Covid-19 is still wreaking havoc in the economy. Many businesses will never recover, many are losing employees because they are mandating the vaccination. Still, others are losing employees because after having worked from home for so long and now that they’re accustomed to it and have an office set up, employees don’t want to go back. I have pulled together 3 tips for budding entrepreneurs, and I have many more on tap!
This is also leading to a rash of new entrepreneurs. Isolation may have anecdotally led to an explosion of business ideas, but no matter the reason, there are many entrepreneurs and as a business coach, I love seeing that entrepreneurial spirit!
If you’re new to being a business owner and not just pulling in a paycheck, where do you begin? First, stop thinking about your past job performance evaluation as a yardstick by which to measure your skills and talents. Many people thrive much more when they are doing what they love rather than working for a paycheck at a job that drains them.
3 Tips For Budding Entrepreneurs
- Don’t ever say no to a learning opportunity. Whether it’s an in person networking event or an online seminar or webinar, there is nothing better than gathering all the knowledge that you can. You never know which nugget of information will give you an a-ha moment and help move your business forward. Also, networking and meeting people is one of the best ways to interact and find potential clients.
- Always have a back up plan. If you had the luxury of being able to build a nest egg or a cushion in your savings account before you launch your own business, that is best because it takes away a lot of stress from a new entrepreneur. Have a back up plan until you’re making the money you need to survive. Plan to cut out your extra expenses, look for free entertainment instead of paying for premium channels, cook at home, swap or barter services until you can pay for them.
- Keep your eyes open for opportunity. I love the word serendipity. When everything comes together, it is a beautiful event. Whether it’s an introduction to a potential client, or your ability to introduce someone to another potential colleague, successful people know how to recognize a potential opportunity and make the most of it.
Remember, not all ideas will be gold. Be willing to let some go and move on. Don’t keep clinging to a sinking ship just because you’re afraid to admit it didn’t work like you thought it would.
If you’re starting out or tossing ideas around, give Rex Richard a call and schedule a consultation.