Connect with us

Entrepreneurs

5 Lessons You Can Learn From A Millionaire Trader

Published

on

Some of what you might read in this article could seem simplistic, that’s because success is simplistic if you let it be. This time you are going to see success from a different lens through an interview I did with the very Successful Millionaire Trader Andy Man who owns a business called Serman Traders and is the author of “How I Turned $1,600 into $1.7M In The Financial Markets”. Whether it’s trading or another business, the success principles are the same, but it’s crucial to have lots of different references from a variety of entrepreneur’s.

In 2006, Andy graduated as a civil engineer, and he knew nothing about the stock markets or trading. Once Andy got a job, he realised he wasn’t able to live the life he wanted even if he became a manager in the company. He started looking for alternative ways to make money and took a course in trading with his now business partner, Mike Ser. In 2011, Andy turned $1600 USD into $1.7M by trading silver using everything he had learnt. It was always Andy’s goal to become a millionaire by the age of thirty.

 

***The AHA! MOMENT Of The Interview***

The most shocking part of the interview was when I asked Andy how old he was. He started by thinking about it and then he couldn’t work it out. He just said I think I am over thirty. Andy is not a guy that remembers how old he is all the time like a lot of society, and he doesn’t even celebrate his birthday. By not focusing on his birthday, Andy says it allows him to focus his time on things that are more valuable. He says you must always think positive and whether your old or young there are benefits on both sides.

Your attitude towards success is something that Andy says will make a big difference in your entrepreneur life. If you don’t want to move, you will stay still for the next ten years. If you are motivated to achieve your goal then at least you have some hope to move forward. This doesn’t mean all the time that if you are motivated you will definitely achieve your goal, it takes a lot of hard work as well. Notice how the ultra successful like Andy always have a positive mindset? This is something that I have seen in every interview I have done on Addicted2Success.

Below are five Lessons Andy shared with me in the interview that you can apply to your life as an entrepreneur.

 

1. The psychology of trading can teach you a lot about entrepreneurship

In the beginning, Andy didn’t achieve financial freedom and he would lose money then make money over and over again. He says once you learn from your mistakes you get better everyday.

In the first year of trading, he lost money. The second to fourth year Andy worked on fixing up his bad trades. The mistake he was making was that he was able to turn $5000 very quickly into $100k, but then he would be too greedy on the profit side and would lose half of it. You need to secure your profit and try and ride the right trend and in 2011, with this strategy, Andy was able to turn the corner and start making some serious money.

No one is perfect and different people have different flaws. Try to identify yours and fix them, and then you can be successful. Once you know how to make money in the market, all you need to do is start to look back on your bad trades and fix those up, and then you will have more success. Andy knew to short (bet the price would go down) silver because it had happened before, and scenarios often repeat themselves in financial markets. The market for gold and silver goes up every US summer from June to August and has done so 9 out of 9 times in the last nine years. Andy puts stop losses in so he can know how much he would lose if he were wrong. Lose small and win big. You need to have a good risk management strategy otherwise you will do the reverse, lose big and win small – another lesson that applies to entrepreneurs.

The first year in trading is the toughest because you lose money more than you win, but you can never give up. Only 10% of people succeed with trading, and Andy keeps telling himself he will be part of this 10% – keep telling yourself you can do it. The hard part is staying disciplined. Being in the minority and staying disciplined will be traits you need to be an entrepreneur.

After making the $1.7 million Andy diversified his portfolio and allocated a large portion to real estate investing to get a passive income. Trading is not a stable income and Andy can’t see a big opportunity every single day so during the quiet times the real estate and Serman Traders income help provide the foundation for stability. Once the foundations are solid, this allows Andy to take calculated risks in his entrepreneurial endeavours and this is an important lesson.

