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Going on your own. things every new entrepreneur should know.

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Kylan Schilling – going on your own. things every new entrepreneur should know.

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Going on your own. things every new entrepreneur should know.

  1. 1. Kylan Schilling – going on your own. things every new entrepreneur should know.
  2. 2. The idea of breaking out on one’s own and starting one’s own business is a goal for many. Rightly so. Successful entrepreneurship means creating your own opportunities and destiny; it means following your worn work schedule, as well as making a difference in the community; and perhaps most of all, it means developing a business that you love, that you put your passion and soul into. With all these positive points, entrepreneurship is still not for everyone. As McDonald’s founder, Ray Kroc, once famously quoted,“If you’re not a risk taker, you should get the hell out of business.” That business being entrepreneurship.
  3. 3. This is true. Starting a new businessis not easy. However, for those who are willing to take risks and who want to be their own boss and manage others (as opposed to micromanage others), and those who are willing to dedicate themselves to building a new business from the ground up, entrepreneurship is a perfect avenue. What do new entrepreneurs, or those who are thinking of breaking out on their own, need to know to make their entrepreneurial path easier and more successful?
  4. 4. That’s a good question to consider. I know when I started my first business, I was very much in need of some mentoring voice or resource that could guide me in the difficult questions and scenarios that I would inevitably face. I was fortunate enough to have several contacts who were invaluable in providing me advice as I started down my own entrepreneurial path. In a similar way, I thought I would share some tips that I’ve learned over the years, based on my experience in forming and building several small businesses.
  5. 5. The beauty of checklists. We live in a fast-paced environment and when you form your own business, you’ll quickly see that the pace dramatically quickens. Not only that, you’ll often see that you have twenty tasks to complete, and they will be coming to you all at the same time. There are many organizational tools available online. Those can help. But, what I’ve found most helpful are checklists. Learn to use checklists and learn to keep them updated. Based on my experience, they are instrumental in staying organized and on task.
  6. 6. Avoid micromanaging. The business that you form is just that – your business. But, there’s a big difference between managing your business and micromanaging it. As your business grows, increasingly you will have to let your other team members take control of certain responsibilities. In turn, you as a business owner will have to be comfortable with passing responsibility of smaller tasks to your staff. The fact is that without being comfortable in the art of delegation, your business will remain no larger than one person – namely, yourself, the business owner.
  7. 7. Collecting what you are owed. Many new business owners excel in pleasing their growing clientele and offering a product that truly meets the needs of the market. That’s excellent, and essential. But, often these same business owners fail in one key area – making sure they are paid for the work and product they provide. As a new business owner, it’s essential that you also become comfortable with talking about money andnegotiating with your clients. More importantly (and something that is difficult for many), you will have to grow comfortable with the task of collecting money from your clients. Collecting money, especially from clients who are late in providing payment or avoiding payment, is not a fun thing. But, at the same time, a reliable income stream is essential for your new business.
  8. 8. “Kylan Schilling, don’t get discouraged if you make mistakes. It’s going to happen.” Last but not least, when I started my first business, I quickly realized that as a new business owner, I would make mistakes, a lot of them probably. In fact, I remember thinking to myself this exact statement, “Kylan Schilling, don’t get discouraged if you make mistakes. It’s going to happen.” In realizing this, I made a personal vow to truly learn from my mistakes and take something away from them. As an entrepreneur, learn from your mistakes; don’t just say you will.
  9. 9. On that note, I thought I would end this article with one more quote that should be an inspiration for all entrepreneurs. In the words of the Buddha: There are only two mistakes one can make along the road to truth; not going all the way, and not starting - Buddha

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