5 must-know tips for budding entrepreneurs

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5 must-know tips for budding entrepreneurs

NOVEMBER 2015 | Servcorp UK

There are hundreds of millions of entrepreneurs around the globe, not to mention untold millions more longing to break free of the 9-5.

And why not? With starting your own business comes the freedom to be your own boss, make your own hours, set your own priorities.

It also means huge risks, long hours and the uncertainty of when your next paycheck is coming. So how should entrepreneurs set their priorities? How do the most successful people ensure they produce great work? What tools do they use to grow their companies while maintaining work-life balance?

Here are some of the best tips for future — and current — entrepreneurs.

• Accept risks. Starting your own business is inherently risky — but that's what makes the payoff so great. As PJ Jonas, founder of Goat Milk Soapsays, "People at the beginning told me I was crazy. I just ignored them, and pushed on."

• Never stop learning. Chances are, you're going to be stretched at least slightly past your comfort zone, especially when you're first starting out. Think of it as an invaluable chance to expand your skill set and learn something new.

• Stay positive. Like anything else, accept that there will be setbacks and resolve to make the most of them. “You kind of have to be irrationally optimistic or naively positive to keep on the hustle,” says Whitney Komor, founder of The Best Day.

• Know when to cut your losses. At the same time, don't be so positive that you can't recognize when it's better to step away. Make sure your investment will be worth it in the long-term before you commit too much of your time or energy.

• Focus on what matters. Family. Friends. Your health. In the end, that's what really matters.