Unleash your inner entrepreneur and become the real thought leader you aspire to be.
Building your own business is just one step to completing the structure of your new freedom income goal. Completing the six steps to building the foundation of your company is just one part of the process.
You need to leave behind the growing pains and unleash the beast that is your inner entrepreneur. The business world is ruthless at times, and you should start building yourself up now.
This blog will help you take the steps and reach your goal and own your company, finances, and life. Stick to your passion and morals, and one day you could shape yourself into a thought leader.
If you haven't yet, take a look at our six-step process which provides the tools, training, community and technology. Now, let's talk more about kindling the real you!
1. Educate yourself
What we mean by educating yourself doesn't necessarily mean getting a business degree or attending your local college for night classes. What we're talking about here means you must learn more about the business model you want to use and what marketing trends would benefit you. By knowing the answers to these tough questions, you should know the ins and outs of the ever-changing space you want to invest in.
As previously said, you can look at our six-step programme on Launch You, where we walk you through the process of how to build your business. Taking advantage of this course will help you along the way and give you access to a large network of other entrepreneurs like you.
2. Balance your spending
The first stages of building a business can be draining — mentally and financially! It sometimes feels like you need to be frugal and have no extra wiggle room to spend for yourself or the smaller details of your business. However, this isn't exactly the case: you must be honest about your value.
Finding a balance can be tricky, especially in the first year of starting your business. It’s normal not to make any profit in the first twelve months. You should see a profit after 18 to 24 months after lift-off — but this is not guaranteed. It depends on your business model, marketing strategy, and niche.
3. Be prepared
Some of your big wins are going to come with losses. You might lose a lot of money, some good employees, and even a big client.
That doesn't necessarily mean you are on the path to failure — you may eventually discover that these bumps in the road were necessary to pave the road for your future. Not every setback should feel like defeat, and a win is still a win, no matter how small it feels. Take the good with the bad.
Even after your business reaches the height of success, you are not immune to minor setbacks or making mistakes. You are always learning, and you must use these small failures as an example of what not to do in the future.
"Looking back now, I can see where I've made mistakes that made me a better businessman and employer. Those early errors have felt educational. Now, when I make mistakes today, I know how to face it, fix it, and work with it." – Zac Hemming
4. Stay confident and be bold
We have all felt the dreaded rejection before. Maybe you created the perfect presentation, the confident pitch, and the investor still said 'no'. It can feel like a gut punch after working so hard, but it is important that you stay on your toes and never stagger.
Even if you felt the pitch was perfect, something might have been missing to push that answer into a 'yes'. When this happens, you must take a step back and analyse. A part of becoming the perfect entrepreneur is knowing what investors want to hear and how you can nurture those relationships.
When you put it into perspective, you must realise that investors believe in you and your product, investing their time and money into your passion. It is a risk for them as much as it is a risk for you — keep those relationships positive and try again.
5. Identify market changes
One thing you’ll learn quickly about the market is that, like a chameleon, it always changes. With the expanding landscape of the internet, social media, and trends, nothing ever stays the same for too long. With every change, you’ll need to move with it — even if it doesn't feel like it works for your business, it is up to you to find out how to make it work.
You must prepare to adapt, try new things, and branch out. Often, you may need to leave your comfort zone and throw some ideas at the wall to see what sticks. Once you have found your niche and know what works for you, it's a matter of morphing that niche whenever the market shifts dramatically.
6. Inspire others
Part of being a successful entrepreneur is becoming a thought leader. By building your business and reputation, you can become a recognised authority figure in your circles and inspire others without realising it. An opportunity to become a thought leader should not be taken lightly, as budding business owners will come to you for perspective, guidance, and inspiration.
You must build your image positively and challenge yourself to do things you might not normally do. You could start a podcast to discuss your journey, offer valuable insights through blogs and social media posts, and give seminars at local education facilities.
Always remember to stay humble and ground yourself occasionally whilst building your presence online and in person. Confidence must not be mistaken for smugness.
Ready to become a thought leader?
Now that you know how to become the perfect entrepreneur, it is time to take flight with Launch You and immerse yourself in the six steps to building your business. The journey is always challenging, but your confidence and passion will carry you towards the success you deserve.
"The Launch You community will give you a unique insight that a business degree can't give you: direct communication with thought leaders. You can learn so much from successful people and gain valuable feedback that will push you in the right direction." – Zac Hemming