Taking the leap and making the move into entrepreneurship can be a scary process. Whereas most of your life you’ve likely worked jobs with someone else in charge, steering the ship and making all of the decisions, entrepreneurship is entirely up to your own design, which can feel terrifying. However, having advice and words of wisdom from those who have made that jump before you can provide you with the guidance and many of the resources that you need to help you navigate your way successfully. Here are a few pieces of advice from seasoned entrepreneurs that can help you actualize your full entrepreneurial potential.
Plan to raise a lot of capital
In concept, raising money seems fairly simply and straightforward but in practice, actually raising capital can present you with a number of hurdles and obstacles to overcome. Venture Capitalist Richard Harroch offers the following words of advice to new entrepreneurs: “It’s almost always harder to raise capital than you thought it would be, and it always takes longer. So plan for that.”
Build a strong team of people you hire based on their character
Much of entrepreneurship is a solo journey as you work to build and nurture your growing business. However, nobody succeeds in business by themselves, and if you don’t take the time to grow and nurture your team alongside your business your business will suffer from lack of a strong support system. The team you build when you first start out will also dictate the environment and the culture of your business moving forward; hire accordingly. Hard skills can always be taught and people can always be trained on new information, but the values and ideals they bring along with them are going to remain the same. Determine the business environment you want for yourself and your employees, and hire accordingly.
Have faith in yourself
At the end of the day, you’re the one making decisions and calling the shots on behalf of your business; have faith in your ability to make the right choices. The relationship that you have with yourself can make or break your business. If you’re constantly in your head building on negative thoughts, it’s going to affect your work performance. Henry Ford famously said, “Whether you think you can, or you think you can’t, you’re right.” See how much farther life can take you when you believe in yourself.