Most entrepreneurs fail.
If you’rean entrepreneur, the chances are you’re Going to fail – unless you watch this.
Hey everyone, I’m Neil Patel and today I’m going to break down seven things you shoulddo before you become an entrepreneur.
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I have a question though for you: do you want tobe an entrepreneur? If you want to be an entrepreneur, leave acomment below with yes.
If you don’t, leave a comment with no.
And that’s okay,there’s nothing wrong with either one.
The tips I’m going to give you, whether youwant to be an entrepreneur or not, are going to help you in your work life, as well ashelp you being entrepreneur.
The first thing you need to do is work for someoneelse.
Everyone’s like “Oh my god, I want to be entrepreneur, I’m just going to go outthere and create my own company” Yeah, you can do that! But you’re going to make a lot ofmistakes, you’re not going to learn how to communicate with people, how to buildteams.
You’re not going to learn how to hire, you’re not going to learn how to fire.
Andeven when you work for someone else, you don’t learn that right away.
You have tobe in the workplace for many many years, even get promoted before you learn someof these things.
That’s very important because if you don’t know how thingswork in the corporate world you’re not going to do well as an entrepreneur.
The second thing you need to do is read books from other entrepreneurs.
There’sso many people like the CEO of IBM talking about mistakes they’ve made.
Byreading these books you’ll learn from other people’s mistakes and avoid makingthem when you go out on your own.
And here’s the thing: you look at me like “Oh Neil, you you’ve done all right!” I’m not that smart, but what’s helping me do well isI’ve learned from other people’s mistakes as well as my own, and I’veavoided making the same mistakes over and over again.
And eventually, that’s led me to what I should be doing, right? Because eventuallyyou start crossing off all these things that you shouldn’t been doing, soyou’re left with the things you should be doing.
The third thing you need to dois learn to budget.
It’s harder to make money than it is to save it.
And whenyou’re entrepreneur you’re going to be strapped for cash.
If you don’t know howto live on a budget or save money, you’re not going to do well.
So start learning howto budget now.
Now it could be using tools like mint.
Whatever you want todo to figure out your budgeting, do it.
The fourth tip is to learn to solveproblems.
See, in the corporate world, a lot of timeswhen you solve problems, you run into politics.
Sometimes money can solve it,sometimes you can’t solve it at all.
And I’m not saying it’s easy, but as anentrepreneur, a lot of the problems that you’re gonna have to deal with, it’s eventougher because you have more things going against you.
You don’t have bigbudgets, you don’t have a ton of staff, you don’t have a ton of people with theexperience to help you out.
If you can’t figure out problem-solving and work onyour problem-solving skills, you’re not going to succeed.
Because you’re alwaysgoing to be pushed against the ropes, and things are going to go against you.
Andthat’s why problem-solving is very important.
The fifth thing you need todo is figure out your passion.
If you don’t love what you’re doing, you’re notgooing to keep doing it over and over again.
You’re going to quit as an entrepreneur.
It’s not about putting 40-hour weeks you’re going to put in 60, you’re going to putin 70, and you’ll still find that your competition is bigger than you, and aheadof you.
That’s why if you don’t love what you’re doing, you’re not going to putin the time and energy that you need to succeed.
And speaking of time, and thisgets into the sixth thing, is you need to be efficient with your time.
You don’t haveenough time in the day.
There’s only 24 hours, so you use tools like RescueTimeto figure out “Hey, where are you wasting your time? Where are you efficient?” Cutout all the stuff that’s causing you to waste time, such as logging ontoInstagram 20 times a day.
Sure, I’m not saying don’t use Instagram, but loggingin once or twice, or four or five times is enough.
You don’t need to log in 20, 30times a day when you’re starting a business, running it, and you’re trying togrow it.
And last but not least, find a problem that you want to solve.
Soyou’re not going to make money because you want to make money.
You’re going to makemoney because you’re solving a problem, helping people out.
And that problem thatyou’re solving, your solution better be cheaper, or more efficient, if not ideallyboth.
When you do that, people start paying you.
If your solution isn’tcheaper or more efficient, why would they pay you versus the competition? So that’sit.
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