 

2. The power of constantly learning

Driving a car is very similar to trading and being an entrepreneur, Andy says. At first he started with 1-10 leverage when he made his first million, now he is off his learner plates and uses 1-100. Just make money first and then when you get some consistency, then you can add more leverage. Trading is one of the ways to financial freedom if you take the time to understand it. A kid can do very well in trading because they follow the rules, but the older the person is, the more stubborn they are, and the less likely they are to be able to follow rules.

Part of Andy’s course involves making a daily video, which his students must watch to see what Andy is noticing in the market and where the opportunity is so that they can mirror it. The three things that people do wrong when they watch Andy’s video are they do nothing, miss the opportunity and chase the market, or they are too aggressive. If you follow the rules, then you will make money but most people can’t overcome the psychological limits that you need to have to be a good trader. There is nothing better than seeing mentors trade close to a live environment and being able to learn their strategies in the real world.

Being an entrepreneur is not about following the rules (quite the opposite) but you have to learn not to be stubborn and take the time to understand your business.

 

3. Plan your day for success

A day in Andy’s life involves waking up at 6am to catch the markets and trade for around two hours as well as catching up on the market news. In the afternoon, he trains his students all around the world and then late in the day he will host some live seminars in his office at night at around 4-5pm. At 7pm, he spends time with family and then between 10-11pm he will start to do the daily videos. The day then finishes between 11pm-1am where Andy does a final two hours of trading the Gold / Silver market.

The key is to be able to focus on what you’re doing, Andy says. You have to know your schedule well and plan ahead, so you know what to do. Andy always plans his trades ahead of time before the markets open. A lot of people don’t have a plan, and they plan to fail. You will get very emotional during trading if you don’t have a plan. A plan helps keep you calm and on course.

To avoid distractions like social media Andy delegates these tasks and has learnt to say no to interruptions and distractions. When delivering training Andy has his full focus with the student and doesn’t let his phone or anything distract him because he is trying to deliver the maximum value he can. Outside of trading Andy is married with a young daughter and he says allowing your loved ones to know your schedule well avoids unnecessary distractions and means that if they’re calling you it must be urgent – keep your phone on silent so you can focus.

Have a notebook next to you at all times to record your thoughts. It’s always good to write things down along with a weekly to-do list – try to work smarter rather than harder. Think before you do, if you do and think at the same time you will be very inefficient and be doing things that are unnecessary. Also, don’t forget to always leave some buffer time between appointments and build in breaks into your schedule even if you don’t plan on using them, just in case.

Plan for a busy day now and then, and know what your worse day looks like. Once you know your absolute worse day, plan how you are going to manage it and build in the meals, so you don’t starve and have no energy. Andy knows that every Tuesday is going to be a crazy day, so he knows how to deal with it.

Running your day as a trader is very similar to running you day as an entrepreneur, just focus focus focus and make sure you enjoy life at the same time!

Playing golf on a boat

4. Always be on a journey to mastering personal growth

We have different goals and priorities in life and natural strengths and weaknesses, which are determined by our personality type. The key is once you know your weakness you must not continually repeat the same mistake. If you do this, you will be very likely to go into a natural loop of failure. As an entrepreneur, you probably won’t notice the mistakes you make because they are too minor. When you talk about money though, a lot of people get more sensitive. It sounds easy to overcome your mistakes, but it takes time due to the psychological aspect. A good entrepreneur recognises their weakness and learns from their mistake – it’s that simple.

Andy found himself to be up and down as an entrepreneur until one day he sat down and looked at what mistakes he was making with the mindset of finding a solution. There’s only two ways to do anything, avoid making a mistake or try and figure out a solution. Once you have your solution, you need to write it down on paper so next time you see the same situation, you don’t make the same mistake again. This realisation was the key turning point for Andy to become successful and start making a profit from his trading.

To grow you need to keep yourself inspired. It’s always good to hear other people’s stories and experiences so that you can draw inspiration from them. Talking and engaging with them will deepen the learning even further. Try to broaden these moments of inspiration from different areas, and one’s that you may have nothing to do with like marine biology. Outside of variety don’t limit yourself to the same class of people either. Spend time with poorer people, middle-class people and rich people. Each of these classes will teach you different laws of success.

