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Keys You Want To Be A Profitable Entrepreneur

This article was translated using AI technologies from our Spanish edition. Errors can occur as a result of this process.

The opinions expressed by the entrepreneur's contributors are their own.

Have you ever thought about running your own business but doubts attack you and uncertainty holds you back? Not for nothing, because only a small percentage of the newly founded companies survive: "82% of the new companies do not reach four years of age". This is what the economists Oriol Amat and Pilar Lloret show in their book “Progress, Keys to Survival and Growth”.

Working for yourself has a special appeal because you can be your own boss. The road to becoming a successful entrepreneur can be arduous, however, as not all of us are trained to run our own business, especially those who are used to working for others and who also lack basic financial ideas. Entrepreneurship is not easy, especially if we want the company to last and create prosperity for us over a longer period of time.

The global economic crisis of the past few years has drawn a lot of people to engage en masse, but am I really ready to do so?

With practical advice, this article delves into key guidelines for those considering leaving their stable jobs to "take the risk" of reinventing themselves at work:

Do I have the soul of an entrepreneur?

There are people who are great people, responsible for other people, but unable to lead a team or organize their own work. Entrepreneurship also harbors a number of dangers far removed from the stability of an employee and permanent employment.

So we should ask ourselves whether we are really qualified to be entrepreneurs or whether we prefer to continue working under the command of others.

Franck Scipion is an entrepreneur of French descent who left his comfortable and well-paying job in 2010 to create Lifestyle al Cuadrado, from where he shares strategies, tactics and digital tools to help people who want to work online generate an income that will enable them to make money ends meet. His site receives more than 300,000 readers per month. Scipion is clear that "the crisis has forced job changes and people are awakening from obligation because they are increasingly out of love for paid employment."

Usually it is the need that makes people wake up and look for a way to generate income. However, there are people who are unwilling to change or leave their comfort zone and who have a particularly difficult time acquiring the skills necessary to become entrepreneurs.

For the latter, the company may not meet their needs because, after all, to do so you also have to take a number of risks that do not ensure stability. If we do choose to do it, it would be to improve the job opportunity we already have, not forcing something that we don't identify with and that can cause us a lot of problems.

Realize your ideas

In determining it is important. Like words, ideas are blown away. When you have really clear goals, the next step is execution.

"Ideas are useless, you have to make them come true, but with the right attitude," says David Vu, an American serial entrepreneur who has founded several companies both online and offline and teaches at Udemy.

Nothing ventured nothing gained

As in life and in gaming, in the company, if we don't bet, we will never get results or know what we are losing or winning. What is clear is that we remain inactive if we do not achieve anything. To do so, you also need to take a number of risks and be aware that they don't always turn out well. Therefore, you also need to be prepared for a possible failure.

Defect management

How I will react to a potential mistake is the first thing to ask yourself when taking action. The best possible management of mistakes requires patience, attitude and personality.

If you think failure will weaken you, it's better not to jump in and play it safe. Don't give up on your stability.

Don't be afraid to be wrong

Sometimes doubts hold us back and limit us, so that we miss many opportunities for fear of making mistakes. Making mistakes isn't bad, it's learning. We learn from mistakes. A positive attitude and the ability to know how to face potential failure are essential for any business owner. If things don't go as we expected, it's not the end. With the right attitude and knowing how to deal with certain adverse situations, we can overcome adversity and learn from the mistakes we have made. Fernando Monzón is a Spanish publicist and founder of the 3Lemon marketing agency who always encourages people to "make mistakes, dare to try and do it many times because every time they make mistakes better".

Surround yourself with good professionals

Another fundamental key is getting advice from the best experts. Good entrepreneurs will always meet with people better than themselves to immerse themselves in their knowledge and advice.

Knowing how to identify the talent to identify with is another skill that every entrepreneur should have, or at least try to, investing the time necessary to form a team of good professionals, whom he can trust.

Take advice from the right people, and better if they have already managed to do something similar to what you want to do. That way you can take their experiences into account. Learn to listen to different opinions to take them into account, then make your own decisions.

Which business is the right one?

Sometimes we block ourselves from thinking about different business options, we analyze different goals, we take care of several market studies … but we forget the most important thing: our real potential to think about what we are really good at and what we can contribute to society and which one We have added value.

So is there a right sector or business? "There is no universal answer because every person has their own answer," as Franck Scipion told me during an interview.

Another key is discovering new opportunities that others don't see. This is a common standard regardless of the respective business area.

After all, there is no point in following a mass business model just because it is successful, because we are certainly too late by now. In these cases, good entrepreneurs are in the right position to "wait for the next wave," as they say in surf slang.

Use financial logic

Don't incur any expense with money you don't have. Logically, don't spend what you can't afford … As Robert Kiyosaki points out in his hit book Rich Dad, Poor Dad, financial illiteracy can ruin our business if we don't know how to handle our money. It's not about being a finance guru, it's about using basic math logic.

Enjoy what you are doing

What's the use of being a successful high-profit trader if you don't like the process? It would be pointless torture. Whatever you do, wager on what you wager on, what you want to do has to be something that you are passionate about (or at least not too disliked).

In addition, it will be easier to do what we really identify with and crave good results.

For Franck Scipion, for example, the key to his success lies in the fact that he does what he was really born with and with passion: "I had a good job as an employee, I earned very well, I was responsible for a digital team, but I felt empty, not recognized, I didn't feel valued or fulfilled, ”he confirms. His case is the example of thousands of people around the world who are uncomfortable with the work they had to do and who have not made up their minds. Scipion found in his passion to share and support the essence of his business. Now think about what you could do to contribute.

Keep learning, don't give up

If you already believe that you know everything and have achieved your goal, there is always more to move on. Relative ambition is not a negative. The bad thing is to stagnate and stay halfway. Therefore, keep a proactive stance to constantly acquire new knowledge that can improve your business and also enrich you personally.

Being an entrepreneur with charisma also requires mastery of social relationships and courtesy, which can always be trained.

Finally, do not forget that the beginnings are not easy and that the process of doing business is not responding to an exact science, although with these common requirements in mind you can ensure greater viability beyond your own previously lived experiences.

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