Entrepreneurship 101 : How to Start Your Own Company

Do you like the idea of being your own boss? Do you find the typical 9-to-5 work schedule
monotonous and boring? Do you wish to work on your terms? Then, chances are you just might be a
great entrepreneur in the making. Self-employment offers all those benefits that a salaried employee
can only dream of: the opportunity to plan and execute unique and innovative ideas without having to
worry about things like rules and regulations.

Despite the numerous advantages self-employment offers, many people choose not to move into this
unchartered territory for a number of reasons: fear of failure, inadequate funds, no job security and
the prospect of going into debt. Nevertheless, no business venture is without its fair share of risks
you must be mentally prepared to face any challenge that comes your way. If you can stand strong in
the face of adversity, you can probably be on your way to becoming a successful entrepreneur.

So, what exactly do you need to start your own business? You may be bursting with ideas that are
just waiting to be put into action; however, if you overlook the important elements that go into the
making of a company, you are bound to encounter failure. Below are 5 lessons, as suggested by
Robert T. Kiyosaki, author of Rich Dads Before You Quit Your Job: 10 Real-Life Lessons Every
Entrepreneur Should Know About Building a Multi-million Dollar Business, which will tell you what is
needed to become a successful entrepreneur:

Lesson 1: A Successful Business is Created Before There is
Even a Business


Many entrepreneurs, in their excitement to start their own
companies, make the mistake of plunging straight into it rather than
take out the time to properly plan and design the framework
surrounding their business idea. Therefore, dont quit your job just
yet. Instead, work on your business idea while youre still employed
by learning how other entrepreneurs established their companies.
This way, you will not only be able to learn more about your
business, but also about yourself.





Lesson 2: Learn How to Turn Bad Luck into Good Luck

Being in charge of your own business is not much different from
being a salaried employee when it comes to learning; the only
difference is that as the owner of a business, there is a lot more at
stake which ultimately increases the level of responsibility as compared to when one is working a full-
time job. However, that is no reason to dwell too much on the mistake as this helps one learn.
Instead, take this as a learning opportunity and start anew.



Lesson 3: Know the Difference Between Your Job and Your
Work


It is always necessary for you to do your homework before
embarking on your journey as an entrepreneur. When starting a
company, there are generally five things an entrepreneur has to
focus on: developing a good product, knowing their legal rights,
creating a system, establishing communications and managing cash
flow. This means that probably, for some time at least, you should not expect to get paid. Think of this
as an investment that will help pave the way for a better, more efficient company.



Lesson 4: Success Reveals Your Failures


If a business is booming, it is not necessary that it will not face
failure in the coming years. It is easy to become content with your
business's current performance; however, to not continue to strive
towards efficiency and perfection is to invite downfall. Merely
covering every aspect related to the management of a business is not
enough; you must continue to improve these elements in order to
ensure success in the long term. Only then will you be able to
emerge as a successful entrepreneur.


Lesson 5: The Process is More Important Than the Goal


When starting a business, attitude is everything. If your perception
about being an entrepreneur is more about learning rather than a
quick way to get rich, you will find it much easier to cope with the
various obstacles and challenges that will come your way,
discouraging you to make a decision. Educate yourself; learn about
the different factors related to financial expenses and capital
requirements before starting your business. If you find these factors
difficult to handle, then becoming an entrepreneur just might not be
your cup of tea.