Between the ages of twenty to thirty most people stop learning new things. To grow you will need to be open to learning something new all the time and remember you don’t have all the answers to anything – no one does. Finding inspiration can also be found in attending meetups, talking to your friends and teaching students. Andy’s students often reveal to him things about life and networks that he has not yet tapped into.

For Andy to continue his own journey of personal growth, in 2011 after he made millions, he went on a missionary trip to China and started helping out handicap children. While staying in very poor surroundings on this trip he began to see that he is the one that is really fortunate and this motivated him to spend time helping other people. When you help other people you see the happiness even more, and you know that your wealth has helped create this. The lesson here is that even if you have nothing you can be very happy as well. If you find yourself being very aggressive towards making millions then attempt a trip like Andy did, and you will come back feeling more humble and not be so obsessed with money.

The lesson here is that even if you have nothing you can be very happy as well. If you find yourself being very aggressive towards making millions then attempt a trip like Andy did, and you will come back feeling more humble and not be so obsessed with money.

“Happiness is always a choice. You can’t wait for circumstances to change you have to create your own fortune and look for ways to be happy each day”

 

5. Switch your mindset from employee to entrepreneur

When Andy used to be an engineer he got paid to work but the responsibility was nowhere near as much as what it’s been since becoming an entrepreneur. As an entrepreneur, you get paid for results not for showing up. Some of the work you do you may not get paid for. For example when you develop a product as an engineer you get paid through the process where as when you do the same thing as an entrepreneur you don’t, and it’s a very different mindset to get used to. During the times as an entrepreneur when you’re not getting paid, you must be able to tap into your optimism otherwise you won’t be able to get through this stage.

There is no ceiling on your income as an entrepreneur at any one time whereas working a job can be more restrictive, and there are annual limits to your earning capacity. As a trader, you can make as many millions of dollars as you like but Andy reckons he had to learn to not be too greedy. He used to have nothing but when he had something his mindset changed, and he wanted to preserve it and use it as a platform to build off of.

The way Andy explained this phenomenon to me was that before you become an entrepreneur you are all about capital gains, but once you become an entrepreneur you start thinking about how to maintain and increase a positive cashflow.

Andy Man From Serman Traders

Andy Man From Serman Traders

If you would like to enrol in Andy’s trading courses then visit the Serman Traders website where you can sign up for the priority list and receive a free copy of Andys eBook “How I Turned $1,600 into $1.7M In The Financial Markets”

Tim is best known as a long-time contributor on Addicted2Success. Tim's content has been shared millions of times and he has written multiple viral posts all around personal development and entrepreneurship.You can connect with Tim through his website www.timdenning.net

Advertisement
2 Comments

2 Comments

  1. Tim Denning

    May 19, 2015 at 7:41 pm

    Agreed Lawrence and the fact that Andy didn’t have any experience at trading Gold/Silver shows that you can make money in anything if you put your mind to it.

  2. Lawrence Berry

    May 18, 2015 at 10:36 pm

    These are some great tips from Andy. His ability to learn from his failures, combined with the determination to focus and master his craft was the defining thing in his success. With so many distractions in the world today with all the social media an technology, it really makes it hard to focus on a single task for so long. We have become a very distracted and impatient society, but we must move away from what the masses do in order to be extraordinary.

Leave a Reply

Your email address will not be published. Required fields are marked *

Entrepreneurs

7 Things You Need to Do to Grow as an Entrepreneur

Published

on

entrepreneur growth
Image Credit: Unsplash

Startups are on the rise and youngsters are keen to launch their own business instead of a nine-to-five job. As simple as it sounds, opening a business needs patience and the right planning. Moreover, the profits gained can help you meet your financial obligations and realize other dreams.

