Entrepreneurship Tips 101. Final Part

A few days back, we took the first and second parts of the tips every entrepreneur should get handy with to help them stay afloat in this heavily competitive era. We have emphasized the need to be business-minded and to always listen to the customers as they remain the reason behind the establishment of business. Not forgetting the benefits of going for relevant entrepreneurial knowledge to give you a boost. Here, we will take the concluding part.

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1. Trust your instincts and your gut-feelings

Sometimes, at the point of taking a step or even an investment, your guts may say otherwise and if you go ahead and take the steps, the result may not be welcomed. An investment opportunity may look "too good" but it does not make it "too real". As a matter of fact, anytime an opportunity looks too good to be real, then you should have reservations because it may not be too real.

Your guts and instincts should form part of your tools for decision making. Do not allow anyone to pressure you into taking the steps you do not wish to. Most times, they may come with the phrase "opportunity comes ones" just to get you in. At that point, you can just request some time to think it through. At the process of thinking and researching, more details will be made available to you.

I've heard a few people say after their investment went south, "I had the feelings that this is a bad idea" - that was their guts speaking but the did not listen. No doubt, risk-taking should form part of the characteristics of an entrepreneur but it should be done with wisdom to avoid catastrophe. If you want to test the depth of a lake, you use only one leg.

2. Plan to succeed and take responsibilities

One of the major undoing of business entrepreneurs is giving excuses for failures instead of owning up to responsibilities and learning from them to be better at the next trial. For the fact that you failed means one thing: you have tried. So there should be nothing to be ashame of or trade excuses for. There must be one or two things to learn from it to make you a better entrepreneur.

If you do not have any plan on ground of how your business will run, you won't know if your are making progress, succeeding or failing. This is why you need to have a detailed plan and a roadmap of where you see your enterprise and then work towards it. If someone does not have a detailed description of where they are going to, the wrong places will look like the right place.

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You may not have all the required provision for the plan but it should not stop the plan. Take the first step towards it and with time, more provisions will be made available. Remember, it is always better to take baby steps than to wait in futility for a giant stride.

Thanks for reading