What you need to know about being an entrepreneur

28 Sep 2017

Business Startup

If you have never worked for yourself before, being an entrepreneur may seem a great way to make money fast. But any self made man or woman will tell you that there is more to being your own boss.

Start Up adviser, Stella Libertini shares her top tips for new entrepreneurs:

Do what you know and know what you do

Don’t start a business because it seems glamorous or boasts assumed large profit margins and returns, a business built around your strengths and abilities will have a greater chance of success. It’s not only important to create a profitable business, it’s also important that you are enjoy managing and growing it day in and day out. If your heart isn’t in it, you will not be successful.

Focus

Many first-time entrepreneurs feel the need to jump at every opportunity they come across. Avoid getting side-tracked or trying to juggle multiple projects that will spread your time too thinly and limit both your effectiveness and productivity. Do one thing perfectly, not 5 things poorly.

Act like a startup

Forget about fancy offices, fast cars and fat expense accounts, practice and perfect the art of being frugal. Watch where you spend every pound and triple-check every expense. Maintain a low overhead and manage your cash flow regularly and effectively.

Look after your health

You will be much more productive if you take better care of yourself. Entrepreneurship is a lifestyle, not a 9-to-5 job. Working to the point of exhaustion will burn you out and make you less productive. Don’t make excuses – eat right, exercise, take time out with family, make time for yourself and recharge your batteries.