Young entrepreneurs must learn the skills of investing money within the right channels as most startups fail because of a shortage of funds. Every entrepreneur has a chance to innovate, create new jobs and have an influence on society. It’s our responsibility to continually grow and push forward, usually beyond our comfort zones.

Here are the seven must-learn tips to grow as an entrepreneur:

1. Read Books and Articles

For many new entrepreneurs, your first mentors are usually found in the pages of books and blogs. Much often learned from the writings of others, and fortunately these days, people are sharing their experiences. A survey found that 88% of the world’s wealthiest people read for a minimum of 30 minutes daily. By comparison, only 2% of the overall population reads this much daily.

Read chapters in books, and articles to get new ideas and skills. Some ideas might not be directly relevant to what you’re doing these days however, it could come helpful a year or so down the road.

My advice is to search out those leaders and writers who resonate with you. You’ll understand when you’ve hit on something when you find yourself returning to a book for answers and inspiration time and time again.

“Books give a soul to the universe, wings to the mind, flight to the imagination, and life to everything.” – Plato

2. Perform SWOT Analysis

Business students and old-school marketers should be very aware of mapping out SWOT Analysis charts (Strengths, Weaknesses, Opportunities, Threats). If you’ve never made a SWOT chart, write out the strengths, weaknesses, opportunities, and threats in four quadrants on a piece of paper.

In reality, you’ll jot down a couple of notes on the back of a cocktail napkin, however despite the simplicity, if done right, a SWOT will shed light on crucial areas that require improvement. Most significantly, don’t shy away from the truth. Dissecting your weaknesses isn’t fun however, no good comes from avoiding the fact.

3. Be Willing to Take Risks

It’s impossible to become an entrepreneur if you don’t take risks. Doesn’t matter how many times you’ve fallen. See how many times you stand-up. Being an Entrepreneur isn’t that easy; it’s an up-and-down game like a business. Be willing to come up with new plans even when old strategies are working. It’s through such risks that your business will grow. You’ll learn and meet new partners or investors. Even so, the risks must be calculated. Doing the analysis and making consultations is vital in this case.

4. Open Your Eyes Wide

Many opportunities are arising in the business world every day. For instance, many companies are willing to come up with a mobile solution for a startup without charging immoderate prices. This info can only be discovered if you’re keen.

Before dismissing adverts from websites and mainstream media, conclude if they’re relevant to your business. Also, follow the events happening in the stock market and international business summits. You’ll find the opportunities which will take your business to a new level.

Becoming successful as an entrepreneur is possible if you learn, take risks, evolve, innovate, and stay motivated. You must be realistic regarding your abilities and watch the events that unfold in your world.

5. Lead the Way for Your Team

Young entrepreneurs need to encourage employees and provide help at every juncture. For any young entrepreneur who aspires to be a leader it’s necessary to be:

  • Honest
  • Ambitious
  • Courage and Risk Taking
  • Dedicated
  • A Team-player
  • An effective listener
  • An effective communicator
  • Able to inspire confidence
  • Positive

An entrepreneur who has all the attributes of a leader leads the employees to productivity. It’s essential that the team respects a leader. The hunger and aspirations of the leader to strive for success inspire the employees to put in that extra effort to be successful.

“A leader is one who knows the way, goes the way, and shows the way.” – John C. Maxwell

6. Learn How to Keep Initial Success at Bay

Do not enjoy the shrubs of initial success for too long. Return to the drawing board and draw the future course of action. To move on to the next phase:

  • Utilize local and online channels to make hype for the services
  • Start expanding by hiring employees to enhance productivity
  • Cater to a good segment of the audience by providing various services
  • Re-invest the profitable revenue into new business efforts

Never let the initial success get to your head. The online platform is an ever-changing arena. Analyze what’s working and what new tactics can be utilized to strengthen the market base.

