targeted ROI?
- Is it something that requires your personal time?
- Does it require a lot of resources?
- If it goes wrong, what’s the severity of it?
- Will this be short term or long term?
- Is it something you really want to do?
What You Focus on Expands
This is true in any area of your life. If you focus on the negativity in life, you can bet you’ll attract more of it. Whatever you focus on will be what grows. So it’s extremely important that you focus on moving the needle in your business. For example, David Zhao, Managing Partner of NXT Group, an American conglomerate company headquartered in New York City, knows that usually what moves the needle in your business is lead generation and sales.
The reason why? Cashflow.
Without it, you don’t have a business. The reason why I mentioned David Zhao is that he’s been able to be a managing partner in a restaurant called Chubby Cattle, which opened only 2 years ago in Las Vegas, and is now flourishing. Not only that, but he also has a fascination with luxury vehicles, which led to NXT Auto Club. My point is that you can only start different businesses in different industries if you understand what moves the needle in business in general: cash flow.
No One Comes Out of Life Alive
The core meaning of this is that some things are inevitable, regardless of what you do or don’t do. You will not make it out of entrepreneurship unscathed. Once you understand this core concept, you won’t feel like life is out to get you. You’ll understand that it’s part of the game. For example, Austin Godsey, a young entrepreneur, was homeless 4.5 years ago. Many of us thankfully won’t ever have to experience that. We will find some other form of bleeding in our own lives.
But how we use our past experiences to shape our future is what matters. The same kid that was homeless almost 5 years ago now makes over 6 figures monthly in recurring revenue from network marketing. In fact, he has about 15,000 people on his team.
Now, will you go through the same thing in life? Probably not.
But you will go through obstacles that you’ll have to face alone. However, once you come out through the other side, you can expect the reward. Opinions expressed here by Contributors are their own.