If we pay attention, we can learn something new every day. Some days these learnings smack us in the face with gusto and other days we need to be really aware of our surroundings to notice them. Unfortunately, the realities of an Entrepreneurial Journey is not found in our educational institutions just yet, although there are some courses that will give you the tools you need to absorb the lessons when they confront you.
There is only one way to become truly educated in Entrepreneurship and that is to dive in and have a go! As they say, ‘you need to take that leap of faith and build your wings on the way down’.
One of the common issues we see here at Achieve Business Dynamics is that many Entrepreneurs have never been educated in or exposed to the full skill sets that they will need to ‘build their wings on the way down’. So should that stop them? Absolutely not!’
If you are an Entrepreneur who is currently building your wings, then here is our quick Entrepreneurial Education guide:
Understand your industry
First and foremost you need to have a thorough understanding of the industry that you are operating in. Whether you’re a service business, retailer, producer or some other type of business, you will want to know your industry inside and out so that you can identify where the opportunities lie. You need to know who the industry participants are and how your operation differs from theirs and you need to be able to articulate that to your Clients.
Execute on your ideas quickly
Ideas are fantastic, but if you don’t execute them then they are worthless. One issue that many Entrepreneurs have is that they want their idea’s to be perfect before they make their next move. While this is admirable, the lack of speed can be an absolute show stopper! Your idea doesn’t need to be perfect to launch, being the first into the marketplace is far more important! Your idea just needs to launch and in most cases the market will assist you to make it more perfect than you could have ever imagined.
Have a dynamic business plan
In order to be a successful Entrepreneur, you must have a business plan that gets to the heart and soul of your business. It doesn’t need to be any more than one page, however it does need to set a solid foundation and influence every daily decision that you face.
Generate a healthy dose of self-awareness
Many Entrepreneurs have a tough time letting go of the reigns and relying on others. They typically doubt that tasks will be completed to their high standard or they are hesitant about a person’s commitment to the organisational vision. In either case, you just have to come to terms with the fact that you can’t do it all yourself. You need to be brutally honest with yourself and identify your strengths and weaknesses. Ask your friend and family to help you if necessary. Then you need to form a team that will compliment your strengths and take over your areas of weakness.
Know your numbers
Everything in business is a numbers game – full stop. So you need to educate yourself on your numbers. You need to know the numbers that you are currently achieving as well as the numbers that you need to achieve in order to reach the targets you have set for yourself. You will find your most important numbers in your financial statements. Therefore, if understanding the story that your financial statements are telling you makes your toes curl, then you must reach out to your Achieve Business Dynamics Mentor who can interpret the story for you.
So while much of your Entrepreneurial Education must be done ‘on the job’ at least you now know that you don’t have to know all of the answers before you embark on your journey. Take that leap of faith! There is always a team of people available to support you and your business and to help build your wings on the way down.
Connect with an Achieve Business Dynamics Mentor (aka Professional Wing Builder) today!