7. Find and Keep Business Partners

You will always go far if you have people to carry your hand during hardship in business. They’ll share ideas that have made them successful and provides you funds whenever necessary. Demonstrating that you are organized, capable, and serious is vital when nurturing such relationships. Keeping records, creating financial contributions to society, and attending forums are some of the choices worth trying.

Being an entrepreneur isn’t as easy as it looks. You’ll face many up-and-downs, risks, financial crisis, and many more. Be ready to face these problems if you want to be an entrepreneur. Entrepreneurship isn’t about making money, it’s about innovating new things and represent new concepts and ideas to the world.

Continue Reading

Entrepreneurs

Transitioning From Employee to Entrepreneur? Try Intrapreneurship First

Published

on

how to transition from employee to entrepreneur
Image Credit: Unsplash

Studies show that 15 million Americans are self-employed full-time and that an estimated 27 million Americans will transition from the traditional workforce to full-time entrepreneurship by 2020. Additionally, it is asserted that entrepreneurs are 125% more successful if they have previously been employed in the industry in which they presently do business. This is all great news on many levels.

Chances are, if you are reading this article, you are considering transitioning from employee to entrepreneur, or perhaps you have already made the shift. I get it. I am one of the millions who has made the switch – trading stability and comfort for passion and freedom. However, if you are a potential full-time entrepreneur, there are many things to consider before making the leap.

How will I support myself and my family in the initial stages of development? What do I do if I fail? How do I maintain the drive needed to make a business successful? How will my business harness the creativity and innovation required to thrive in the marketplace? These are all valid questions and should be considered deeply.

If only there were a training ground to test your management capabilities, gain knowledge, think innovatively and be solution-focused. But, wait, there is. Your current employment can offer these opportunities and more – through intrapreneurship.

By definition, an intrapreneur is an employee of a company who has adopted an entrepreneurial mindset. Intrapreneurs are highly motivated self-starters and innovative, solution-driven thought leaders, who work within an organization. Because of this definition, acting in an intrapreneurial capacity in your current place of employment makes a great deal of sense when considering the move to self-employment. You can use your current employment status as a testing ground for where you want to be.

Here are four reasons why intrapreneurship can work for you:

1. See a problem. Solve a problem

All businesses should be designed to fulfill a need. Just as your own business should be able to justify its existence in the marketplace, initiatives within an organization should do the same. Closely examine processes and products in your place of employment. Determine what could be executed more productively. Alternatively, design a new initiative to creatively meet and exceed customer expectations. Acting in this manner will prepare you for building the structure and mission of your own business.

2. Creatively capitalize on skills and talents gained outside your employer

In many instances, we separate business from personal, and there are many good reasons for this approach. However, there are notable skills and talents used in your personal life that are transferable to the workplace. For example, if you engage in team sports, use your team building skills and charisma to involve your colleagues in projects.

If you love to read fiction books, integrate the creativity of the stories to bend the thinking of traditional methods of operation. The possibilities are many. Business owners rely on all life experiences, directly or tangentially related, for the benefit of their enterprises.

3. Intrapreneurship is for all employment levels

If you think intrapreneurship is only for c-suite executives, think again. Intrapreneurship is for the mailroom to the boardroom. As noted in the definition, intrapreneurship is about being a self-starter. You do not need permission from anyone to be highly motivated. Just as all parts of our bodies have a function, so do all positions in an organization. Even if you feel your position has no purpose in your organization, make one. We all have to start somewhere in our entrepreneurial journeys, so start right now, where you are.

4. Experiencing failure is inevitable. Move forward anyway.

All of us will experience failure at some point and multiple times as well. Failure will happen regardless if you remain employed or set out on our own. Be bold enough to move forward with establishing your voice and your place anyway. Business and life are about forward movement. Decide now what next step you will take if you fail. There is always a path forward. Get used to the possibility of your ideas being rejected and your designs being flawed now, so when you are a full-time entrepreneur, you will know how to advance.

