When it comes to starting a new business, everyone has a different approach.
Over the years, I've counseled with thousands of individuals about business, and I have found that there are four major approaches new entrepreneurs take. If you're planning to start a business, take note of which mindset you are most affiliated with. There's only one right answer and I hope you'll find it sooner rather than later.
Here are The 4 Ways to Start a Business:
1.The Solopreneur: There's a horrendous word called "Solopreneur." These are people who try to start a business by themselves with virtually no help. They try to do everything themselves, which causes them to forsake their real responsibilities. For example, if they own a pizza shop, they're trying to learn HTML code to build a new website from scratch instead of baking pizzas, which is their forte. In essence, they major in minors.
These aspiring entrepreneurs are the first ones to burn out. They are the 90% who fail within three years. The reason for their failure is based upon the wrong understanding of business. Many of them use the 'trial and error' method, which causes them major frustration, loss of time and energy, and massive panic attacks. While details are important, they can be time-consuming if you fail to delegate tasks.
Many times these people haven't quite developed their mindset toward business. Their immature minds are constantly looking for shortcuts. They are often deceived by multi-level marketing, get rich quick schemes, and other sorts of traps. In short, they fail to think about their business strategy. They are constantly running into the trees instead of retreating to the mountaintop to catch a glimpse of the entire forest.
You need to pay the cost to be the boss. -Daniel Ally
2. The Spendthrift: Alternatively, there are people who do the opposite. They delegate all responsibilities and kill their entire capital in the process. For example, they spend a fortune on a premium website, but never really use it to its full potential. Another example is a person who fully staffs their company or builds their entire brand before they even begin a business!
Through the years, thousands of people have approached me to seek investments. When I ask them the question, "What do you plan to use X amount for?", they typically don't have an answer. One guy said he needed a six-figure investment to launch his app. When I looked at the real cost, it was actually less than 3% of the initial investment he sought from me.
Furthermore, some people take their entire savings and plunge into business haphazardly. As they go through their checklist, they spend a fortune on mere randomness: 100-page business plans, extensive advertising campaigns, and even full-scale apparel for their employees! When it's time to do business, they realize that their money can't save them anymore, which leaves them sinking like the Titanic!!
When a person with experience meets a person with money, the person with the experience gets the money while the person with money gets the experience! - Unknown
3. The Perfectionist: The truth about these people is that the majority of them never actually start their business. Because they are constantly overthinking their actions, they stall themselves in the ocean of fear. As they sit in their mental cubicles, they think, "What if I fail? What if it doesn't work out? What if I become successful?" They stop themselves before they even start.
These people can be likened to a person who tries to drive through the busiest streets in Manhattan with all green lights and no traffic. Utterly impossible. They plan to perfection and rarely consider the reality of adversity. Even when they do start, their mental inertia forces them to delay their decisions, causing mental friction and major frustration in the process.
Perfectionists are the greatest procrastinators. They've over-prepared themselves with useless information. As they boggle their minds with statistics, facts, charts, 'what if' scenarios, prices, demographics, and other minutiae, they cut themselves off to what creates a real entrepreneur: massive action.
Before you take on the world, you must first take on yourself.
- Daniel Ally
4. The Entrepreneur: These thoughtful but decisive risk-takers will dominate their business. Their actions speak louder than words. These note-taking pioneers are constantly adjusting on the rocky course of entrepreneurship. As their income steadily rises, they seek higher efficiency, better training, and greater skill.
These multi-faceted leaders will always consider feedback from customers, friends, and mentors, which gives them a substantial chance to grow. In addition, they use their money diligently. It usually happens when they have reached a peak which they cannot surpass. Moreover, they use their motivation to stop and start their engines because they have full control of their main vehicle: themselves.
With commitment and absolute resilience, entrepreneurs have the right intentions and the right direction. They love people and achieve personal milestones on a consistent basis. They reach the top of their field because they believed in their ability to serve others. Ultimately, they make the biggest profits because they keep true to their promises and their people.
You either drive your business or your business drives you!
Out of these four entrepreneurs, which one do you think you belong to? Remember, when you focus on people, the profit will come. If you focus on how you can serve people better, the profit will always be there! Share this article and leave a comment below if you enjoyed this article.