Weekly Business Insights from Top Ten Business Magazines | Week 312 | Entrepreneurship Section | 2

Extractive summaries and key takeaways from the articles curated from TOP TEN BUSINESS MAGAZINES to promote informed business decision-making | Since September 2017 | Week 312 | September 1-7, 2023

7 Critical Pieces of Business Advice for Entrepreneurs Just Getting Started

By Kelly Hyman | Entrepreneur Magazine | September 5, 2023

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Going out on your own as an entrepreneur can feel both intimidating and exhilarating at the same time.  When embarking on an entrepreneurial endeavor, it’s important to go at the pace and in the direction that feels right for you, but here are a few pieces of general advice as you start your journey.

1. Commit to the process.  As an entrepreneur, you wear all the hats. You are the boss, the operations, the accountant, the cheerleader, and so on. Therefore, it’s up to you to champion your brand and adapt as needed.  Even when times get rocky (and they will), you must dig in and believe in your business.    Remember, it’s a marathon, not a sprint, so not everything may happen as quickly as you’d like. Have patience in the process.
2. Get organized.  Having big ideas is the exciting part, but the reality is you have to get things organized to execute well. Take advantage of project management tools and programs for invoicing, scheduling and online branding and promotions.  Ensure your focus on business growth isn’t taking away from delivering a quality product or service. There must be an excellent balance to maintain your clients and entice new ones to come aboard. Getting organized takes more time initially but will save you invaluable time and money once your business is up and running.
3. Be confident in your rates.  Setting rates is one of the most challenging things for entrepreneurs, mainly because they’re unsure what they should be. Research your industry averages and factor in your expertise, experience and skills to come up with a rate you’re comfortable with.  However, don’t sell yourself short. Not everyone may be a good business fit for you, and vice-versa. Focus on building quality client relationships rather than worrying too much about quantity.
4. Seek the support of others.  Every business has competition, but every industry has plenty of room for anyone wanting to succeed. Reach out to the support of other entrepreneurs through networking and social events or even online. Sharing stories of struggles and tips for taking your business to the next level can motivate you during the lulls.  It allows you to be part of a community even as you’re running a business solo.
5. Channel gratitude.  The frustrations of being an entrepreneur can lead down a slippery slope of feeling sorry for yourself.  Allow yourself time to feel and reflect, but switch those feelings to gratitude for everything you have and the promise of where you are heading. There will be bad days, but when you change your perspective, you can turn things around for the better.
6. Stay true to yourself.  Being an entrepreneur is a test of your integrity.  There will be shortcuts you find along the way; just make sure they align with how you want to do business. It’s essential to pause and check in with your strategies, your partnerships, and your path to ensure it is still true to you. Otherwise, you may reach a place of burnout or breakdown because you’re misaligned.
7. Celebrate the wins.  Life as an entrepreneur is busy. There are weeks when it’s hard to track what day it is. However, as chaotic as your schedule gets, take time to celebrate the big and small wins and plan rewards.

2 key takeaways from the article

1. Going out on your own as an entrepreneur can feel both intimidating and exhilarating at the same time.  
2. When embarking on an entrepreneurial endeavor, it’s important to go at the pace and in the direction that feels right for you, but here are a few pieces of general advice as you start your journey: commit to the process, Get organized, Be confident in your rates, get the support of others, Channel gratitude, stay true to yourslef, celebrate the wins.

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Topics:  Entrepreneurship, Startup, Consistency