Whether you are at the infancy stages of developing your own business, currently self-employed or even wish to remain an employee, establishing yourself as an initiator and innovator can reap many benefits for you and your company. That is the beauty of it.

Continue Reading

Entrepreneurs

3 Ways to Remove the Hustle From Your Business Through the Power of Automation

Published

on

how to use automation in your business
Image Credit: Unsplash

If you’re anything like me, when building your business online you may see asking for help or taking short cuts as cheating. I can’t explain why but when I first launched my business online, I wanted so badly to be able to do everything for myself. It gave me more of a sense of achievement, and I worked many extra hours than I probably needed to trying to do everything myself.

The admin, content creation, marketing, prospecting, web design…I’m sure you get the picture. But it all came to a head when I would burn myself out time and time again. I kept hitting a wall where my business was concerned as there was only 1 of me and only limited hours in the day.

I got bored of the hustle and thought there must be a much simpler way to build and market a business online. Especially as I was a single mother, looking after my child when I wasn’t running a business single handedly. That’s when I discovered something that not only gave me back my freedom but also transformed my business, bringing in enough revenue within 8 weeks to enable me to leave the day job and become a work from home mum.

It was the power of automation!

I looked all around me as well at the other mum’s building their businesses online but desperately struggling to make ends meet and wearing themselves out. I knew there was a way to simplify my sales and business processes.

Here are my top 3 recommended tools to start removing the hustle from your business today:

1. Messenger marketing

I use Manychat which is a messenger marketing platform which enables you to market to your subscribers directly through Facebook messenger. The ways in which you can use this incredible technology is endless but I will name a few ways in which you can use this in your business.

Automate your sales process! You can build a sales funnel with a messenger bot that can take your prospects through a warm up sequence, build the relationship with them, showcase all of your products and services and even take payments on autopilot.

You can register people for online events or training sessions using your messenger bot, communicate with everyone simultaneously and provide any updates direct to their messenger.

Do you have a membership, team or group of people you need to communicate with? Create a messenger bot specifically for them to enable you to communicate with everyone directly at the same time with just 1 click of a button. Subscription messages can also be sent and scheduled in advance.

“The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency. The second is that automation applied to an inefficient operation will magnify the inefficiency.” – Bill Gates

2. Email marketing

Another form of digital marketing, email marketing has been around for some time but still very much has a place in today’s marketing world. You can use a lead page/landing page and an account with an email provider to automate all aspects of your sales process and communicate regularly with your subscribers.

Treat your list well, provide them with valuable content and you can build a tribe of loyal followers. If you match this with an ongoing ad campaign you have the ability to be making sales on autopilot.

Set your automation up and you can take your leads through your whole sales process and all the way up your product/service value ladder. If you sell digital products such as courses, this allows you to be earning a residual income whilst you sleep.

3. Automate your social media content

Zapier is the most incredible workflow automation tool I have ever come across. Allowing you to create automations between most apps that you can use online. For example, if you use spreadsheets, you can create a trigger every time a new entry is entered on your google sheet with an email address, they automatically get added to your mailing list and sent automated emails.

My favourite zap (an automation created between 2 apps) is between Trello and Buffer. You can connect both apps together in a seamless way which allows you to plan your social media content in Trello, write your content, set the date you wish the content to post, add an image and this will automatically send all of the information to your Buffer account and schedule the post for your social media accounts.

Even more incredible is that this system works across multiple platforms so you can use it to schedule content for Facebook, Twitter, Pinterest, LinkedIn and Instagram all at the same time.

“Automation and technology don’t cure behavioural ruts; they just create new instances of them.” – Kenneth Goldsmith

I can’t even begin to tell you how much my life has changed since implementing these into my business. In just 3 months my income increased by 500%. So it’s time to relax and start implementing some automation into that business of yours. The hustle is all a myth.

