Who does not want to be their boss and earn unlimited income?
When you look at successful entrepreneurs like Henry Sy, Lucio Tan, Tony Tan Caktiong (of Jollibee), Jaime Zobel de Ayala, or Manny Villar, don’t you wish you had their financial freedom? No worries about how to pay bills, children’s education, and you can eat what you want, where you want.
You have probably been contemplating for a long time now about starting your own business. You are dreaming about it, reading about it, learning about it, attending seminars on different business ideas, but you never got around to starting a business of your own.
Are you worried about the statistics? Studies show that about 70% of businesses fail within the first three years. Have you set your mind to succeed no matter how long it takes?
The reality is starting a business not a walk in the park. What do you have to give (or give up) to be a successful entrepreneur?
Capital. Yes, you need money to start a business, and you need money to keep the business running. You can start with your funds or borrowed capital.
The first thing you have to ask yourself is: are you ready to face the possibility of losing most, if not all, of your capital? If not, maybe you should consider starting a business with smaller capital that you are more comfortable with. If yes, make sure that you wisely manage your cash flow from day one.
Skills. There are some skills required to be a successful entrepreneur: selling skills, people skills, leadership, communication skills, etc. Skills can be learned through experience, but it would be to your advantage if you have cooking skills, for example, if your business is a restaurant.
You do not have to have all these skills before starting a business but make sure to learn these valuable skills as your business grows.
Right Attitude. The top characteristics that make a successful entrepreneur are mostly about having the right attitude towards life and work. When the going gets unfortunate, it is the terrible ones that get going.
Being an entrepreneur, you will inevitably encounter stumbling blocks, trials along the way that will put you to the test. Only those armed with the right attitude will experience the most sought-after financial freedom.
Aside from the capital, skills, and the right attitude, an entrepreneur also has to be willing to face other risks in the business like calamities, competition, etc.
So, are you sure you want to be an entrepreneur after knowing all these? If so, I salute you, and I welcome you to the breathtaking world of entrepreneurship!