Continue Reading

Entrepreneurs

5 Challenges New Entrepreneurs Will Face While Starting a Business

Published

on

challenges you will face when starting a business
Image Credit: Unsplash

Entrepreneurship is a field that comes with many obstacles and challenges. It’s important to be aware that sometimes it can be extremely difficult, especially for first-time entrepreneurs.

Before you launch your business, you need to be well equipped to face the challenges that’ll surely come your way. Mark Victor Hansen, Founder and Co-creator of the Chicken Soup for the Soul book series, said “You don’t become enormously successful without encountering a number of extremely challenging problems.”

Here are the 5 challenges that you are likely to face and how you can overcome them:

1. Lifestyle Change

The experiences of entrepreneurship will change you profoundly, from the way you think, to how you act, to your manner of living. You begin to realize you’re not getting enough sleep, have little time for yourself, can’t spend the same amount of time with friends, and you get complaints from people closest to you This is all because you’re putting most, if not all your energy and focus into running your business.

The solution, in order to sustain your passion, is to make some tough choices and identify your priorities. You’ll need to sacrifice much while you learn new things. You can start by organizing your day the night before, by creating a list of your activities for the next day in terms of priority.

Constantly, visualize your destination and surround yourself with people that motivate, inspire and push you to be your best self. By the time you apply these principles, you’ll feel more relaxed and energized.

2. Facing Uncertainty

When you launch your business, even if you offer the best product or service in your industry, you’re bound to face uncertainty.

Your marketing strategy might fail, your customers may not be ready for your product or service because it’s too early, and your competition may be a little bit tougher than expected. Even if you’re able to handle all of this, it doesn’t mean you’ll get your desired paycheck. However, keep in mind, that if you are well prepared, you’ll be in the best position to handle any of these roadblocks without stress.

An important thing to do is to test your product in the marketplace. By doing this, you will observe how the market views your product or service and can get feedback as well. If you do this right, you’ll be on your way to launching a successful business. The joy that eventually comes from launching a successful business is the greatest feeling ever.

“Exploring the unknown requires tolerating uncertainty.” – Brian Greene

3. Team Building

Recruiting a trustworthy and reliable team is an important part of building a successful business. Every entrepreneur should know it’s important to recruit a strong team because your team can either make or break your business.

Lawrence Bossidy, Former Chairman and CEO of Honeywell, once said “I am convinced that nothing we do is more important than hiring and developing people. At the end of the day, you bet on people not on strategies.” The common mistake new entrepreneurs make is hiring too quickly and if this doesn’t turn out well, you might be setting yourself up for failure before you even begin.

One solution is to hire individuals you already know or get references from people you trust from your professional life. Having the right people around is significant because they will influence your decisions and therefore the success of your business. Choose wisely.

4. Capital Management

One of the major reasons many startups fail within the first few months of business is because of capital mismanagement. The common mistakes entrepreneurs make are spending prematurely and not separating personal account from your corporate account. Spending too early on items like business cards and marketing materials might just end up being too costly for your startup.

You need to stay on top of your cash flow by keeping track of all your business expenses. You need to create a budget and set up an emergency fund account. You may decide to hire an accountant to help handle your finances, so they can assist you in fine-tuning where the money goes.

“Money is usually attracted, not pursued.” – Jim Rohn

5. Loneliness

Starting and running a business can be very stressful. This pressure can cause entrepreneurs to feel alone and maybe even depressed. If it’s extreme, you may develop mental health problems. Studies show that 30% of entrepreneurs report a lifetime history of depression.

It’s vital to reach out to your support system regularly. Family, close friends or mentors can be a big help in getting you back to your best. Once in a while get together with your family and friends and do some fun activities.

Starting a business has it’s challenges but if you’re prepared and know what’s ahead or what to expect, it will be a little less surprising when you run into an obstacle and you’ll be able to take the hit better than you thought!

Have you wanted to start a business? If so, what’s holding you back from pursuing it 100%? Share your thoughts with us below so we can be of service to you!

Continue Reading

Trending